Alternatives for Sole Proprietorships
One alternative to a sole proprietorship is to instead incorporate a private limited company. This will provide a separate entity from the owner of the business. This means that the owner is not personally liable for the finances of the business and that banks and financial institutions will be more likely to loan money to the private limited company.
At Paul Hype Page, we are well versed in corporate tax planning and can help ensure you make full use of the various rebates for businesses, to ensure you do not overpay for your taxes. This includes knowledge on existing Double Tax Avoidance agreements in the region and around the world, for wherever you decide to expand your business.
Who can start and run a sole proprietorship in Hong Kong?
There are no restrictions on the person who is permitted to start and operate a sole proprietorship business in Hong Kong. Anyone can choose to start and operate a sole proprietorship in Hong Kong.
As long as you have the willingness, ability to manage the business, possess a start-up capital, and a working plan, you can operate a sole proprietorship in Hong Kong. If you are a foreigner, the law requires you to identify a firm to help you with the incorporation process and Paul Hype Page is such a firm.