Any guidance is appreciated....
I'm setting up shop to be an independent consultant in HK. I know that I need to register with the Inland Department of Revenue, but I need general guidance on how to comply with the local laws. Can anyone guide me to a source or a web site?
Also, does anyone know what an MPF is? Someone told me that I had to get one before I can start working. I've been unable to find any additional insights on this.
Thank you.
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Here is the MPF authority website http://www.mpfa.org.hk/eindex.asp
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spurs
18 yrs ago
MPF is your superannuation. if you are self-employed you still need to contribute 5% on a monthly basis. setting up your own consultancy should be pretty easy, there are some great sites for starting a business here (do a google search) and take a look at the IRD website for tax implications. you will need to register as a business, set up an appropriate structure (such as a company if you want) and comply with any regulations.
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D-Man
18 yrs ago
Assuming you have a dependant visa to work setting up is fairly simple. You need to decide if u want a ltd. company which requires 2 directors and has to be audited each year or a sole proprietry company which requires only one director and there is no audit needed. For MPF, if you are not local then you do not have to pay your own MPF for the first 12 months and then you only need to pay it if you pay yourself a salary. You could even pay yourself once per year if you wanted and only pay one MPF payment. It is 5% from the employee and 5% from the employer so you are basically paying yourself 10%.
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