To kickstart your entrepreneurial journey in Hong Kong, here’s an overall general guide covering legal, accounting, company secretarial compliance and tax consideration requirements
Legal Requirements
- Business Structure: Choose a suitable entity like a sole proprietorship, partnership, or limited company.
- Business Registration: Register with the Companies Registry and obtain a Business Registration Certificate.
- Permits & Licenses: Obtain necessary permits and licenses for your business activities.
- IP Protection: Consider protecting your intellectual property through trademarks, patents, or copyrights.
Accounting Requirements
- Record Keeping: Maintain accurate financial records of income, expenses, and assets.
- Financial Statements: Prepare annual financial statements following Hong Kong Financial Reporting Standards.
- Audit Consideration: Determine if your business requires a statutory audit based on size and turnover.
- Tax Compliance: File tax returns promptly and adhere to accounting standards.
Company Secretarial Compliance
- Company Secretary: Appoint a qualified company secretary within 6 months of incorporation.
- Annual Return: File an annual return with the Companies Registry.
- Meetings: Hold annual general meetings and maintain minutes of meetings.
- Regulatory Compliance: Comply with all legal and regulatory requirements for companies in Hong Kong.
Profit Tax Requirements
- How to comply with tax laws including profits tax and salaries tax.
- Understand tax obligations, incentives, and exemptions for both offshore and onshore profits
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