Company setup in Hong Kong is suitable for high-tech business entrepreneurs, business people, investors, corporate professionals, private citizens, etc. Opening a new limited company in Hong Kong (HK) is very easy, quick, and inexpensive due to its highly liberalized economy and relatively low government incorporation charges. The low rate of government regulation and low paperwork requirements has made it the preferred location for many international corporate setups. You can enjoy many benefits of company formation in Hong Kong, including exemption from import and export duties, exemption from property management taxes and income taxation, etc. Read on to know all you ever wanted to know about a company set up in Hong Kong.
With easy incorporation procedures, you can benefit from many other benefits of company setup in Hong Kong. One advantage is that you will be eligible for the Hong Kong bank account, the most highly desired local currency within the Chinese community. Opening an offshore bank account in Hong Kong is extremely beneficial and very easy too. You can enjoy the benefits of easy access to the global market through your exclusive offshore bank account. With your company registration, you can enjoy the help of a close economic relationship with the People’s Republic of China (PRC). Hong Kong has a thriving bilateral trade relationship with China and with Hong Kong being the headquarters of the PRC government.
The essential requirement for company registration in Hong Kong is to open a non-domestic address. You need to inform the company secretary (or equivalent) of the correct address mentioned in the company register. After obtaining the lesson, you need to pay the necessary annual fees, which vary from year to year. The company secretary will be the one to take care of various administrative matters such as: approving the shares to be issued, etc., so make sure that you can have a good rapport with him or her. Once all the requirements are fulfilled, the company secretary will forward the bank’s application to approve and sign documents.
After receiving the application, you can proceed to the local registered address of your company. Alternatively, you can personally hand-deliver the completed application to the company secretary. You need to fill up the application form, giving particulars about your company name, address, and purpose. You need to submit the annual fees, statutory dues, and yearly maintenance charges along with the application. If you have any foreign assets, you should forward a letter of agreement to the company secretary.
After receiving your application, the company secretary will organize and review it. If there are some conditions regarding your business that are not satisfied, your application may be rejected. Conditions that will not be satisfied include lack of capital funds, overseas company formation, and tax non-payment. Requirements of the private company set up in Hong Kong that does not need legal consent include limited liability and limited company formation.
After approval of your company set up in Hong Kong, you must register it at the administrative offices. You need to fill up the company registration form and pay the necessary fees. You can obtain all the relevant information about your company at the court of Registration of Business’s public service. After this, you need to get a copy of the Private Use Registry of Hong Kong, which is accessible at the office of the Court of Registration of Business.
The next step in the process is the incorporation of your company. For this, you need to provide your nominee for the company secretary and your nominee for the company’s director. Next, you must appoint one director for each designated director. After these, you must complete other formalities for the formulation of the Articles of Association.
To speed up the company’s whole process set up in Hong Kong, you can avail the services of registered agents who work closely with the court system. They help you by preparing the necessary documents and attending the court of Registration of Business. The agents of Ecommerce are also appointed to perform various tasks related to online businesses in Hong Kong.