The Hong Kong business environment is very attractive to investors who want to enter and grow rapidly. Unlike other economies, Hong Kong is an island with no land for agriculture or mineral resources. Because of this reality, it has transformed into a unique business economy. In line with this outfit, the Hong Kong administration puts the best foot forward in supporting all companies to grow and prosper.
For companies in the tech sector, the Hong Kong government has numerous programs that provide both monetary and technical support. These programs include Cyberport Creative Micro Fund, Innovation and Technology Fund, and Science and Technology Parks. To enjoy these benefits and more, it is better to use an agency for registering the company. Here are five unique benefits of registering your company with an agency.
Preparation of better documentation
While the process of incorporating a company is straight forward, it is important to realize the underlying secret. What Hong Kong administration looks for before allowing a new company to start operating is the substance. An agency will help you to craft an appropriate structure and other documentation for defining the value of the new company.
Assistance when opening a bank account
As mentioned of this website, the process of opening a Hong Kong bank account is always a challenge. Unlike in the past, most banks want to be convinced beyond reasonable doubt that opening the account is the right thing. Because professionals run agencies, they will help you draw the convincing reasons to have the account opened with the first attempt.
- Agencies stay up-to-date with the latest requirements for opening and operating banks accounts by foreigners.
- Most agencies are run by experts who understand the banking system in Hong Kong very well.
- The agencies are part of a larger network of financial institutions and professional bodies that contribute to various banking rules.
Special support at start up
When you decide to enter the Hong Kong market, it is important to remain contended with the fact that it is very competitive. Agencies carry progressive research or work with research organizations to understand the prevailing conditions.
Therefore, selecting an appropriate agency will give you access to the latest market info without having to conduct lengthy and expensive research.
Advice on tax and maintaining tax substance
If your business is involved in operations outside Hong Kong, you might qualify for 0% tax (check OECD rules). However, you must follow the right channels with the relevant government entities. The selected agency will help you evaluate the business transactions and take all the legal measures to ensure that the company gets 0% tax if all operations are outside Hong Kong.
Most of the agencies go an extra mile to help companies get tax substance in Hong Kong. After incorporating your company, you can only enjoy special treatment, especially with the mainland China if you proof that operations have economic benefits.
By contracting an agency to help you with business registration, the benefits surpass simple anchor for startup operations.