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

Registration Procedure for Sole Proprietorship and Partnership

  A new business carried on by an individual or a partnership must be registered with Business Registration Office within 1 month of its commencement. If a business is carried on by an individual, a Form 1(a) should be completed. In the case of a partnership, a Form 1(c) should be completed. These forms should be submitted together with photocopies of the Hong Kong identity cards or passports of the proprietor or all the partners.

  If the sole proprietor (or all the partners in the case of a partnership) is not residing in Hong Kong, he/she/it has to appoint an agent who is residing in Hong Kong to act on his/her/its behalf for the purposes of business registration. An appointment letter in favour of the agent and a copy of the agent's Hong Kong Identity Card must be submitted together with the business registration application form. In the appointment letter, full particulars of the agent must be stated including his name, Hong Kong identity card number and residential address. Alternatively, you may furnish the details on the form IRBR 177.1

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

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