A sole trader is a form of business chosen by investors in Hong Kong who want to be self-employed. It has a number of advantages, including very low incorporation and maintenance costs, compared to other business forms. The sole trader needs to be registered and the individual needs special permits and licenses to trade in Hong Kong. Find out more from: http://www.opencompanyhongkong.com/
1. Establishing a Sole Trader in Hong Kong
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2. The Hong Kong Sole Proprietorship
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• The sole proprietorship is the simplest
business form in Hong Kong.
• The founder and the entity are considered one
and the same and the individual is responsible
for the legal entity he creates.
3. A One-Man Business in Hong Kong
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• The most important advantages of the Hong
Kong sole proprietorship are its low
incorporation costs and low maintenance
requirements.
• However, the sole proprietor is responsible for all
the debts and liabilities incurred by the business
while operating in Hong Kong.
4. The Advantages of Opening a Sole
Trader in Hong Kong
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• Apart from the low costs for incorporation which
are fully supported by the founder, an advantage of
the sole proprietorship is quick registration.
• The founder needs only to submit an application
form with the Inland Revenue Department in
Hong Kong and provide an identification
document.
5. Business Fields in which the Sole
Trader is Commonly Used
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• This type of company is preferred by
individuals who provide speciality services
because it is under their complete control and
they gain all of the profits.
• Consultants in various business fields,
craftsmen, photographers or artists can
choose this simple business form.
6. Sole Trader Registration
in Hong Kong >>
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• The sole trader needs to be registered with
the Hong Kong Inland Revenue
Department’s Business Registration
Office.
• Once this is complete, the individual will
need to apply for a business license before
he can actually start certain business
activities.
7. >> Sole Trader Registration
in Hong Kong
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• The new sole trader will need to open a bank
account in Hong Kong.
• After he commences the business activities,
the sole trader will need to file an annual
profits tax return and renew the business
certificates as needed.
8. Sole Trader Taxation in Hong Kong
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• Self-employed individuals are liable to the
profits tax on their assessable profits derived
from Hong Kong.
• Sole traders in Hong Kong who have an
income of over 500,000 HK$ per year need to
submit additional documents with their tax
return.
9. Other Business Forms in
Hong Kong
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• Sole traders in Hong Kong can be
transformed into partnerships, if their
founders believe that this will suit their
business purposes better.
• Investors in Hong Kong who want to have
limited liability can open a private limited
company.
10. Assistance for Business Registration
in Hong Kong
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• If you want to start a business in Hong Kong,
our specialists can assist you during the
business registration procedure.
• Our company registration experts in Hong
Kong can help you open a sole trader in the
city or any other business form.
11. Thank You for
Your Attention!
For more information please contact us at:
+ 852 8191 3385 (for international clients)
office@lawfirmhongkong.com
http://www.opencompanyhongkong.com/
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