A sole proprietorship is the simplest form of business of all the existing forms. The company is used and set up by one person. According to the legal laws, one person is enough to run everything that goes with the company. Hong Kong is the ideal location for anyone who wants to set up a sole proprietorship. We will discuss the importance of sole proprietorships in Hong Kong.
Advantages of a sole proprietorship in Hong Kong
A sole proprietorship has several advantages. The owner is the sole master of his business, he is responsible for all things in the business. Profits and losses are for him by right. The sole proprietorship is not the only company that can be set up in Hong Kong but you should take the trouble to choose. Please visit on this website for more information on sole proprietorships in Hong Kong. Hong Kong is a city that welcomes people who want to set up a limited liability company. You can set up a limited liability company when there are several partners. This will make it easier for you to share the start-up capital and all that goes with it. However, if you want to be on your own and not be accountable to anyone, a sole proprietorship is the right choice. In this case, the owner of the business is responsible for all the obligations of the company. Registration of the business is done within 24 hours and there is no need to take a registered office. The owner can carry out his business or even sell his products in his flat.
Regarding the registration it is the Inland Revenue Department ( IRD ) in Hong Kong that takes the documents of sole proprietorships. For registration, you need to provide documents, pay registration fees and taxes. The IRD indicates on a notice board the necessary prices depending on the date of application. Apart from the fees, it is also important to provide an identity document and especially one that is still valid. Finally, you must choose a name for your company. The chosen name should be in Chinese and English.