Starting a New Business/Registering

[tt2003]

www.sbc.com.hk, they will help, charge you some service fees.

[carang]

My understanding is that, with a sole proprietorship, the owner is personally responsible for all debts and liabilities the business incurs.

So there is a possibility of getting scammed.

A limited company means the liability is limited, i.e., only the assets of the company can be taken for debts, etc.. The partners in an LP are not liable.

I could easily have missed something here, so anyone more knowledgeable is free to correct me, especially vis-a-vis HK law.

you are corect in your understanding of what it means....whether you get "scammed" or not....don't know why you'd think that...

[frozenmonkie]

registering a business takes about 10 minutes at revenue tower in wanchai and costs $2600 for one year.

good luck!

Thanks!

This looks like best option honestly. What kind of documents does one need to present with the forms there? First time with business management and all.

Also, sole proprietorship is something i'd opt for as well since it's just me holding up the company and we work every now and then. honestly, i just need a registered business in order to open a bank account in the name of the company - does this cost a lot too? i'm thinking HSBC or Hang Seng

[sarpesius]

Sole proprietorship is ok for people who are not taking title to goods and reselling for for example like an importer.

If you are opening a book keeping or tutoring company or something that involves little money then yes, go for the sole proprietorship.

This seems to imply that for a food-service business, a sole proprietorship would not be advisable in HK, since a food service takes title to goods then resells them.

Would sole proprietorship not be a good vehicle for food service in HK?

[carang]

from what i can remember you do not need any further documents to register a business.

BUT to open an account at a bank, you need a copy of the actual form that you present to revenue tower. when you submit the form, ask them for a copy, it costs a little extra and is ready in a few days (or they will post it to you).

you then take this copy and a copy of hte business registration to the banks. (ask the banks to send you the info regarding opening a sole-proprietorship company account, it lists everything you need).

if you go to HSBC, you need to make an appointment at one of their "company" offices. i went to one in causeway bay plaza 2. it is a fairly straight forward proposition. i think that you need either $1000 or $2000 to open the account.

good luck, it really is very simple and straight forward.

[longbeard]

from what i can remember you do not need any further documents to register a business.

BUT to open an account at a bank, you need a copy of the actual form that you present to revenue tower. when you submit the form, ask them for a copy, it costs a little extra and is ready in a few days (or they will post it to you).

you then take this copy and a copy of hte business registration to the banks. (ask the banks to send you the info regarding opening a sole-proprietorship company account, it lists everything you need).

if you go to HSBC, you need to make an appointment at one of their "company" offices. i went to one in causeway bay plaza 2. it is a fairly straight forward proposition. i think that you need either $1000 or $2000 to open the account.

good luck, it really is very simple and straight forward.

Last time it takes around 2 weeks for BOC and Hangseng Bank.. For BOC you need to pay HKD$100 for the company search..

[frozenmonkie]

BUT to open an account at a bank, you need a copy of the actual form that you present to revenue tower. when you submit the form, ask them for a copy, it costs a little extra and is ready in a few days (or they will post it to you).

you then take this copy and a copy of hte business registration to the banks. (ask the banks to send you the info regarding opening a sole-proprietorship company account, it lists everything you need).

from what i was told, it's a simple procedure. soon as you get your license, fill out form "c" something for bank account opening thing. it costs $45 and just take it to a bank. you'll recieve an ATM card and a passbook immidiately, but it might take 1 day for things to process at the very most.

with HSBC, you can open an account for as little as $1K, but if you have less than $5K in your account, they'll deduct a nominal fee of $40 per month. Also, make sure you don't get caught into the Power Vantage account business with them.

[frozenmonkie]

just checked. the form for getting a bank account is $27. takes a week to process the cert for new applicants or a day for old registered businesses