Employee Compensation (EC) insurance is not just another item on your business checklist—it’s a legal requirement for all registered companies in Hong Kong, including your employees. In this comprehensive guide, we will navigate the critical facets of Employee Compensation insurance, shedding light on its definition, eligibility, coverage, costs, limits, and the undeniable importance it holds...
In Hong Kong, two common types of business entities stand out: the Limited Liability Company (LLC) and the Sole Proprietorship. Let’s delve into their dissimilarities and unique characteristics: Limited Liability Company (LLC): An LLC is widely favored in Hong Kong and offers significant advantages. It establishes a new legal entity that shields personal assets from...
Hong Kong offers a variety of business entities to cater to different needs and circumstances. Let’s explore the four main types:. 1. Limited Liability Company: The Limited Liability Company (LLC) is the most prevalent and favored business entity in Hong Kong. It provides protection for personal assets, safeguarding them from the company’s risks and debts....
The financial year-end date holds significant importance as it marks the closure of a company’s accounts to prepare the annual balance sheet. In Hong Kong, businesses have the flexibility to select their financial year-end date, with the most common choices being December 31st or March 31st. To assist in choosing the right date, consider the...
Starting a business in Hong Kong involves several steps. Firstly, selecting the company type and name is crucial. Companies can either be limited by shares or guarantee. The liability of the partners in the former case is limited to the amount outstanding on the respective shares held by them, while in the latter case, the...
