The rising competition in the service sector and the risks of unemployment have prompted people to set up their own ventures. While forming a company requires more effort than finding a job, it has a lot of advantages over being employed. Firstly, company formation provides you with the freedom to run it the way you like, and you can implement ideas that you have been passionate about. However, in order to incorporate a company, there are several economic, social and environmental factors that one needs to consider.
In order to find success with your business, a successful environment is indispensable. The governing bodies of the company’s location should be able to provide you with favourable tax policies, quality labour and a simplified legal system that facilitates quick and hassle-free company incorporation. As per the global trend, Hong Kong has emerged to be one of the most favoured destinations for investments.
The economical and administrative environment in Hong Kong is extremely conductive for setting up a new organization. The state-of-the-art infrastructure and the highly modernized communication facilities can be easily leveraged to prevent the initial hiccups that one face while operating in a struggling economy. There are several business opportunities that one can explore in Hong Kong, and one can establish a company within 24 business hours.
With one of the best legal and administrative systems in the world, Hong Kong has a high reputation among financers worldwide, and therefore, it is easier to obtain initial finance for your organization. Moreover, with Hong Kong having a friendly foreign exchange policy, different currencies can be transferred as per your convenience – which is a huge bonus for international investors willing to setup business in Hong Kong. The tax system is beneficial to the investors, as the profit tax levied on the revenue is a flat 16.5% and needs to be declared only once a year.
The organizational structure is extremely simplified – a single person, willing to invest in a venture, can start a company with him or her being the director. However, it is required to have at least one local resident or company incorporation in your organization under the role of legal secretary. Additionally, one has to provide a local address to be used as the registered communication address for the company.
There are several professional service providers who can guide you in forming a company. Besides providing finance opportunities and legal secretaries, they can also help you in company incorporation even if you do not have a registered address in Hong Kong. Service providers are authorized to let investors use their registered office while filing the incorporation document.