It's challenging enough to run a successful business without having to figure out how to do it. The regulations that must be followed to incorporate the business are even more unclear. It takes time and effort to launch a firm in any sophisticated nation. It is the same to start a business in Hong Kong as it is everywhere. Just as in any other nation, some procedures must be followed when a corporation is registered.
What is Hong Kong tax identification number?
Tax identification numbers are not issued in Hong Kong, China. Instead, the Business Registration Number for entities and Hong Kong Identity Card Number for individuals are equivalent to TIN.
What is Business Registration Number?
In Hong Kong, companies are required to have a Business Registration Number (BRN). Before the establishment of a business, the BRN is issued by the Inland Revenue Department (IRD). The BRN's numbers resemble a company's tax identification number. On the business registration certificate for the corporation, there is an 8-digit number called the BRN. This is how the BRN, commonly known as the tax ID number, is written: 11111111-XXX-XX-XX-X. The BRN is essentially exclusive to each company and aids in differentiating it from other brands on the market. To obtain the BRN, the necessary fee must be paid. A business owner faces a fine of up to 5,000 HKD (Hong Kong Dollars) or up to a year in jail if they violate any of the BRO's registration or other restrictions.
Because it is needed for routine business procedures including submitting annual returns, every business registered in Hong Kong needs to have a BRN. Therefore, without a Business Registration Number, a business owner in Hong Kong will be unable to carry out legal actions like filing taxes. Obtaining a Hong Kong Business Registration Number is simple and can be completed online. A BRN's status can also be checked online to make sure it was administered properly. The BRN can be verified with the IRD via the eTAX service. By entering a company's entire name and location on a website, you can discover its BRN.
Using the services of a company secretary can ensure a business complies with all Hong Kong regulations.
What types of businesses require a BRN?
Any firm that needs to register with the IRD must, in essence, have a BRN.
Anyone conducting business in Hong Kong is required under the Business Registration Ordinance (BRO) to register their company with the IRD's Business Registration Office within a month of beginning operations (all exceptions are stated below).
How can I look for and obtain a Business Registration Number (BRN) in Hong Kong?
A BRN application can be made in person or online. In either case, you must complete the application with all the required details. When the application is submitted electronically, the fee must be paid using the eTax service portal. This is the only way to register a branch business, a sole proprietorship, or a partnership. You can also fill out the form in person at the Inland Revenue Department's Business Registration Office. You must provide the following paperwork with your application to receive the BRN.
The required fee for Registration
Notice to Business Registration Office
Company Incorporation Form
Articles of Association of the company
The registrar will email the applicant to inform them of the BRN's status if there are no issues found when the application and supporting documents are examined.
Want to make sure you're abiding by all of Hong Kong's regulations?
Hire a specialist to assist you with all your issues and procedures, making the incorporation of your business as simple as possible.
Although it can be challenging to distinguish between a company registration number and a business registration number, the procedure need not be the same. It can be challenging to handle all the paperwork on your own if you have never launched a business before. You might commit a lot of errors. So it would be a wise decision to hire a specialist like SJH Global. Every step of the incorporation process will be guided by them, and they'll make sure your paperwork is completed accurately.
Contact them right away to utilize their services!
Comments