Why most businesses thrive in Hong Kong?

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For a business to thrive, certain factors have to be met so that the operations are run smoothly. Most of these factors are dependent on the location because this is what will bring most of the factors together. This is what makes most businesses in Hong Kong successful. They are successful because they have access to some of the top class facilities which they can use to offer better services. For instance, the infrastructure is good therefore giving people a chance to reach their clients at the most convenient time.

While still considering the infrastructure, you should know that there is a railway line that runs through the city therefore people can use this so that they transport the raw materials they will require for their businesses. This is a cheap option that most of the people who deal with very heavy raw materials can take advantage of. There are also several airlines that give people access to the other cities and other countries within the Asian continent. This makes it the best location especially for the people who move around a lot.

The government policies in the city are favourable to people who run businesses. This means that they are able to carry their activities with minimal interferences from the government. In any case, the Chinese government is very supportive of people who start their companies in the city therefore making it very convenient. This means that you will get all the documents which you need to establish a business within the shortest time. This makes the time people take to establish a business short hence attractive to most people. The taxes that you pay are lower hence something that further attracts more people.

Another thing is that there is ready labour and market in the city therefore making the process of starting and running a business very easy. The people offering the labour services are skilled therefore you stay assured that the services you will get are of high quality. The huge population in the city makes it possible for a business to realise good profits within a very short time. Another reason that makes this city ideal for locating a business is that it is international therefore you can also get clients from all over the world. In most cases, this is what most investors consider when establishing a business. Generally this city is able to meet all the requirements that will make sure a business becomes successful.

Hong Kong Business Start-Ups

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Prior business strategic planning is the core of all successful businesses. The procedures you decide to undertake when setting up a new business are among the most critical in the life span of your business venture. Consequently, you will need assistance in these crucial steps, especially if you are a novice in the business field. There are those magnificent business start-up ideas and investHK can help you build your business in Hong Kong.

The specific type of business, in terms of ownership, that you would like to set up is mainly a matter of personal reference. Whether you are setting up a sole proprietorship, a profit Corporation, a non-profit Corporation or a partnership, choosing the correct legal structure for your new business is extremely essential. Having best legal structure and strategy for your business is ideal. Moreover, you need to make sure that you have done your homework well to avoid being a victim of the law.

The simplest and most widespread form of organization for a business start-up is the sole proprietorship plan. This is where only one individual has all the rights and control of the business. Partnership is also an organization taken up by some individuals where two or more people own the company and are entitled to an equal share of all the profits and benefits. In the corporate organization, which is the most complicated type of business entity, no individual is attributed to all the rights or liabilities. The Board of members is attributed with the utter responsibility of managing the business. All stock holders share the profits as per their investment to the business. If you are planning or have decided to take on the partnership or corporate organizations, it is worthwhile to get the right legal structure that will ensure the flawless running of your business. InvestHK will assist you in your business location and also help you invest in Hong Kong.

InvestHK will vastly assist you in acquiring appropriate business registration and licenses. We will strive to protect your unique trademark while at the same time resolving any legal disputes in the business start-up stage. Setting up a business can be frustrating. However by choosing effective and reliable companies  , the process can be unbelievably easy, with the guarantee of future prosperity. Also for your business to grow you need to invest in a city that is full of creative entrepreneurs.

 

Register Your Own Company In Hong Kong

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Registering a company in Hong Kong comes with a lot of different issues, and it is really important to focus on these issues in order to avoid any further complicacy or complexity. The article of association and memorandum of the company are two important issues, on which the company must put most of their effort. The memorandum will help the company to regulate all business relations and external affairs. In the other hand, the articles of association regulate all internal affairs among the members of the company. Again, another purpose of this article of association is to regulate the relationship between the company and its members, as well.

According to the company registration act in Hong Kong, the memorandum must have some basic information about the company including the name of the company, liabilities of the members of the company, the amount of the share capital of the company, objects and objectives of the company’s business, and the address of the registered physical location of the company in Hong Kong. Again, the article of association must include the rules and norms about holding and arranging any meeting, the processes according to which the directors will be appointed, and the duties, relationships, responsibilities and the rights of the members.

