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In Hong Kong, including Yuen Long, it is required by law for any individual operating a business to register it within a designated period of starting its operations. This applies to all forms of businesses like sole proprietorship, partnerships, and companies. Upon successful registration, a Business Registration Certificate is issued, which remains valid for 1 year or 3 years depending on the fee paid.
Although the process of business registration is seemingly straightforward, there can be legal implications that require expert advice. This includes understanding the necessary permits and licenses for your specific type of business, potential legal breaches when picking a business name, taxation regulations according to the Business Registration Ordinance, and guiding through the steps to ensure your business is fully legitimate.
The primary legislation for business registration in Yuen Long, Hong Kong, is the Business Registration Ordinance (Chapter 310). The law outlines the requirement for every individual or company carrying out business in Hong Kong to register with the Business Registration Office of the Inland Revenue Department (IRD). Moreover, businesses are obligated to display their Business Registration Certificates at their places of operation and notify the IRD of any changes in business particulars. Failure to comply with these directives can result in fines or other legal consequences.
Usually, a Business Registration Certificate can be issued on the same day the application is received if all the necessary documentation and fees are provided.
Failure to register a business within the specified timeframe can result in a fine. Continued non-compliance may lead to prosecution or further fines.
No, a Business Registration Certificate is not transferable. If the ownership of the business changes, a new application for business registration should be made.
The fees vary depending upon the validity of the certificate. As of now, a 1-year certificate costs HK$2,250 and a 3-year certificate costs HK$5,950.
If a business ceases operation, the owner should notify the Business Registration Office in writing within one month of the cessation.
The primary source for assistance and information is the Business Registration Office of the Inland Revenue Department (IRD). The official Government of Hong Kong Special Administrative Region website also provides advice and resources regarding business registration, taxation, and licenses.
If you need legal assistance with business registration, consider seeking guidance from a law firm specializing in business laws in Hong Kong. Preparing necessary documents such as identity proof, lease agreement for the place of business if applicable, and details of your business plan beforehand helps graceful and quick completion of the process.
