Wednesday, April 25, 2012
The Revenue (Reduction of Business Registration Fees) Order 2012, which waives Hong Kong’s business registration fees for one year, came into effect on April 1, 2012, the territory's Inland Revenue Department has confirmed.
In Hong Kong’s 2012/13 Budget, unveiled earlier this year, the government announced a series of initiatives to support small- and medium-sized enterprises (SMEs), such as an enhancement to the SME Financing Guarantee Scheme, an abolition of the capital duty levied on local companies, and the proposal to waive business registration fees for 2012-13, to encourage investors to set up companies in Hong Kong.
By the Order, the fees payable in respect of local companies registered under the 'one-stop' company incorporation and business registration regime will be reduced by a sum of HKD2,000 (USD258), if the related incorporation applications are made within the period from April 1, 2012 to March 31, 2013 (the Waiver Period).
For other cases, the fees payable in respect of business registration certificates (BRCs) and branch registration certificates with commencement date falling within the Waiver Period will be reduced by a sum of HKD2,000 and HKD73 respectively.
Businesses will still be required to pay the annual levy for the Protection of Wages on Insolvency Fund on each BRC.