The share capital of the company is another key issue, particularly when it comes about registering the company in Hong Kong. As per the company incorporation act of Hong Kong, this share capital could be of one among two types. One type of share capital is known as authorized share capital and another type is known as paid-up or issued share capital. It is a good news for the companies that, they don’t need to arrange any specific amount as the minimum share capital for opening their company in Hong Kong.

It is important to select the type or category of the business first, before registering a company in Hong Kong. Some information about the company must declare publicly, as per the company formation act of Hong Kong. For example, it is a common public right to know about the basic information of any company, its business type, and the name of its directors and shareholders. Each an every single company must maintain a company registry, where the details about the company’s officers are recorded. Options are also there for the companies to keep some information confidential, when it comes about appointing a nominee shareholder.

Some Facts About Hong Kong Company Registry

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Registering a company in Hong Kong is much easier than registering a company in any other country having such strong and vibrant economic and business trend. Selecting the director comes as one very important issue for any company, which comes with the intention to start and expand its business through Hon Kong. Usually, there are two different types of director comes into action while incorporating a company in Hong Kong. They are known as nominee director and regularly directs. According to the company registration act of Hong Kong, there is no distinction or difference between the nominee director and regular director, as they are treated with same authoritative and administrative responsibilities.

The duties and responsibilities of the director/s as per the rules and regulations of the Hong Kong company act is pretty much similar with the duties and responsibilities of directors in any other companies. They are responsible to carry on the overall business process of the company in good faith. Again, the directors are also bound to exercise their power in a proper manner, and they must also avoid misusing it. Diligence and skill must also come as part of the director’s responsibility, as well.

The shareholder/s of the company also has some specific right and duties according to the company incorporation act of Hong Kong. For example, shareholders are also bound to exercise their voting rights regarding removing or appointing any auditor/s or director/s of the company. It is obligatory for any company to release the profit divided among the shareholders without making any unnecessary delay. If the company is liquefied for some certain reasons, then the shareholders of the company also own a certain portion of the company’s asset, which is worth of their acquired shares in equal proportion.

Company secretary should act as one of the key persons of the company, as per the company formation act of Hong Kong. He/she must arrange the meeting and should take the meeting minutes accordingly. Filing all necessary documents and reports also come as another key job responsibility of the company secretary, as well. Registering the shares and the transfer of share must also be maintained by the company secretary, as this is well mentioned in the act of registering a company in Hong Kong. It is mainly the director, who is responsible for appointing or removing the company secretary without violating the rules and regulations of the company.

International Patent Application

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Protect your Invention Now

Aside from applying for a patent in your own country, you should also consider seeking patent protection internationally.  By doing so, you will be able to expand the potential market of your invention without subjecting it to copying. With an international patent, your product or invention will be protected from being copied, sold or used.

What is an International Patent Application?

An international patent application or PCT is filed based upon the Patent Cooperation Treaty. It will allow you to reserve the right to file a utility patent in more than one hundred countries all over the world. The patent will last for more than 2 years from your initial filing.

However, it is important to note that PCT should be filed within a year of your initial patent application. If you reside in the United States and have applied for a patent there, your international patent application must be filed before your application in the United States is published.

Once you have an international patent application, you will discover that your product will have an increased market value, especially if you are in engaged in the import and export business. This is a must if you intend to manufacture and sell your product overseas.

Benefits of a PCT Application

If you have not decided yet which countries you will need protection for your product or invention, the best thing to do is get a PCT application.  It is the perfect way to avoid multiple foreign applications and you will have up to 30 months to market your invention actively.

Immediate protection

Nobody likes having their ideas stolen or their inventions being claimed by others. If you happen to want protection in other countries which do not belong to the PCT, you also need to file the actual application in the specific countries.

Licensing your invention

The value of your patent rights can be increased if you have an international application. This is indeed a very good idea if your goal is to give other companies the right to sell, use or make your invention. The application will give you a legal basis wherein you will be able to receive payments from companies who wish to sell, make or use your invention in other countries.

