Sole Proprietorships

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  1. #1

    Join Date
    Jul 2006
    Location
    Hong Kong
    Posts
    16

    Sole Proprietorships

    I am setting up a sole proprietorship in HK. Does anybody know if Memorandum and Articles of Association is necessary and what in fact it is?

    This is the advice/requirements on the Companies Registry site:

    Submit the following documents together with the required fees to the Companies Registry at the Shroff Counters on the 14th floor of the Queensway Government Offices, 66 Queensway, Hong Kong

    (a) Memorandum and Articles of Association
    (b) Form NC1A - Statement of Compliance on Incorporation of a Company

    Thanks for your help


  2. #2

    Join Date
    Aug 2005
    Location
    Hong Kong
    Posts
    400

    For a Sole Proprietorship, all you need to do is apply for a Business Registration Certificate from the Inland Revenue Department. Cost is HKD 2,600 for one year. That's it.

    You don't need a Memorandum and Articles of Association or the Form NC1A - Statement of Compliance on Incorporation of a Company.

    You can find more information at
    http://www.ird.gov.hk/eng/tax/bre_abr.htm#2 and
    http://hkstartup.com


  3. #3

    Join Date
    Oct 2006
    Location
    Park Island
    Posts
    120

    Just remember that the liability is unlimited.


  4. #4

    Join Date
    Jul 2006
    Location
    Hong Kong
    Posts
    16

    Thanks folks, massive help since the government web sites are informative but seem to miss allot of the basics for the un-initiated.

    And yes, I already had a lawyer explain the frightening potential of unlimited liability - basic outcome was to ensure you have a detailed agreement on what you are undertaking before starting any work i.e. get a lawyer (now I know why my parents wanted me to be a lawyer and not a graphic designer!)