Setting up a Company in Hong Kong. Opening a business in Hong Kong can be an exciting challenge for any new entrepreneur. The territory has a number of attractive features that can encourage entrepreneurs to come and explore its numerous advantages.
The easy way to set up
Opening a new business in Hong Kong can be an easy task. Once you have decided on the niche you want to explore, getting started on your business can be easy.
Easy to set up: Hong Kong is among the easiest legal jurisdictions to set up and keep a business. Requirements for formally registering a business with the local authorities are simple, and the application process can be completed quickly.
Open-minded market: Hong Kong accepts almost any legal entity as long as it meets the basic requirements for registration. Therefore, it is an open market for most entrepreneurs.
Continue reading for how to Setting up a Company in Hong Kongback to menu ↑
Corporation types in Hong Kong
If you are looking for a quick and hassle-free way to incorporating in Hong Kong, you should go for the self-incorporation option. Self incorporation in Hong Kong will not only save you time but also ensure that everything is done in a very short time.
With self-incorporation you get to decide on the company structure, select the company name and also manage your funds from day one. The procedure to incorporate in Hong Kong can be very time-consuming, but if you are planning to start a new business in the fast-growing economy of China, you should give self-incorporation a try.back to menu ↑
Documents and papers to open the new business
Get the necessary documents and papers in order to setup Hong Kong company.
Due to its simple and convenient registration process and minimal requirements, qualified applicants can register for a business name, pick a business concept, and apply for business licenses and permits with a few days to spare.
You don’t even have to visit Hong Kong to take part in these convenient procedures: all you need is a computer with Internet access and an internet banking account. This will help minimize the time and effort involved in the registration process.
After completing your registration with the Companies Registry Office, you need to prepare the necessary documents for company incorporation in Hong Kong. Most of these documents are relatively simple.
All you need to do is fill in the information requested on the form and submit it. You may need to provide information like your legal name, office address, number of employees, filing status, etc. The more detailed the information you provide, the less work will take.back to menu ↑
You should next complete the company register application, along with the relevant fees. This is very important to ensure that your company gets registered on the correct type of document with the correct address.
Your company representative office should be provided with all the necessary documents by the Registrar of Companies. Your company representative office must then proceed to apply for your ‘branch register’, which is needed to verify the company’s original registration.back to menu ↑
The company registration certificate
After completing these steps, you will need to provide the Registered Office with the information that they need to carry out the company registration. You will also be asked to pay the administrative fees.
Finally, you will be issued the ‘certificate of incorporation which will serve as your company registration certificate. This certificate gives all the information that the Registrar of Companies needs to know, including your name, address, company names, and your company registration number. Your company name should be chosen carefully so that it does not violate any local laws.back to menu ↑
It is a good idea to collect all the appropriate documentation after the completion of your company registration. This is to make sure that there are no issues regarding the validity of your company name or that the documents submitted to the authorities are correct.
This is especially important if the company uses another name before its incorporation. In such a situation, the company limited by equity will not be allowed to trade under its own name until it gets registration.
Once the company documents are in place, and you have registered the company, you can freely trade and run your business as usual. However, you may not send out personal communications or public statements about your company without the express approval of your Registered Office.
In addition, your company may not conduct trade or offer financial products to customers or clients unless you get prior approval from the Registered Office.back to menu ↑
There are three types of requirements for obtaining registration certificates: a non-officeholder appointment letter, a nominee director’s appointment letter, and a nominee director’s annual maintenance permit.
The application forms are available from the Annual Licensing Requirements and Procedures Guide and from the Registry of Companies. Non-officeholder appointment letters are provided by the office of the Secretary for Companies, the Office of the Secretary of State, the Hong Kong Trade Registration Office, and the Public Services Department.
Nomination letters are from the office of the Secretary for Persons in Hong Kong, the Comptroller and Inspector of Financial affairs, and the Assistant Director of Financial affairs.back to menu ↑
Official business document
Get the official business document for your business, such as the Memorandum and Articles of Association. These documents are also available from the Annual Licensing Requirements and Procedures Guide and from the Registry of Companies. The company’s Registered Address, it’s Registered Office, the permanent business address of the registered agent, and its trade name are to be specified on these documents. The company’s commercial register, which is usually used by the bank, is to be executed and completed with the help of the accountant. The register must be signed by the company’s director and secretary.
Obtain all the identification documents required by the statutory requirements.
Two of the most important are the Business Registration Certificate and the Corporate Certificate. The latter is to be presented only upon request. Other documentation such as the business license of the prospective firm, the nominee director’s letter, the nominee director’s annual maintenance permit, and the register of commerce are to be obtained from the Registration and Business Office. For a company that is not registered under the Companies Act, the ultimate beneficial owners must be declared.back to menu ↑
Bank account of your new business
Fill in the forms and submit them to the bank. Alternatively, send the company documents via courier service and wait for them to be delivered to the bank. Some banks in Hong Kong to issue a new business registration certificate and the new company will be added to the books of the bank. It may take up to two months for the company to be formally registered.
After the registration, open a business account in the designated bank. The company’s business name should be registered first. The company will receive an identification number which will serve as its trade name.
The business registration fee quoted in the opening document can be paid in three ways electronically, by credit card, or by check. If the payment is made through a credit card, then the payment will be directly deducted from the designated business account.back to menu ↑
The third type of registration is the shelf company. A shelf company is a company that exists only for the limited purpose of conducting trade. Its trading rights are restricted, and it cannot have its own trade name. Hence, when you pay the registration fee, you are not actually conducting a trade but only paying for the privilege of being a trading member of a larger entity.
This article is about how to Setting up a Company in Hong Kong, you can leave any comment here!