Setting up Sole Proprietorship in Hong Kong

Setting up Sole Proprietorship in Hong Kong A sole-proprietorship kind of business structure well just for little one-man write organizations that don't convey any business liabilities. Dissimilar to a private limited company, a sole proprietorship does not offer insurance of individual resources and constrained obligation to its proprietor. Usually troublesome for sole proprietorships to raise capital and extend their business as financial specialists falter to manage non-joined substances. We don't prescribe that business people utilize sole proprietorship as a type of business element to direct their business.

The main necessity for Hong Kong setting up sole proprietorship in hong kong is to enlist their business with the Inland Revenue Department's Business Registration Office and get a Business Registration Certificate. Business Registration must be done inside multi-month from the date of the beginning of the business. The business enrollment number that shows up on the Business Registration Certificate is additionally the sole proprietorship's benefits assess recording number.

Enrollment of the sole proprietorship and getting the Business Registration Certificate can be finished inside multi-day, gave every one of the reports is observed to be all together and there no complaints against the picked business name. The Business Registration Certificate must be obviously shown on the workplace premises consistently.

When you have enlisted your business with the Inland Revenue Department, you may likewise require a business permit before you can really begin your business tasks, contingent upon the idea of your proposed business exercises. For example, you require a business permit for working the accompanying kinds of organizations: eateries, instructive foundations, travel offices, monetary administrations, import/send out, and so on.

Sole Proprietorship business can either employ an accounts clerk or outsource the accounting function to a service provider such as LLB Accounting Services Ltd. The results of the business are reported to the HK Inland Revenue Department when the Individual Tax Return is submitted together with certified a Balance Sheet and Profit & Loss Account together with a Profits Tax Computation.

A Corporate Bank accounts can be opened at most of the major financial institutions in Hong Kong and the decision for which bank to use may depend on the nature of your business, the location of branches and banks currently used by your major clients.

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