FastLane Group, your reliable business partner, helps small businesses aspiring to global growth. FastLane provides corporate facilities, accountancy, audit, taxation and company formation assistance to guide businesses through local progress and into global eminence. Working together allows us to provide you with full-fledged solutions all the time.
The process of registering a business is often complicated and it entails many tasks and lots of paperwork thereby making it challenging in some occasions. Setting up a local limited company in Hong Kong involves a number of important procedures.
Firstly, you will require registering as a limited company with the Companies Registry. Thereafter, one has to register with the Business Registration office so as to undertake any commercial activity in Hong Kong.
Consequently, your company will be assigned two critical identification numbers: Company Registration Number (CRN) & Business Registration Number (BRN). These two registration numbers are important in any business dealing like opening bank accounts, leasing office space, and formalizing contracts where they are often required.
Business owners tend to confuse the BRN and CRN, despite it being a different thing. It is therefore important to comprehend their appearance and function so as to avoid such confusing.
The distinction between registering a business and registering a company in Hong Kong is worth noting as far as the BRN and CRN are concerned.
Think of it as like your company’s social security number. It is among the vital means of identification that the company has with its name and the business registration number. It is the identification, which in the course, it will be used for documentation, including government registers. It is usually found at the top left of the Certificate of Incorporation.
IRD provides companies with an 8-digit BRN for each business. In Hong Kong, for legal and administrative purposes, BRN is a means of identification of business. Your Hong Kong business must have this number indicated on Business Registration forms and tax returns.
It is very easy to obtain business registration numbers in Hong Kong and it can even be done online. Furthermore, business owners can verify their BRN status online to confirm whether it has been accurately given.
Your tax identification number (TIN) is the BRN that was assigned by the IRD (Inland Revenue Department). You will require the BRN when dealing with different government agencies like making annual returns, which makes it important. Therefore, the role of BRN is essential in the sense of legal adaptation as businesses are able to pay taxes circumspectly within Hong Kong.
Feeling uncertain? The services of FastLane Group are here to answer all your relevant questions and smooth out the needed process for a proper business incorporation!
Although it may seem confusing at first to understand the difference between CRN and BRN, the whole incorporation process doesn’t necessarily have to be cumbersome.
To have a smooth and affordable company registration process, contact FastLane Group. Leveraging our extensive expertise and proficiency in company incorporation, we deliver exceptional services to cater to our valued customers.
Is your Hong Kong based company looking for an offshore destination with great potential and reliability where you can extend your operation? Incorporation in BVI is one of the choices that a company can go for if it wishes to expand its incorporations and tax planning. This will be an overview of the benefits, key issues, and step by step procedure for incorporating a company in Hong Kong through the BVI.
The trading center of the world, Hong Kong, has been in existence for quite a long time. Nevertheless, in a more connected world, several Hong Kong firms are stepping out of their territory towards BVI for the purpose of shielding their assets, searching new possibilities and taking advantage of benefits provided by offshore areas.
International business is choosing the British Virgin Islands of the Caribbean as location. Here’s why many Hong Kong companies are choosing the BVI for their offshore company incorporation:
Strategic Location: Although far-off as from Hong Kong, the BVI gives a good time zone for the companies that work all over the world. This facilitates communication and coordination between the BVI professionals and Hong Kong entrepreneurs as they work through the company registration process.
Legal Framework: Hong Kong’s companies will feel at home with the stable BVI’s legal framework founded on English common law. The fact that these individuals are comfortable with the legal environment makes it easy for individuals to do business in BVI.
Business-Friendly Environment: BVI boasts of being business friendly, with a simple, quick and cheap procedure for establishing offshore companies. As they embark on an offshore mission, Hong Kong businesses may enjoy these advantages.
Hong Kong Work VisaFlexibility in Structure: Hong Kong firms can create and manage various shareholders’ arrangements within their BVI corporate law. It makes it easy for the movement of assets and management from Hong Kong to the BVI at no extra cost.
Global Transparency: The island intends following the world’s move toward greater transparency and is poised to align its practice with international norms. This pledge is in tune with Hong Kong firms which strive to attest themselves as open, trusted, and credible enterprises abroad.
Tax Efficiency: Offshore companies are not subject to any corporate income tax, capital gains tax, and wealth tax in the BVI. This is an appealing characteristic for Hong Kong companies as they can effectively plan the tax system. Learn more at BVI Tax Planning Myths Clarified.
Start by identifying and evaluating available corporate structures in the British Virgin Islands for your setup of a Hong Kong company. Such options comprise of Business Company, Limited Partnership, or Special economic Zone entity with unique benefits.
You must obtain the services of an approved and authorized registered agent sanctioned by the BVI FISC. The registrar appointed for this entity will assist in the registration process and see that they comply with local laws.
Choose your own company name and make sure it is in line with BVI requirements for naming. If required, your registered agent will help you with a name availability search and reservation.
Draft and send in the required business registration paperwork consisting of the Memorandum and Articles of Association to the corporate secretary. They contain details about the organization of your firm, its purpose and the way it operates.
Draft and send in the required business registration paperwork consisting of the Memorandum and Articles of Association to the corporate secretary. They contain details about the organization of your firm, its purpose and the way it operates.
Appoint directors, and shareholders for your BVI company. The appointment of corporate entities as directors or shareholders in a Hong Kong company ensures privacy and asset protection.