“Your company registration number?” asked the bank officer. “I’ve got it right here,” Michelle said, confidently sliding over her business registration certificate. The officer shook his head. That’s when Michelle learned what many Hong Kong entrepreneurs discover the hard way: these are two very different numbers, and mixing them up can cost you precious time.
The Quick Rundown
Think of your business registration (BR) number as your business’s tax ID and the company registration (CR) number as your company’s birth certificate. They serve different purposes, and depending on your business type, you might need one or both.
Business Registration (BR) Number: Your Tax Identity
Your BR number is like your business’ Hong Kong ID card – everyone needs one! Here’s what you need to know:
- It looks like this: 12345678-000
- You’ll get it from the Inland Revenue Department
- It’s basically how the tax folks keep track of your business
Company Registration (CR) Number: Your Corporate Identity
Now, this is where things get interesting. CR numbers are a bit more exclusive – they’re only for incorporated companies. Here’s the scoop:
- Only for proper companies (sorry, sole proprietors!)
- Format depends on when you registered:
- Old school companies (pre-2014): Simple numbers like 123456
- New kids on the block (2014 onwards): Start with 2 or 3 followed by seven digits, like 21234567
Now There’s Hong Kong’s New Unified Business Identifier (UBI)
From December 27, 2023, Hong Kong has implemented a new Unique Business Identifier (UBI) system. Here’s the key thing: your BR number – specifically the first 8 digits – will now serve as your UBI. This is part of Hong Kong’s initiative to streamline business identification across all government departments.
This new system aims to make business operations smoother by:
- Reducing confusion between different registration numbers
- Streamlining communication with government departments
- Making it easier to verify business identities
- Simplifying regulatory compliance
Thinking of Registering a Company in Hong Kong?
Between BR numbers, CR numbers, and the new UBI system, there’s a lot to keep straight. But here’s the thing: you don’t have to become an expert in business registration to start your company.
This is where Monx comes in. We specialize in making Hong Kong company registration smooth and hassle-free.
Don’t let paperwork slow down your entrepreneurial journey. Contact us today, and we’ll handle all the registration details for you.
