The Benefits of Company Incorporation Service
The Hong Kong Company Formation Service offers a significant number of benefits of company formation in Hong Kong. Subject to a few restrictions, business owners or a body corporate cannot be an alter ego of an institution where the company body is a subsidiary. However, A company can be a person of more than a single business. A person’s definition means anyone had ownership or authority or privilege to engage in the industry or profession. It includes members of the public. Thus, in a Company Registration, all registered members of the company are regarded as one body corporate for the Companies Act.
There are two types of Hong Kong company incorporation service. The first one being a “Sole Proprietorship”. In this type, only the owner may act as the director, and this type of Company Registration does not have voting rights attached. The second type of Company Registration is an “Income owning Partnership”. This type of Company Registration gives voting rights to the partners but not the directors. The Companies Act provides that for such Partnerships, the partnership is a partnership for taxation.
Business entities can also elect to be registered as a “Limited Liability Company” in Hong Kong. In this type of Company Registration, business owners can choose to act as the sole director or for the whole company or only a part. There is no double taxation.
Forming a Limited Liability Company is also very simple. Business entities need not appoint a manager. The business entities can nominate an “Income earning Partnership” who can act as the company manager, save and pay all the income and expenses without facing any penalties. Thus, the business entities save on costs and still be able to function. To become a “limited liability company”, the following requirements are generally necessary: a signed document that stipulates the purpose of the company; the authority to carry on business; and the property and assets to be used as collateral for the loan.
When you are ready to start the entire incorporation process, it is advised to assist a professional company incorporation service. With their assistance, you can handle the whole procedure in a much simpler manner and speed up the entire process. Excellent service would provide you with many options, depending on your requirements.
Some individuals, who do not have the time to handle the entire Hong Kong company incorporation process themselves, turn to Hong Kong company incorporation service providers’ services. Although the rates are usually slightly higher than what they would be dealing with on their own, these service providers’ professionalism and expertise enable them to manage the entire procedure very skillfully. Furthermore, they ensure that the whole process runs because they carry out all the background checks and ensure that all the paperwork is in place. These service providers know where to access the latest company laws to help their clients whenever the need arises. Moreover, they also keep their clients updated about the latest corporate changes to take the necessary actions when required.
In case you are not happy with the services provided by Hong Kong company incorporation service providers, you can always switch to other options, such as having your attorney form an LLC. This option gives you the same benefits, such as protecting your anonymity, paying minimal fees, and handling the entire paperwork process very professionally. Moreover, you will not have to worry about anything since an LLC will operate exclusively for your benefit without worrying about your competitors. However, the fees involved are slightly higher than the fees associated with an LLC, and you may also have to wait for a few months before your company incorporates.
Considering the number of benefits offered by an LLC, it is easy to see why so many people choose this option over other alternatives. Besides providing complete anonymity, limited liability, and easy management, you also gain many benefits such as exemption from property taxes, capital gains tax, and inheritance tax. You can start your company formation process immediately by following the simple steps detailed in the guidebook.
Hong Kong company incorporation service