【 Registered Address 】6 Steps to Register a Start-up Company
A sharpened tool is a prerequisite of perfect craftsmanship, and so is a registered address at a premium location in Hong Kong to the success of a start-up company. Hong Kong is renowned as an incubator of start-up companies as starting a business here is simple and straightforward. This article details the necessary steps, requirements and tips of how to register a start-up company in Hong Kong.
1. Choose business structure
Before registering the start-up company, entrepreneurs should decide the business structure of the company, which defines who owns the company and how the business distributes profits, daily operation, taxation and liability of the company.
Common business structures include:
Sole proprietorship:
1 owner owns and has complete control of the business, whilst he is liable for all the business’s obligations like profits, losses and debts. This structure is ideal for home-based, retail or start-up business, and is easy to set up and report tax too. Some entrepreneurs may test their business ideas this way before establishing a more formal business.
Partnership:
Partnership literally means two or more people own and operate the business, and are liable to all financial obligations. It is also a simple business structure that is ideal for a start-up company who would like to test the market before founding a more official company.
There are two types of partnership: limited partnerships (LP) and limited liability partnerships (LLP). Limited partnerships have only one general partner with unlimited liability, and all other partners have limited liability; while Limited liability partnerships are similar to limited partnerships, but give limited liability to every owner. An LLP protects each partner from debts against the partnership, they won't be responsible for the actions of other partners.
Working with partners allows easy financing and leveraging of knowledge and expertise. Partnership is also easy to set up and simple on taxation.
Limited company:
A limited company is a legal entity that separates the owners (or shareholders) from its operations, and is suitable for small and medium sized businesses and large corporations.
One key characteristic of a limited company is the liability of its members being limited only to the amount invested in the company. So the founders of the company are not personally liable for any debts and obligations of the business even if the limited company files bankruptcy.
A limited company also fosters a more professional and credible company image, and is good for company’s succession and taxation (up to 16.5% corporate tax).
2. Register your business
Once the business structure is decided, the company should be registered at Companies Registry, with a company name and a registered address .
Application can be submitted online at the HKSAR Government’s e-Registry or in hard copy, with the following documents: incorporation form, company’s articles of association and a notice to Business Registration Office. The Certificate of Incorporation and Business Registration Certificate will be issued if the application is approved.
3. Apply business licenses and permits
Some businesses may require permits, certificates, approval or licenses to operate legally in Hong Kong, for example, food business license for providing catering service, karaoke establishment permits for providing karaoke service, liquor license for serving liquors at the registered address . Please visit the website of the Trade and Industry Department for more information pertaining to import and export operations and other business operations in Hong Kong.
4. Open corporate bank account
As one of the financial hubs in the world, banks in Hong Kong offer comprehensive financial solutions to companies to handle transactions and daily operation. Opening a corporate bank account is simple and straightforward in Hong Kong.
The key documents required include the copies of the company’s Certificate of Incorporation, Business Registration Certificate, Articles of Association, proof of business, address of registered office , authorized signatures and each director’s personal documents (identity card or passport copy, residential proof, bank statement). All copies of documents submitted must be accredited by either a certified public accountant, company secretary, lawyer or banker.
5. Foster professional image with premium registered address
As compared to using a residential home address, a start-up company’s business address at a premium location gives a professional and reliable image to customers, partners and investors. Serviced office, allows entrepreneurs to receive mails and use the address in communication materials such as websites, letterhead and marketing collaborials. However, choosing the serviced office for the business has to be cautious. The address should be one at a prestigious commercial location, and its provider should have a proven track record in providing excellent customer service.
6. Choose an office solution that meets your budget
Serviced office provides a value-for-money office solution for entrepreneurs. Apart from reducing the initial investment of renting a traditional office, entrepreneurs can also enjoy the high-quality decoration and professional services without the burden of hefty labor costs and the hassle of recruiting and training supporting staff. With the virtual office which attracts customers and investors at affordable cost, they can focus their resources and energy on growing their business and making their dreams come true. When the business scales up, they can always relocate to a bigger office in the same business centre at the same address.
A registered address is essential for business registration, whilst a serviced office’s prestigious address helps start-up companies to foster a good company image and helps bring in more customers and investors at affordable cost. Looking for a premium address to start your business? PremierBC is here to help!
Premier Business Centre
PremierBC Serviced Office Mongkok, located at the very heart of Hong Kong, offers hassle-free office solutions at affordable prices, and provides the necessary office support to entrepreneurs like you. The serviced office Mongkok has all the furniture and infrastructure you need for your business, such as reception, pantry, telephone lines, broadband, WiFi and meeting rooms. You can start using the office right away and simply focus on your core business. Moreover, the Premiere Business Centre’s prestigious location impresses your customers and paves the way for your business's bigger success.
Having any questions about the serviced office in Mongkok? Please speak to our team.
Premier Business Centre
Website： https://www.mongkokoffice.com.hk/
Address：Kwong On Bank Mongkok Branch Building, No.728-730 Nathan Road,Mongkok, Kowloon, Hong Kong（2 Mins Walk From Mong Kok MTR Station Exit B3）
Contacts：+852 3953 1600
WhatsApp： +852 5548 0715