The 10 Most Important Business Regulations in Hong Kong
The 10 Most Important Business Regulations in Hong KongUpdated on Wednesday 10th May 2017
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1. Requirements for company formation in Hong Kong
A company incorporated in Hong Kong must draw up its Articles of Association which can differ according to the type of company. These documents include information about the name and scope of the company, its shareholders and several other issues. The experts at our Hong Kong law firm can help you draw up and submit these documents. Another mandatory requirement for Hong Kong companies is to register with the Companies Registry – this is done after the incorporation documents are complete and the company owners wish to apply for a Business Registration Certificate.
2. Employment regulations in Hong Kong
Employers in Hong Kong must observe the employment law: any business relationship is documented by an employment contract and the employee has certain rights: minimum wage, annual leave, maternity of sick leave, protection against unlawful employment termination. All employees who work under an employment contract in Hong Kong, either temporary or part-time, are entitled to the benefits described in the Employment Ordinance. Our lawyers in Hong Kong can give you more information about this law and the conditions of employment in the city.
3. Regulations for selling food in Hong Kong
Business licenses are required for those engaged in activities which include selling, producing and depositing foods and products like dairy, bakery, confectionery, fish and crustaceans, meat, vegetables, fruits, beverages, and tobacco. These apply for restaurants in Hong Kong, fast-food chains and other establishments that sell food, alcohol, and tobacco.
4. Regulations for selling non-food goods in Hong Kong
Business licenses are required for those that sell or provide non-food goods like jewelry, chemicals, clothing, electrical appliances, firearms, furniture, gas and petroleum, machinery and equipment, medical equipment, telecommunications equipment, cosmetics, medicines, and others.
5. Regulations for providing services in Hong Kong
Business licenses are required for those that provide services: cultural and social, medical and social, construction, education, financial, transport, storage, telecommunications, travel and others. Banks and financial institutions can be subject to different regulations and licenses. You can talk to our lawyers to find out more about the regulations for services providers.
6. Regulations for import and export activities in Hong Kong
Import and export activities are regulated by law in Hong Kong and import and export licenses need to be obtained from the relevant government departments, especially for those that want to trade highly regulated goods. Special customs duties can apply for certain goods.
7. Requirements for financial statements for companies in Hong Kong
Tax returns for companies are filed annually and tax assessments are raised. Companies need to observe these regulations for filing in order to avoid penalties. The tax year begins on April 1st and ends on March 31st the next year. Hong Kong has a favorable taxation regime.
8. Requirements for financial statements for individuals in Hong Kong
Individuals must submit annual tax returns to the Inland revenue Department. Penalties apply for failure to comply with the requirements. The tax years for individuals is the same as for corporations. The Hong Kong Inland Revenue Department issues the tax returns for individuals annually, in May.
9. Regulations concerning environmental protection in Hong Kong
The Environmental Protection Department in Hong Kong regulates the policies for environmental protection. Businesses in Hong Kong must observe the regulations for air pollution, noise, waste and water management as well as nature conservation issues.
10. Regulations for intellectual property protection in Hong Kong
Intellectual property is protected in Hong Kong. Companies can register trademarks, patents, designs, copyrights but also other creations like inventions or literary and artistic works. The Copyright Law, the Trademark Law, and the Patent Law are the most important source of legal provisions for all those who are interested in protecting their work, inventions or the distinctive signs of their company.
Our lawyers can tell you more about the family law in Hong Kong or the company law.
We invite you to watch a video about business regulations in Hong Kong:
You can contact our Hong Kong law firm for more information.