Do You need to Setup a Company to run an Online Store in Hong Kong? Can You Use Your Personal Account to Receive Payments?

Posted by City AI Accounting on 2024-04-13 | Featured

Do You need to Setup a Company to run an Online Store in Hong Kong?
Can You Use Your Personal Account to Receive Payments?

In this digital age, running an online store has become a popular choice for many people seeking new business opportunities. However, setting up and operating an online store is not straightforward; you need to understand and follow many rules and regulations to ensure the legality and successful operation of your business. Many customers have consulted us about whether they need to setup a company to run an online store and whether they can use their personal accounts to receive payments. This article will answer these questions for you!

Do You Need to Setup a Company to Run an Online Store in Hong Kong?

When running an online store in Hong Kong, you first need to determine whether you need to establish a company. According to the Hong Kong Inland Revenue Department, if you are operating any business in Hong Kong that involves buying and selling business, you must apply to establish a company. This is not only a necessary condition for legal operation, but also an important measure to protect your interests.

Limited Company or Unlimited Company?

We have previously written an article detailing the differences between limited companies and unlimited companies.

You can click to view:

The Difference Between Limited Company and Unlimited Company - How to Decide Which One to Start?
A Video and Table Guide for Analysis!

Can You Use Your Personal Account to Receive Payments for Your Online Store?

When operating an online store, it is advisable to open a company bank account for ease of handling finances. Using a personal bank account can lead to confusion, making it more difficult to separate accounts later on. Additionally, when choosing a bank, consider the convenience and business features offered by different banks to ensure they meet your company's needs.

However, opening a bank account is currently stringent, and despite adequate preparation by entrepreneurs, difficulties may still arise during the process. How can this be resolved?

You can consult us! City AI Accounting can assist in opening a company bank account!

Other Information

【DTSPP】What Is The Digital Transformation Support Pilot Programme (DTSPP)? How To Apply？

[Hong Kong Company Registration] Can an Individual Open a Limited Company in Hong Kong? How to Do It?

The above content is provided for reference only. If you have any inquiries about company secretarial matters or wish to consult on other accounting issues, please feel free to click the button below to contact us:

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