Being the exclusive source

If you want to maintain being the exclusive source of an invention, the PCT application will extend the scope of your protection to beyond your country. Getting an international patent application is the most inexpensive way to keep your right to file other patent applications around the world. It will allow you the chance to seek protection in any or all participating member countries.

Steps To Open Company In Hong Kong

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Hong Kong is now considered as the best business place for many businesses, and businessmen are moving more towards opening their own company in Hong Kong for a better business prospect. On an average, usually it will not take more than 4 to 7 business days to complete the processes and procedures to open a company in Hong Kong. Sometimes, it may take some extra time if any overseas company is going to open its business entity in Hong Kong. One this is very important to keep in mind that, no bearer share is allowed when any such company is going to open its office in Hong Kong.

Incorporating a company in Hong Kong is followed by some easy and simple steps, and even the owner of the business or his/her representative are not necessarily present in Hong Kong physically during the process. The banking part of the company involve with any local Bank of Hong Kong, and it may require to contact and communicate with the bankers regarding the financial transaction process in order to open a company in Hong Kong.
Business owners need to submit a set of documentation for processing the incorporation of the business in Hong Kong. A recent copy of the passport, residential address (with proof), reference letter from the bank, and other incorporation details are required to be submitted for this purpose. Business are not allowed to open a bank account in any local bank of Hong Kong and it may take from 2 to 10 days to open a bank account, which also varies from bank to bank. Another compulsory part of incorporating a business in Hong Kong is to submit an audited account mentioning profit tax return and inland revenue. It is not mandatory to file accounts while opening a company in Hong Kong.
Small corporation and dormant companies may not necessarily submit the audited accounts only if the annual income of the company is less than 500,000 Hong Kong Dollar. Again, the dormant companies having no annual transaction over a certain fiscal year also enjoy the same facility, as well. There are some common laws which are strictly followed when someone is going to open a company in Hong Kong. There are many agencies and company law years, available at Hong Kong who can help these businesses to open and continue their business in Hong Kong.

Best ways to register a trademark in China

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Trademarks are symbols, names, words or devices utilized by manufacturers merchandise and providers of services to identify their goods and services and to separate their product and services from product ready-made and oversubscribed by others. Maximum countries contain acknowledged a registration of a trademark as a precondition for ensuing this brand of achievement. China is one of these countries which have a large market place.

China is one of the leading members of the Madrid Agreement and therefore the Madrid Protocol. The prevailing trademark law defends unregistered trademarks if the symbol has been used and appreciates an explicit status or the mark is familiar as a widely recognized brand in China. The trademark registration method in China stringently monitors the major classification system. Broadly speaking, the primary individual who documentations a China trademark application can assume the trademark registration in China. Once The China Trademark office accepts your application for trademark registration, they’ll provide you an application number and issue the Notification of Acceptance within forty five working days. If you have funded the accurate fee, the China Trademark office can inspect your application and authorize that your application is acceptable or send you a transcribed Examination Report which will gradient all the protestations against it. When the appliance of China Trademark office is appropriate, the elaborate info about the trademark document in Registration record and thus the individual can collect a Registration Documentation. Any foreigner or foreign innovativeness meaning to apply for trademark registration in China should categorizer an application in conformity with applicable settlements all over between the country to which the person belongs and China, or in observance with appropriate international agreements to which both countries are events or on the premise of the principle of reciprocation. Where an application has delivered the investigation both in character and in constituent, preliminary agreement is decided and therefore the trademark is available. If the registration of an opposed trademark has been available before the ruling on the disagreement becomes effective, the inventive publication are rescinded and therefore the trademark whose registration is permitted within the ruling on the opposition are available anew. To change the name of a trademark, a document in the upkeep of the adjustment supplied by the registering organization should be acquiesced. The total validity of a registered trademark is 10 years, calculated from the date of sanction of the registration. For renewal, the amount of authority of each regeneration is 10 years, calculated from the day like a shot following the termination of the former validity amount.

