What is the Hong Kong Companies Registry? Everything You Need to Know
Understanding the Companies Registry (CR HK) is the essential first step before starting a company in Hong Kong. Every business, whether local or foreign, must be registered through the Companies Registry before it can legally operate. Many entrepreneurs and business owners find the process overwhelming.
From understanding which ordinances apply to knowing exactly what documents to file and when, the registration process can be complex, time-consuming, and costly if not handled correctly.
Why is Hong Kong the Best Place to Register Your Company?
Starting a company in Hong Kong through the Companies Registry is one of the most rewarding business decisions individuals will ever make. A stable economy, business-friendly companies house (Hong Kong Companies Registry), a sound political environment, worldwide recognition, and a pro-business environment set by the Hong Kong company registry (HK company registry, CR HK), and world–class infrastructure are some of the many reasons why Hong Kong has managed to position itself as a prime business destination for company incorporation.
Foreigners also have the advantage of owning 100% of the company that they establish. For 17 years, Hong Kong has held the record as the world’s freest economy. It is also ranked one of the least corrupted nations in the world, thinking about registering a company in Hong Kong. Before you commence business, company will need to be registered in the Hong Kong company list with and the Companies Registry in Hong Kong.
About the Companies Registry in Hong Kong
The Companies Registry in Hong Kong (known simply as The Registry, CR HK) is responsible for enforcing and administering most parts of the country’s Companies Ordinance. Both local companies and non-Hong Kong companies (listed on the Hong Kong company list) must be registered with the Companies Registry.
Statutory Returns and Public Information Services
The HK Company Registry (HK Registrar of Companies) is also responsible for overseeing statutory returns. The Hong Kong registry provides the public with services and facilities for inspecting and obtaining company information held by The Registry, and deregisters defunct solvent companies as part of its administrative duties.
Additional Ordinances Administered by the Registry
The Registry is also responsible for enforcing and administering several other ordinances, which include:
- The Trustee Ordinance (insofar as it relates to trust companies)
- The Registered Trustees Incorporation Ordinance
- Limited Partnerships Ordinance
Money Lender License Administration
Other duties that are overseen by The Registry (CR HK) include processing applications relating to money lender licenses, as well as maintaining a register of money lenders for inspection by the public.
Commitment to Good Governance and World-Class Standards
As Hong Kong’s corporate regulator, the Registry acknowledges and attaches great importance to good governance. It understand that it affects not only the efficiency and effectiveness of the Registry, but also the public’s confidence and trust in its capability and integrity and the level of satisfaction of its employees. The Registry is committed to upholding Hong Kong’s world-class business standard through its practices, ensuring that both locals and foreigners are only served with the best practice in mind.
What is the Companies Ordinance Chapter 622?
The Companies Ordinance (Chapter 622 of the Laws of Hong Kong) and its subsidiary legislations come into effect on 3 March 2014. Under this ordinance, a modernized and legal framework for the incorporation and operation of companies in Hong Kong is now available. This reinforces Hong Kong’s position as an international financial and commercial centre.
What are the Key Roles and Functions of the Companies Registry in Hong Kong (CR HK)?
The Registry serves the following to support businesses and ensure corporate compliance in Hong Kong.
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Facilitates Business Incorporation:
Provide services to allow the promoters of companies, limited partnerships, trust companies, and registered trustees to incorporate their enterprises efficiently.
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Government Advisory Role:
Advise the Government on policy and legislative issues related to company law and other related legislation.
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Public Information Access:
Provide the public with services to search for the information held by the Registry.
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Corporate Compliance Enforcement:
Ensure compliance by enterprises and their officers with their obligations under relevant Ordinances.
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Licensing of Trust and Company Service Providers:
Administer the licensing and regulatory regime for Trust or Company Service Providers (TCSP), which is a critical step for businesses seeking licensed corporate services in Hong Kong.
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Efficient and Cost-Effective Service Delivery:
Achieve all the aims described above in an efficient and effective manner and providing services within time frames and at competitive prices that are acceptable to the customers.
What are the Mission, Vision and Values of the Companies Registry in Hong Kong?
The Companies Registry in Hong Kong is committed to maintaining the country’s status as a world–class business destination, recognised for its excellence. As such, the Registry abides by the following mission, vision, and values:
- The Registry’s vision is to achieve worldwide recognition as an excellent Companies Registry giving the community a quality service.
- The Registry’s values include:
- Care for and respect customers by listening to them and taking their needs and expectations into account when shaping the types and quality of service the Registry delivers.
- To care for and respect their colleagues, as quality service and effective enforcement can be delivered and undertaken only by dedicated people of high calibre working together as a team.
- To change for the better by remaining receptive to new ideas, technologies and work practices to enhance the level and quality of our services and facilities.
- The Registry’s mission is to:
- Provide customers with efficient, cost-effective , and high-quality services and facilities for incorporating companies, registering and inspecting company documents.
- Continuously review and enhance their services and facilities and undertake effective enforcement, taking account of the best modern technology available.
- Continuously motivate staff to achieve organisational objectives by adopting appropriate human resource management strategies.
More Information About the Companies Registry in Hong Kong
The Companies Registry in Hong Kong has an official website – the Company Registry Gov HK – which provides the public with up-to-date information on the Registry’s major services and development plans. The website also contains highly relevant and useful relevant reference materials on the Companies Ordinance. There are also other relevant Ordinances resources available to help you facilitate your compliance.
Conclusion
3E Accounting is a leading service provider specialising in company incorporation, accounting, tax, payroll, immigration and compliance services that assist start-ups and SMEs in Hong Kong right start with their business.
Should you wish to establish a business in Hong Kong, contact us today for more information and let us help you get started.