You should have all of your documentation and legal paperwork in place to operate efficiently when you begin a new business in Hong Kong.
You should begin by following the Companies Ordinance and Inland Revenue Department requirements (IRD). Company registry hong kong your new firm with the Hong Kong Business Registration Office and receive a certificate of registration (BRC).
In this article, we will explain what a business registration certificate hong kong is, why it is important, and how to obtain one.
What is a Business Registration Certificate (BRC)?
The business registration certificate hong kong is a document that certifies the information of a business. This paperwork is necessary for your firm’s existence. It verifies that the company is licensed and registered with the IRS. The certificate has a one-year expiration date by default, but it must be renewed on an annual basis.
You must submit an application for and obtain your BRC within 30 days of establishing business operations. When your company’s information changes, you should also contact the BRC to renew your certificate.
The following are the details that are included on your certificate:
- Name of your company
- Your company’s type
- Your company’s address
- Company’s nature
- Starting date of your business operations
- Expiration date of your BRC
- Unique number of your BRC
Differences between Business Registration Certificate and Business Registration Number
There is some uncertainty about this, so let’s compare the two.
- The Business Registration Certificate (BRC) is a company registry hong kong document used by the Business Registration Office that proves your company’s legitimacy and authority to operate in Hong Kong.
- The Business Registration Number (BRN) is your tax identification number, which is issued by the Inland Revenue Department, and is typically called the Tax ID number.
Penalties for Non-Compliance
If you do not comply and fail to apply for a Company Registration Certificate, you will be fined significant penalties or may be imprisoned. If you are late in requesting your certificate, you must pay the current renewal cost as well as any fines incurred for the years in which you have failed to comply, as well as extra payments.
However, bear in mind that attempting to fulfill the requirements of a good New Zealand company may result in issues such as late filing of tax returns, which is a problem for both the IRS and IRD. As a result, you should apply for your certificate as soon as feasible to ensure that your business operations run efficiently.
How do I get a Business Registration Certificate?
You may obtain this certificate by filling out form IRBR 37 and paying the required fee on the registration office’s website. If the firm was incorporated with the company and business registration service and the corporate details were submitted to the Companies Registry, your certificate will be available two days after incorporation.
The best option is to work with a service provider to get your business registration certificate hong kong since it is an easier, simpler, and more cost-effective solution. Working with an agency helps you eliminate time and effort spent on compliance and administration activities.
When should you apply for a BRC?
A business is required to apply for a BRC within the first 30 days of operation, as established by law. It is typical to file for company incorporation and a business registration certificate at the same time. If you do both of these tasks at the same time, you will get both documents in good time so that you can start operating.
Do you need to outsource my company registration?
If you need to incorporate it in Hong Kong, outsourcing the entire business registration procedure might be the wisest and best option.
To begin, when you engage a business, they will assist you with drafting all of the necessary paperwork and submitting them to the Business Registration Office. This is important since it allows you to concentrate on expanding your business while others handle the company registry hong kong procedure.
When you engage an agency early, they may assist you with the time-consuming procedure of incorporation. The agency may then help you with such documents as registrations, and bank account creation, and even act as your Hong Kong company secretary later on.
As these partners have been in the market for a long time, they are familiar with the market’s dynamics and can help you make the greatest judgments. Saving time on these procedures will allow you to reach your organization’s goals more quickly.
Displaying your BRC for inspection
When you have obtained your Hong Kong business registration certificate, you must hang it in its original form in a prominent location at your company.
These are some of the added advantages of displaying the credential:
- Clients will notice that your firm has met all standards and is, therefore, ready to provide the greatest services.
- Business partners who are interested in collaborating with you will learn that you are a law-abiding investment, which adds credibility to your company.
- It is an excellent approach to demonstrate to your employees how trustworthy you are.
Hopefully, you are now familiar with what BRN and BRC stand for and how they differ from one another. If you consider outsourcing this procedure, FastLane could assist with the application for certification, nomination of directors and shareholders, as well as the whole incorporation procedure.
If you have any further questions, please contact us to get started today.