Are you planning to grow your company into the Hong Kong market? It is probably one of the best ideas likely to help your firm grow rapidly and become the multinational of your dreams. Hong Kong has cut a name as a global business hub because of its supportive policies, world-class infrastructure, and strategic location in the heart of Asia.
No matter the way you look at Hong Kong, it is a jurisdiction overflowing with potential. To take advantage of this high-potential jurisdiction, you need to start by registering your company there. This entails getting the name of the company approved and submitting all the required documents to the registry for approval.
Before your company can commence operations after incorporation, there are a number of things that you need to do. In this post, we will look at some of the most important things that you need to do after company formation in Hong Kong.
Open a Corporate Bank Account:
The primary goal of opening an offshore company is to make profits. This is only achievable if you are able to get paid and can also make payments. This requires one very important thing – having a bank account.
The lovely thing about Hong Kong is that it is a financial hub and there are many financial organizations you can use. Make sure to select the bank that best suits your financial needs. For example, the bank should be ready to help you cover financial gaps and support your enterprise to grow rapidly.
Get Additional Permits and Licenses where Necessary:
Notably, getting the certificate of incorporation is only the first step in company formation in Hong Kong. Depending on your business, you need to check whether additional licenses or permits are required. Here are some of the businesses that require additional permits:
- Business in education-related niches.
- Import and export businesses.
- Financial-related business.
- Drug business.
- Insurance services.
A Good Business Strategy:
Although not mandatory, the success of your business largely depends on the strategies you take. For example, what strategy do you intend to use for entry into the Hong Kong market?
One of the common strategies to apply during company formation in Hong Kong and early business establishment is working with experts. These are professionals who have been in the industry for some time and can tell you the strategies that work and those that do not. There is no need of adopting a strategy that does not work while a professional is waiting to lead you to success.
Apply for Business Registration Certificate (BRC):
A business registration certificate is an important document that states the details of a company and every business must have it. It is used to show that the business is valid and registered with the Hong Kong Inland Revenue Department. The certificate should always be displayed in your company offices for inspection by Hong Kong Authorities.
After registering a company in Hong Kong, you are sure of enjoying the support of the government and taking advantage of the island’s numerous opportunities. To realize the full potential of this high-potential jurisdiction, consider working with a firm of experts. They not only have to experience in Hong Kong company formation but can also help you pick the best strategies for growth and success.