The sports and fitness industry in Hong Kong is well developed, providing various options for exercise and sports watching. Sports associations and fan clubs exist throughout Hong Kong and the business field can present several opportunities for the foreign investor.
Entrepreneurs can open a gym or fitness center and international companies can set-up their fitness chains.
A sports club in Hong Kong is an association having the purpose of bringing together a number of members and facilitating recreational activities for them. A club, for sports or otherwise, provides various services and has a clubhouse. Clubhouses in Hong Kong need to obtain a Certificate of Compliance. Before applying for this certificate, those who want to open a Hong Kong company that will function as a clubhouse need to observe the specific requirements.
Investors are welcomed to a watch a presentation on the sports businesses in Kong Kong:
Gyms and fitness clubs can be incorporated as a limited liability company in Hong Kong. Investors will need to set-up the company, register it with the Companies Registry and obtain the special permits and licenses. Those investors interested in Hong Kong company formation should know that the registration phase is mandatory regardless of the chosen type of company.
An adequate gym space is mandatory when providing such services. A proper location can be purchased in Hong Kong or rented. The gym needs to be equipped to fit the needs of a future sports or fitness club. Access in these establishments is usually provided via a membership card.
Special license for sports businesses in Hong Kong
In Hong Kong, companies that operate in selected business fields must obtain special permits and licenses. A gym or another sports facility will need to pass several inspections and comply with the applicable safety norms for a public facility.
Spaces that are being used as places of public entertainment in Hong Kong must have a valid license, called a public entertainment license. Sports exhibitions or contests fall under this category and public admittance may be allowed with payment or without a fee.
Applications can be submitted for obtaining a license for a place of public entertainment or a temporary place of public entertainment.
Locally registered sports companies will need to comply with the full spectrum of accounting filing and reporting requirements. This includes preparing the annual financial statements and having these properly audited. The annual filing requirements differ between public and private companies, however, all entities must maintain proper books of account, a requirement with which our CPA in Hong Kong can assist.
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