Frequently Asked Questions about Business Licenses in Hong Kong
One of the reasons why Hong Kong is such a desirable destination for overseas entrepreneurs is that setting up and operating a business in the city is extremely simple. In fact Hong Kong is known to have the freest economy in the world and all its business policies are simple and easy to understand. Not only can a foreign entrepreneur complete their company incorporation in Hong Kong within seven working days, they can also commence business operations almost immediately after completing their required business registration and opening of a corporate bank account. However, few businesses in Hong Kong also have to apply for an additional license depending upon their industry and scope of business activities. There are several questions that foreign entrepreneurs seem to be confused about when it comes to business licenses in Hong Kong and some of them are as follows:
1) When can you apply for a business license?
You can apply for the appropriate license for your business only after you have completed your company registration formalities in the city. Once you have your business incorporation certificate in hand, you can immediately proceed to applying for a business license for your company.
2) Do all companies in Hong Kong require additional business licenses?
As a matter of fact, very few types of business in Hong Kong require additional business licenses. Most types of companies can actually commence business operations almost immediately after completing their company registration formalities. However, if your company happens to fall under those categories that do require a license, then you must acquire the same before commencing any business activity.
3) How long does it take to obtain a business license?
Typically it can take anything between 2 weeks to 8 weeks to obtain a business license. It is advisable to speak to a consultant or research on the license you require to make sure you submit all required documents and follow the procedures properly to acquire your license as soon as possible.
4) Where do you need to apply for a business license?
Respective government agencies are responsible for handling business license applications. Hence the exact department where you need to apply for the license would depend upon your industry.
5) Do you need to do anything else besides submitting the application for business license?
This again depends upon your industry. For example, if you want to apply for a license to operate a restaurant in Hong Kong, the authorities will need to inspect the intended location of your restaurant. After inspection only they are able to grant you the required license. Hence depending upon your industry, there could be more steps involved to getting a business license.
AUTHOR BIO
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Hong Kong subsidiary formation and How to setup a Hong Kong company.
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