The fishing industry is an important contributor to the overall food industry in the city. Investors who open a company in the fishing sector in Hong Kong can engage in marine fishing or in opening a fishery.
Illegal trawling has been a problem in Hong Kong, however, the authorities have taken steps to protect the marine life and assure the proper development of fisheries and the activities performed by legal fishermen in Hong Kong.
Opening a fishery will also include opening a Hong Kong company to handle the business. One of our agents can give you more information on the incorporation steps.
The fishing industry in Hong Kong
The fishing industry in Hong Kong consists of the main maritime fishing activities but also the adjacent sectors like fish wholesale and retail and fishing gear manufacturing. The continental waters provide access to various species of fish which are popular for general consumption. Fishing vessels in Hong Kong need to be registered as per the Maritime Law.
The main fishing methods in Hong Kong include trawling, gillnetting and long-lining although trawling seems to remain the most employed method. Most of the vessels catch mixed adult fish, mixed shrimp, mixed squid, and crab.
Hong Kong prohibits the use of toxic substances, electricity or other destructive fishing practices. The Fishing Protection Ordinance includes the most important provisions in this respect.
Companies incorporated in Hong Kong can apply for registration with the Sustainable Fisheries Development Fund. One of our company formation agents in Hong Kong can answer your questions regarding the special permits and licenses needed in this field.
Company formation in Hong Kong
Investors who want to open a fishery in Hong Kong need to establish a company as per the locally applicable laws. They can choose the type of company and select an available, original company name and afterward open a corporate bank account.
There are no requirements for a minimum share capital in Hong Kong but investors in the fishing industry will need to draw up a business plan and a budget. The Hong Kong company formation process is straightforward and registration with the Companies Registry is mandatory.
You can contact our Hong Kong company formation agents for more details on the requirements to open a company.