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Whatever business you are planning for your Hong Kong company, you need to declare to the authorities – the Business Registration Department via Companies Registry at incorporation) and the bank at bank account opening.
At Incorporation, Make it Simple. The Companies Registry will not ask you for your business details. A simple description that is able to ascertain the industry involved is the best. Activities description such as consulting, trading, investment, holding, investment holding, manufacturing, retail, etc. can serve the purpose.
You should note that, 1. your business activity will appear on the Business Registration Certificate. 2. the length of the business description cannot be more than 60 characters for English and 30 characters for Chinese (including punctuation, symbols, and spaces).
At Account Opening, More but Be Specific, Specific and Specific. As you will build a business relationship with a bank on longer term, you have to provide information about yourself and your business for the bank to know you (Know-Your-Client). Specific details than simplicity helps to qualify your business as good business from bankers’ perspective. For example, “I was a business director for an electronics trading company in Poland. I startup my HK company to source electronic components from factories in China (esp. within the Guangdong region) by participating in Canton Fairs or other exhibition and sell them to customers in Europe.”
The above 2 sentences sum up your background and your planned business (including business nature, products, customers & suppliers).
Avoid too generalised, too wide and unclear business activities which scare bankers away.
You are very unique. So as your business. Think about your business in full detail in such a way that you have been operating it in preparation of your business plan and business proof before you approach the bank.
With this approach, you’ll be hassle-free at compliance review.
Need Assistance INTERSHORES has over 20 years of corporate services experience and can assist you to set up your Hong Kong business. Please do not hesitate to contact INTRESHORES at info@intershores.hk or by whatsapp at (852) 6499 4686.
If you want to know more, please do not hesitate to contact us:
Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice. |
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