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Since the overall process for business registration in Hong Kong seems fairly simple with professional help, it can be said that the actual process of doing business in Hong Kong is also very similar to it. There are a certain number of steps that a particular company or business has to follow after registration before starting their business.
Steps after Registration
The registration of the company is a key step in the direction of setting up in Hong Kong. However, the entire process does not end there. After registration, a company has to follow a certain set of guidelines before they are eligible to conduct their business in Hong Kong.
What are those steps? Let's take a look:
1. Setting up a local business account:
Even though a foreign company might already have an international bank account for their business purposes, it is always advisable to set up a local bank account before doing business in Hong Kong. It also helps before the actual registration process ends.
2. Choosing a local legal representation:
It is also quite important to keep a local legal representation ready to deal with all the nuanced details of the registration process. Since the choice for legal representation is confined to local legal franchises, making it available during or before the registration is also helpful.
3. Choosing the type of company:
Whether it is an offshore subsidiary or a distribution center, it is always preferable to decide on the type of company just after registration or even before it. It greatly benefits the later stages of transition in terms of financial as well as legal aspects of the entire process.
4. Paperwork for ownership:
This is the next progression in the process of doing business in Hong Kong. Proper and legal paperwork for ownership has to be provided to the concerned authorities in Hong Kong before starting abusiness. It helps to determine the taxation procedure and also marks the financial parameters of the new company.
For more details on the overall process of setting up a business in Hong Kong, visit company registry hong kong .
Final challenges before setting up
After the proper paperwork is made available to the concerned authorities in Hong Kong, it is time to focus on allocating resources to the newly formed company. Allocating resources usually take some time based on the geographical location of the parent company, but it is fairly a straightforward idea.
While doing business in Hong Kong remains a profitable notion for most companies with international roots, it should also be noted that international companies often require local professional assistance for a smooth transition. This idea of professional assistance at the local level becomes very prominent during this step.
Resource allocation is a major utility of these local professional assistance firms. They provide easy and simple correspondence during the entire transition process - thus sorting out the allocation of resources in Hong Kong effectively, without any kind of traction.
It smoothes out the whole transition process which might otherwise trouble many newly formed companies in Hong Kong. While they take care of matters in Hong Kong, the international half of the newly formed company does not have to stress them over doing business in Hong Kong.