Establish a Sole Trader in Hong Kong
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Transcript of Establish a Sole Trader in Hong Kong
Establishing a Sole Trader in Hong KongA presentation brought to you byOpenCompanyHongKong.com
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The Hong Kong Sole Proprietorship
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• The sole proprietorship is the simplest business form in Hong Kong.
• The founder and the entity are considered one and the same and the individual is responsible for the legal entity he creates.
A One-Man Business in Hong Kong
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• The most important advantages of the Hong Kong sole proprietorship are its low incorporation costs and low maintenance requirements.
• However, the sole proprietor is responsible for all the debts and liabilities incurred by the business while operating in Hong Kong.
The Advantages of Opening a Sole Trader in Hong Kong
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• Apart from the low costs for incorporation which are fully supported by the founder, an advantage of the sole proprietorship is quick registration.
• The founder needs only to submit an application form with the Inland Revenue Department in Hong Kong and provide an identification document.
Business Fields in which the Sole Trader is Commonly Used
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• This type of company is preferred by individuals who provide speciality services because it is under their complete control and they gain all of the profits.
• Consultants in various business fields, craftsmen, photographers or artists can choose this simple business form.
Sole Trader Registration in Hong Kong >>
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• The sole trader needs to be registered with the Hong Kong Inland Revenue Department’s Business Registration Office.
• Once this is complete, the individual will need to apply for a business license before he can actually start certain business activities.
>> Sole Trader Registration in Hong Kong
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• The new sole trader will need to open a bank account in Hong Kong.
• After he commences the business activities, the sole trader will need to file an annual profits tax return and renew the business certificates as needed.
Sole Trader Taxation in Hong Kong
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• Self-employed individuals are liable to the profits tax on their assessable profits derived from Hong Kong.
• Sole traders in Hong Kong who have an income of over 500,000 HK$ per year need to submit additional documents with their tax return.
Other Business Forms in Hong Kong
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• Sole traders in Hong Kong can be transformed into partnerships, if their founders believe that this will suit their business purposes better.
• Investors in Hong Kong who want to have limited liability can open a private limited company.
Assistance for Business Registration in Hong Kong
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• If you want to start a business in Hong Kong, our specialists can assist you during the business registration procedure.
• Our company registration experts in Hong Kong can help you open a sole trader in the city or any other business form.
Thank You for Your Attention!
For more information please contact us at: + 852 8191 3385 (for international clients)
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