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sole proprietorship application form hong kong

Introduction to Hong Kong sole proprietorship and partnership registration

Table of Contents

Hong Kong has become the largest source to attract the top entrepreneurs worldwide. And it is on the way to go at peak level in all the business entities. And there are also no capital gains tax and no sales tax in the hong long business market.

Many foreign or local business people want to know the first and foremost step to entering the Hong Kong market. So the first step is business registration. All companies have to register with companies’ registry as foreign investment to set up a business in Hong Kong.

If you are at a basic level and want to start your business in Hong Kong, a sole proprietorship is best for you; it is a business structure owned by a single person; in this type, you can set up a business on your own in hong kong, but it isn’t easy to raise capital. So you must be wandering for sole proprietorship business registration in Hong Kong. Here you will find the process, which is super easy, so let’s check out!

What is a sole proprietorship?

It is not a separate legal entity and does not have a separate legal structure. In contrast, limited liability companies have a legal identity to acquire assets. In this type, the sole proprietors enjoy all the profits and losses.

The owners are personally liable for all the profits and losses. The people also prefer this kind as “unlimited personal liability and unlimited company.

what is a sole proprietorship business

Sole proprietorships business registration;

Registering for a sole proprietorship business entity in Hong Kong is no big deal, regulated by business registration ordinance; you only need to follow certain steps with real documents and requirements. If you are a foreigner or local, we will help you register yourself in the Hong Kong market in both ways. Below is the process;

  • For registration in the Hong Kong business market, you need to fill out a prescribed application form for a non-Hong Kong company if you are a foreigner and a Hong Kong company if you are a resident.
  • Go to the new application counter at the business registration office in Hong Kong; you will be issued the properly completed application within half an hour.
  • Pay the business registration fee after you fill out that form.
  • If the owner or all partners are not present in Hong Kong, you must hire an agent for registration purposes, so you must go for that to ease if you are a foreigner. Also, submit an appointment letter stating the full profile of the agent, including their name, address, etc.
  • The next step is to locate a unique name for the business in Hong Kong. Below you will find the tips for naming and rules in the Hong Kong market for naming.
  • Then, the business owner needs to register their company at the business registration office at the Inland Revenue department. Then the owner will receive a business registration certificate. If you make any changes, you must consider informing the Inland Revenue department within a month. In a sole proprietorship business, no taxes must be filled with the Inland Revenue department.
  • Your sole proprietorship business will be required to have a unique name. If you do more than one business in Hong Kong, you would have to select a separate name for each business. Moreover, you will also have to get a separate business registration certificate for every business.
  • You can register for another branch registration or a new branch office in Hong Kong assisted from the parent company for a sole proprietorship business; you can fill out the application form and pay the business registration fee to get registered.
  • If the business license is expired, you need to renew the business registration certificate for a sole proprietorship business in Hong Kong. We would recommend you to renew it before one month of its expiry.

The next step is tax filling; file your tax by using the number from the business registration certificate.

List of the documents required in Hong Kong for sole proprietorship registration:

If you are a non-Hong Kong resident and want to set up a company as a sole proprietorship in Hong Kong, here are the important documents you would require.

  • One of the first steps is to apply for a business visa to get started in Hong Kong.
  • You would need a business visa as proof of residential address for sole proprietorship business registration.
  • The relevant government authority issued a copy of the passport. You also need to require a copy of your passport.
  • An approved and unique company or business name.
  • For the residents of Hong Kong, a certified copy of the original Hong Kong identity card is required.

After you successfully register your company for a sole proprietorship, the next step is to apply for a business license.

Tips for the business name;

Each business has its business name. Suppose you are feeling difficulty choosing the right name for your company according to the requirements of the Hong Kong market. Here are some tips to help you out in this matter.

  • The business’s name can be English or Chinese, or both a Chinese name and an English name.
  • The name should be logical and effective, but it should not be related to the Hong Kong government.
  • Don’t use abbreviations of limited liability partnership business in name.
  • If the name you select for your business is Chinese, you will be permitted to use English lettering, but not English words in Hong Kong. 

Partnership registration process;

  • The partnership agreement regulates this type of business. Shareholders can be non-profit organizations and a single person. It requires a company secretary if it is a body corporate, its representative office must be in the Hong Kong. It may be a limited partnership with a limited liability Hong Kong company. The partnership holds a valid business registration certificate. If not all the partners can apply for the form, you will be issued within one month of business commencement. This type is classified into further two types of partners;
  • General partners; Hong Kong companies are regulated by guarantee that Hong Kong is best for humanity.
  • Limited company, in case of limited liability Company, the contributing rate of members is low, has a minimum share capital. Pubic limited companies are ranked on the stock exchange in Hong Kong.
  • Hong Kong has various other business entity types. People who want to do partnership business in Hong Kong may prefer unlimited personal liability companies registry.
  • Firstly, you must apply for business registration at the business registration office. If you are a foreigner, follow the above procedure to register your company and register branches of overseas companies.

Conclusion                 

The company registration process is easy, no matter the business entity type. Suppose you were looking to get guidance about registering your company in companies’ registry. Hopefully, the process mentioned above will help you out! So, before you take a step, give a read to this article and make the best possible decision!

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