Economic Project

Contents

Introduction

Business Registration

~Meaning

~Registration Procedure for Sole Proprietorship and Partnership

~Registration Procedure for Limited Company

~Registration Procedure for Overseas Company

~Registration Fee and Levy

~Payment Methods

~Cancellation

Sole Proprietorship

~Definition

~Popularity

~Set-up process

~Advantages

~Disadvantages

~Reason of suitable for Small Business

~Examples

Partnership

~Definition

~Features

~Forms/Establish

~Liability

~General partnership

~Limited partnership

~Advantages

~Disadvantages

~Tax rate

~Dissolution and Termination

Limited Company

~Meaning

~Advantages

~Disadvantages

~Private limited companies

~Public limited companies

~Shares

~Procedures of Formation

~Taxes

Comparison

Conclusion

Working Table

Meaning

  Business Registration is for two main purposes: to provide business information for opening of tax files, and to provide business information to enable members of the public to know with whom they are going to deal.

  Under the provisions of the Business Registration Ordinance, every person carrying on any business must register his business within 1 month of the commencement of the business. Failure to do so may result in a fine of $5,000 and imprisonment for 1 year.

  Every company incorporated in Hong Kong or to which Part XI of the Companies Ordinance applies is deemed to be a person carrying on business and is liable to be registered under the Business Registration Ordinance whether or not it carries on business in Hong Kong. The companies to which Part XI of the Companies Ordinance applies are overseas companies which have established a place of business in Hong Kong.1

  "Business" means any form of trade, commerce, craftsmanship, profession, calling or other activity carried on for the purpose of gain and also means a club.2

1 http://www.ird.gov.hk/eng/tax/bre_gen.htm

2 http://www.by-cpa.com/e/info/hk/br.htm

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