Four Company Acts Of Doing Business In Hong Kong
Hong Kong is a Business Hub for many different new startup companies. All these companies have to know the basic details of the different company act, taxation system and share transfer facilities, Intellectual property act and trademark registration for having a smooth and legal business in Hong Kong.
- Trade Mark Registration:
To open a startup in Hong Kong it is very essential to distinguish the business from other through a unique symbol/ letter/ design/ number etc. The Trade Mark gives the ownership to a particular product or service and is attracts legal action if someone else uses it for the same product without any concerned to the owner.
The detail process of Trademarks Registration in Hong Kong is a very simple online process. The process is involving five simple processes of complete registration. First, the owner has to apply for a Trade Mark registration, the next step is deficiencies Checking if there is any and the next step is search & examination by the authority if there is any objection than go for hearing. In a fourth steps the Trade Mark published publicly for the opposition. After successful completion of the above four steps the last step is the registration.
- Share Transfer System:
The share transfers in Hong Kong perhaps the simplest business process. To do the necessary transfer first the proposal approved by the board of the company. As per the Hong Kong share transfer ordinance, the existing shareholder is getting the first chance for it.
The ordinance allows the transfer process with proper documentation with the signature of the transferor and transferee both on the Transfer Form or the Sales Agreement.
- Tax Return Filing:
Any businesses of investment venture opening its business operation are coming under taxation. The hong kong company tax filing system is applicable to local business, partnership farms, limited company, Corporation and many other ventures.
No one likes to give tax especially when it is a start-up venture, but doing business without taxation is a punishable offense in Hong Kong. So it is better to prepare for tax filing as per the income slab of 2% to 17%. The Hong Kong taxation is applicable for the foreign income too as per the Tax Treaty with the concerned country.
- Auditing and Accounting:
The requirement of the audit and accounting of the business is very essential in Hong Kong. The Hong Kong company Account and audit is nothing but an annual compliance of the complete business process and transaction to the Government. The whole audit process done by the Chartered Accountants in Hong Kong is a good choice.
The audit & accounting works involve verification of the company guideline, policies and the activities whether all are as per the Govt. Rules or not. The Audit ensures the deposition of all the statutory dues and fees. The analysis of company profit and loss accounts is also an important act of audit.
The Hong Kong legal department is attracting many startup companies to register their intellectual properties under the Hong Kong Jurisdiction. The low cost of Hong Kong Jurisdiction is a bonus for the startup companies.
