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  • 2 Post By shri
  • 1 Post By HK_Katherine

sole proprietorship - bank and management

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  1. #1

    sole proprietorship - bank and management

    hello, I just opened a sole proprietorship and I have a few questions:

    - can I use my personal HSBC account or I need a separate one?
    - do I need to do book-keeping of personal withdrawal for personal money? (as owner can I ATM cash anytime I want?)
    - first tax payment is after 18 months?
    - if I have other income which is not related to the company do I need to declare it as income?
    - both the company and me have to pay 15% of taxes?
    - if i open the company while having an employment visa and then I quit the job and loose the visa.. can i keep the company?

    and most of all.... is there any good website that can reply to the above? (not the government website, more of a "how to..." website..)

    thank you!

    seba


  2. #2

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    - can I use my personal HSBC account or I need a separate one?
    You should open a separate account. It is in violation of their terms and conditions to use your personal account for business purposes and over the years we've heard from several geoexpat members that their account tends to get suspended.

    if i open the company while having an employment visa and then I quit the job and loose the visa.. can i keep the company?
    Can of worms
    jrkob and Drunken Master like this.

  3. #3
    Quote Originally Posted by shri:
    .



    Can of worms
    Can of worms?!

  4. #4

    Join Date
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    Quote Originally Posted by sebavitale:
    Can of worms?!
    Yep.

    Firstly, with an employment visa you CANNOT work for any other company other than the one sponsoring the visa, without both the companies permission and Immigrations' permission. Including a company of your own.

    Secondly, the paragraph above still applies, even if you leave your current job but keep the same visa (i.e. get a 3 year visa, quit job after a year, you can live in HK quite legally for the next 2 years but NOT work for anyone else).

    Thirdly, using your own company to sponsor an employment visa is tough. Not impossible, but tough. It would need to be a "proper" company (not an SP, for example) and have employees, an office, customers, accounts, a business plan etc. Which is hard without building it up while working at the same time, for which see 1. and 2. above

    Hence, can of worms.
    shri likes this.