Business License for HK Limited Company

With the growing advancement and enhancing technology in the world, you can register and form a company without much trouble in Hong Kong as one of the world’s top business and financial center. Startupr has made it easier for a foreigner to open a company in Hong Kong from sitting in any part of the world. Incorporating a company has become more accessible with most of the processing completed online.

One of the reasons why you can quickly and comfortably open a company in Hong Kong is due to the fact that the government in Hong Kong provides many benefits where a business is not subjected to numerous regulations like the other countries. And with the precise documents in hand, a person can obtain a business license in Hong Kong without much hassle.

Obtaining the business license for a Hong Kong Limited Company is straightforward and easy, and this process begins only after the company has been registered in Hong Kong. But again, unlike other countries, not all businesses need to obtain a business license for a Hong Kong Limited Company since a majority of the business pursuits are not regulated in an ordinary business. Though there are a few companies that would still need to follow the regulations and acquire a business license in Hong Kong.

Here Startupr shares the facts related to acquiring a business license for a new company and if it is a requirement or not.

License and process

Like any country over the world, companies in specific sectors require licenses to do business. These include not only the types of business conducted, but also if it includes the use of certain assets or intellectual property used for a business. As these ideas and designs can sometimes be easily copied or stolen, companies also require a license protecting their assets for their company.

As mentioned above, there are some specific businesses in Hong Kong that require an exclusive license so that they can operate in the country legally. The licenses spoken about are:

• Permit to run a particular kind of business
• Intellectual Property license

#1 Business License in Hong Kong (Also called the Business Permit)

There are some professional fields which require that companies must acquire a license for each specific company, as granted by the government. These types would more heavily regulated, and have more requirements for these companies within these industries.

The specific companies that would need a business license for the Hong Kong Limited Company are:

• Healthcare
• Financial services
• E-commerce
• Import/Export
• IT
• Commodity trading
• Oil and Gas services
• Travel
• Event management
• MICE industry
• Telecommunications
• Retail
• Hospitality

You can find out more information and details of the specific license requirements on the government website.

Regulated activities

A regulated activity is a pursuit in a business that needs a license before it can operate or run. There are two main categories whose activities are regulated for a Hong Kong business: products and services. The first type would require a license for the manufacturing or sale of certain products in Hong Kong. The second type would be for certain services, such as financial services or education, which would require a seperate license for each company.

The pursuits that are regulated in a business are mentioned below:

• Retail store
• Travel agency
• Event management company
• Financial services providers
• Restaurant
• Education business
• Employment agency

#2 Intellectual property protection License

As per the World Intellectual Property Organization, the IP which stands for “Intellectual Property” denotes the creation of the mind. The inventions include the designs, images, names, literary and artistic works, and symbols that are utilized in the business. This intellectual property is created or designed by an individual or group, and if it is of an original work and the details meet certain requirements, it can be protected under these IP regulations.

The IP refers to the details or knowledge that can be incorporated into the tangible objects at the same time, in an infinite number of copies at diverse locations anywhere in the world. The property is not in those models, but the information or knowledge reflected in them. Some of the most famous IP kinds are the industrial design rights, patents, copyrights, and trademarks.

Understanding Trademark registration in Hong Kong

The registration of a trademark restricts anyone else in the world to use the same or similar mark in promoting services or goods of their business. This mark secures the company’s identity and the owner’s sole rights to utilize the mark for denoting an identification of their products or services for the world.

A trademark for the company can include characters, words, letters, slogans, phrases, numerals, sounds, jingles, logo, design, symbol, different colors and packaging aspects. For registering the trademark with the assistance of Startupr, you would need to submit some documents and they are:

• Copies of the trademark (4B&W prints or 15 color prints – if the trademark is colored.)
• A copy of the Certificate of Incorporation or Business Registration Certificate.
• A list of products and services to be covered (Those offered by your business.)
• Convention priority document (if any.)

Now that all this has become clear, it is also crucial to understand the process of acquiring the Business License for the Hong Kong Limited Company. There are three main steps involved in the process and have been explained briefly below for your knowledge:

License Research

At first, it is vital to determine all the required permits and licenses that your business entails. Then, the right permit or license application forms have to be obtained and filled out with the required documents and fees attached along with it before it is submitted. Be sure that everything is completed and done according to the requirements and the regulations of the government.

License Filings

This process requires the company to submit documents along with the license filings. It is important to follow each step and submit the necessary documents, as not to delay the process for your business. It is divided into three parts that have been explained briefly for you to comprehend easily:

1. Identify requirements

Whether your firm functions in a single location or as a multi-state operation, all the application requirements for the business has to be identified and gathered. Startupr ensures that the required legal and corporate documents are submitted with the application on time.

2. Complete all application forms

All the forms for the Business License in Hong Kong have to be completed along with the supporting documents and fees for the government. The company should make sure that all applications and payments of fees are complete as per the Hong Kong government requirements. Otherwise there may be delays in the application due to this.

3. Verify license is issued

The company reaches the licensing authority to confirm the business license in Hong Kong is approved and issued. If there is any rejection or insufficiency, the company would need to determine the issue and resolve it directly with the government.

#3 Business License Compliance

Business license compliance is usually a massive burden on the daily pursuits that take place in the business, and that is why you should research the necessary steps and documentation to process the business license registration as smoothly and efficiently as possible.

How long does it take?

The entire process of applying & receiving the Business License for a Hong Kong Limited Company takes about six to twelve months and after the license has been issued, it remains valid for nearly ten years. Also, the trademark would need to be registered in the Hong Kong’s Intellectual Property Department so that it can be legally protected overseas as well. This advantage allows you to register for a trademark for your company or design which would be protected and also enforceable anywhere in the world as under these regulations. This allows your company to easily expand internationally with your protected Intellectual Property.

How can we help?

Navigating ordinances and licensing obligations are rarely considered the most enjoyable part of a job, but sadly, it is often a constraint to legally do business. Every business faces hundreds of licensing rules, and the government usually keeps updating the requirements and forms for supporting the documents. Also, the licensing and permit requirements differ depending on the nature of the business and country. This is why it is recommended to get the license for your Hong Kong company to offer the best protection.

This is why it is necessary to research all the necessary steps and important information for you to get licensed in Hong Kong for your business. However once you have your business licenses and documents in order, you can enjoy protection for your assets and begin making profits for your company. So, obtain the Business License for your Hong Kong Limited Company with the assistance of Startupr today!