Trademark Registration Differences between Hong Kong and Mainland China

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In the modern economy, trademarks are very important for enterprise. In addition to the difference between the source of the goods or services, trademark can prevent others from squatting to seize the market. Trademark is also a weapon for corporate brand building and realizing the asset value. In recent years, trademark registration volume has increased significantly in mainland China and Hong Kong. Conpak CPA  is a professional agent for the Mainland and Hong Kong trademark registration over the years. We remind all the trademark applicants that the Mainland and Hong Kong belong to one country, and have the frequent economic and trade exchanges, but the trademark law is not the same, the approved registered trademark in the Mainland does not automatically take effect in Hong Kong.

Common Points of Trademarks in Hong Kong and Mainland

In view of the trademark own properties, Hong Kong trademarks and Mainland trademarks have the following common points:

1. Trademark valid and renewals

Both trademarks valid in Hong Kong and the Mainland are 10 years. If you want to continue using the trademark after the expiration, the trademark owner may apply for renewal, the renewal is valid for 10 years.

2. Trademark revoked

According to the Trademark Laws of Hong Kong and the Mainland, if the registration of a trademark violates the relevant laws and regulations or stop using for three consecutive years, the trademark will be revoked in accordance with.

3. Registration process

The trademark registration process is very similar to Hong Kong and the Mainland, including several links as trademark searches, the form of review, substantive examination, announcement and approval of the registration. Among them, trademark search is not a necessary condition for trademark registration, but in order to avoid the departments rejection for the earlier trademark or similar mark, Conpak recommends the applicant to make a trademark search before signing up, apply registration only after the affirmative registered chance.

4. Priority

Both of Hong Kong and Mainland trademarks have priority. If the applicant prior to the filing of trademark applications within six months, have submitted the application for trademark registration of the same product or service in the Paris Convention country or WTO members, that will enjoy trademark registration priority. In addition, the Mainland trademark which has used for the first time on the goods of the Chinese government recognized international exhibition on display, to use the trademark, the trademark applicants have priority within six months from the date of the merchandise on display.

5. Trademark notice

In the trademark registration process of Hong Kong and the Mainland, has period of three months for Trademark Notice. In this period, any person may object to the trademark or objection. The opposed or the opponent may withdraw the registration application, and can also choose to reply or objections.

6. Trademark management

Hong Kong trademark and Mainland trademark can change the trademark name of the applicant, address and such matters, in addition, the two trademarks can also transfer, licensing, and take legal measures for infringement of others.

Distinctions of Hong Kong Trademarks and Mainland trademark

Hong Kong and mainland China have their own independent system of trademark registration, Trademark Law of the Hong Kong is by the common law system, there are many differences with mainland trademark law adhering to the civil law.

1. Protection principles

Hong Kong Trademarks use first protection principles, the Mainland trademarks implement first applied principles.

2. Trademarks species

The Mainland and Hong Kong may be registered trademarks, service marks, certification marks. In addition, Hong Kong can register a series of trademarks and defensive trademark, body trademarks, scent trademarks, and the mainland can be registered collective trademark.

3. Apply conditions

The Mainland and Hong Kong’s natural or legal person may apply for the registration. Mainland natural person trademark application need to provide the individual businesses and business licenses and other related materials, natural persons in Hong Kong simply submit personal ID card or passport, without providing individual industrial and commercial households business license.

4. Trademark acquisition time

Hong Kong trademark acquisition time is calculated from the date of submission of application for trademark registration, and the Mainland trademark acquisition time is calculated from the date of approval of the trademark registration.

5. Required time of registration

Hong Kong is one of the shortest areas of application for trademark registration, the entire registration time is about six months, and the mainland takes about 15-18 months.

6. Customs protection

Mainland China has implemented a system of IPR customs protection, according to the relevant provisions of the Customs Law of the People’s Republic of China, trademark rights holders could apply to the General Administration of Customs for the record. In the international trade process, if the rights person or Customs found the suspected infringing goods, Customs can detain the goods according to the law, and takes further legal protection.

It must be pointed out that Hong Kong is the world famous free port and financial center, the legal system is integrity and the infrastructure is very sound. Registered trademark in Hong Kong, you can maximize use of a good image in the international metropolis of Hong Kong, and rapidly increasing brand awareness and competitiveness of enterprises. More about the trademarks similarities and differences between Hong Kong and Mainland China, please contact us to further explore.