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15-08-2005, 11:50 AM
| | Registered User | | Join Date: Aug 2005
Posts: 22
| | | sole proprietor or limited company
Does anyone know if for my visa application requesting to be a sole proprietor and then at a later stage - once established - changing to limited company status would delay my application?
Am I right in thinking they would prefer I immediatley become a limited company? | |
15-08-2005, 11:59 AM
|  | Resident Peacekeeper | | Join Date: Apr 2003 Location: Pokfulam Age: 40
Posts: 10,759
| | There are several liability issues with being a sole propietor.
Also, if this is being done for later use, I'd recommend you set it up correctly to begin with -- given that it takes a month or so for banks to start accepting checks (while they do their company search and verify directors etc). http://www.geofinance.com/business/c...g-kong-basics/ | |
15-08-2005, 12:00 PM
| | Resident Peacekeeper | | Join Date: Apr 2003 Location: Pokfulam Age: 40
Posts: 10,759
| | | Not sure about immigration issues, but the general philosophy is .. if you're serious about the business, you want a limited company. | |
15-08-2005, 12:22 PM
| | Registered User | | Join Date: Aug 2005
Posts: 22
| | | Good advice, thanks. It's as I thought really. | |
15-08-2005, 05:08 PM
|  | Registered User | | Join Date: Feb 2005
Posts: 83
| | | Not every business is in the risk of being liable. Going limited brings advantages and also disadvantages, such us cost and more effort.
As far as visa application, it shouldn't matter whether you are incorporated or sole proprietorship. They want to see money in the bank account and a business plan which shows that you will be an asset to Hong Kong. | |
15-08-2005, 05:08 PM
| | Registered User | | Join Date: Aug 2005
Posts: 22
| | | I've just spoken to an immigration consultant who advised the same, however...
He said formation has to be done before the application. He quoted the costs of starting up a business - through a lawyer or accountant, which he said is needed - at HK$8,000-10,000.
With the risk of loosing more than 500 pounds if refused does anyone know if becoming a sole proprietor now and stating in my plan that upon acceptance of a visa I will immediatley transfer to a limited company is acceptable? | |
15-08-2005, 05:16 PM
| | Registered User | | Join Date: Feb 2005
Posts: 83
| | | Sole proprietorship registration is only $2,600 and you can do it at the Finance Tower, next to Immigration Tower in Wan Chai. | |
15-08-2005, 05:39 PM
| | Registered User | | Join Date: Aug 2005
Posts: 22
| | | Great, thanks | |
15-08-2005, 05:56 PM
|  | Registered User | | Join Date: Apr 2005
Posts: 1,412
| | | the place where you do it is actually called
revenue tower....
also, keep a copy of your application form... you need it to open a sole proprietorship bank account(much easier than openning a limited company account!>>>i've owned both over the past 8 years) | |
15-08-2005, 06:24 PM
| | Registered User | | Join Date: Aug 2005
Posts: 22
| | | Thanks I will be going to apply with in ther next day. Is it a requirement that I apply for sole proprietorship with a HK resident appointed to apply with me as I do not have residency? | | Tools | Search | | | | | Rate This Thread | | | All times are GMT +8. The time now is 06:46 AM. | |
