Register a Company in Hong Kong and Be Part of its First-Class Economy
You know there are various benefits of starting a business in Hong Kong. Stating a business in Hong Kong starts with the registration of your business firm in the state. The ease of doing business in Hong Kong applies from the stage of registering a company; it is a very straightforward process to register a company in Hong Kong when compared to other countries. Well, here are some things you need before moving on to the registration stage of your business in Hong Kong.
The first thing you need to register a company in Hong Kong is the company name. The company name can’t be used by any other companies, and at the same time, can’t be promoting rude behavior. The name should reflect on the business that the company does.
In case of a Hong Kong private limited company, it should have at least one director. The maximum number of directors hasn’t been specified, and so there can be multiple company directors if needed. The director can be of any nationality, but should be at least 18 years old, have a good character as well as a clean police report and cannot be bankrupt.
The private limited company needs to have a shareholder, at least one. Shareholder(s) can be an individual or a corporation. In case of an individual shareholder, the person can be of any nationality and background and can be residing anywhere during the time of company registration. Also, the director is allowed to be the shareholder in a company in Hong Kong.
The company must have a secretary residing in Hong Kong during the time of business. Companies are also free to outsource secretary services in Hong Kong, and in that case, the company providing the secretary services should be based in Hong Kong and running in the state.
There isn’t necessarily a minimum share amount in case of a Hong Kong company formation. There should be at least some money allocated as the share amount. Keep on mind that the bearer’s share is not allowed in a private company limited by shares in Hong Kong.
You need a registered address for the corporate to register a company in Hong Kong. The registered address must be a physical address and cannot be a PO Box Address. This address is to be used as the address of the business house in any future transactions.
The Hong Kong corporate tax is 16.5% of the taxable profit in the state. The taxes are only derived from the profit that the company made from Hong Kong. Forget about capital gains tax, withholding tax and GST/VAT; there are no such taxes in Hong Kong.
You need to build the ‘public information’ document. Here, you make a profile of your business director, shareholders and secretary and provide it to the Hong Kong Registrar of Companies. This is a must, and the good thing is that you can keep it personal, there is a way of keeping the information confidential.
For foreigners starting a company in Hong Kong, it is almost the same as any other parties. But remember that you are only allowed to open a limited company, and the process is somehow different from others. For more information, here’s more about starting a business in Hong Kong as an expat.
There are some other things you need to know in order to register a company in Hong Kong. You need to audit your accounts annually, and the audit information, as well as the tax returns, are to be filed every year with the Inland Revenue Department of Hong Kong. You need to hold an Annual General Meeting (AGM) (that is every year of course), and the first AGM should take place within 18 months from the time of company registration. After that, 15 months shouldn’t pass between any two Annual General Meetings. Also, the company registration certificate is to be renewed every three years, as three years is the expiry time of the registration certificate.
The documents you need is to point out that you meet all the requirements noted above. You need to fill the company name, registered address, company member particulars (directors, shareholders and company secretary), liability, share information and brief information about the business in an incorporation form. In case you are a foreigner wishing to register a company in Hong Kong, you need a copy of your passport and residential address proof. Don’t forget, as a foreigner, you can operate your company from any other country and not Hong Kong, but you might need to be physically present while opening a corporate bank account in Hong Kong.
Remember that these documents are what are ‘generally needed’, and you might need to produce more papers depending on your application and the type of business. You can contact us if you are confused about what else you might need.
What to Do After Preparing the Documents
Now that you know the things you need to register a company in Hong Kong, the next thing you do is go to this link to fill a business application. Anyway, we strongly recommend you get help from a professional business incorporation service in Hong Kong as you will find many confusions heading to it yourself. The registration process itself and the requirements are different for varied types of business. So, just contact us and provide us with the documents outline above and we will register your business in Hong Kong.
The business registration in Hong Kong is subject to the application clarity and documents. Generally, it might take 5-7 business days to complete the company registration in Hong Kong.
You are to get the necessary permits after once the incorporation is complete. You might consider taking help from a local lawyer, to make sure you have all the licenses need to run your company in Hong Kong.