The prospect of setting up in business can seem a little intimidating to the novice entrepreneur. It sounds like a minefield of legal procedures and administrative processes. But it doesn’t have to be a struggle. The smart business person seeks out help and support to get and up and running and then grow a successful business.
Paperwork: Starting a small business entails a hefty amount of paperwork. Hong Kong company registration and secretarial services forms, legal forms, financial statements, bank accounts and much more will have to be dealt with. One can save on the amount spent on such forms by downloading them from the internet and taking printouts. Also, make the most of paper – re-use where possible.
There are also legal considerations. A director cannot be someone that is bankrupt. Also, a director must not have criminal convictions for dishonest practices.
It is always good idea to check with the Better Business Bureau (BBB) if they are listed with them. You can also check with BBB if there are scam reports against them. If there are, you would not want to have anything to do with them.
Not all companies will have to concern themselves with tax audits. This is very good news for smaller companies that have net income of half a million or less, per year.
Start with what you have and that is your passion. Anyone working with what they love most ends up not really working at all but just playing and enjoying it.
The corporate taxation is very easy and simple to understand. The tax rate is a flat 16.5 percent. However, there are many ways to receive tax exemptions.
I have a newsletter, where people can sign up and I show them how to start, where to go to get help, where they’re finding the software etc they need. I basically get paid for my research, a small price ( $2.95 a month ), they can sign out anytime they want, or when they’re felling like they’re ready to go by themselves. There are others like me out there, and we are getting a bad wrap. That is why I am writing this article. I kept my mouth shut too long. Someone has to start doing something about it, or at least try.