SOLE PROPRIETORSHIP & PARTNERSHIP
Sole proprietorship is considered the easiest and simplest form of business in Hong Kong. As the name suggests, the business is owned and operated by a sole person. Since the business is not a separate legal entity, the owner and the business are considered one entity.
Likewise, partnership is defined as businesses that are established and co-owned by two or more people who join together to carry on the business with a view of sharing profits. Partnerships in Hong Kong are governed by the Partnership Ordinance and are of two types: General Partnership and Limited Partnership. Same with a sole proprietorship, a partnership is also not a separate legal entity.
Processing Time
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1-2 working days.
HONG KONG SOLE PROPRIETORSHIP & PARTNERSHIP SETUP PROCEDURES
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Consult and assess your company structure and collect necessary documents for the formation of Hong Kong sole proprietorship & partnership
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Sign our Letter of Engagement to make confirmation of proceeding with the sole proprietorship & partnership formation
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Prepare sole proprietorship & partnership formation documents
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Submit the original signed company documents to the Hong Kong Inland Revenue Department and pay all government fees on the client’s behalf
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Monitor the whole process and keep the client update for any news
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Pick up Business Registration from Inland Revenue Department
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Prepare a company chop
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Deliver the documents to the client
ADVANTAGES OF HONG KONG SOLE PROPRIETORSHIP & PARTNERSHIP
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There are no registration requirements with the Companies Registry, no minimum capital requirements.
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It is the easiest formation of company in Hong Kong and is comparatively cheap to maintain it.
DISADVANTAGES OF HONG KONG SOLE PROPRIETORSHIP & PARTNERSHIP
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The sole proprietor or the partners are personal responsible to the debts and liabilities incurred by the company
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The owner/the partners and the business are considered one entity.
More information on all other types of Hong Kong Company Registration Services.