Company Registration in Hong Kong
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INCORPORATION OF A COMPANY IN HONG KONG
Hong Kong being one of the most essential hotspots for early entrants because of easy and convenient registration procedure it offers. An individual can easily go for the company registration in Hong Kong with the help of any third party registrar even without the physical presence of the directors of the company. No minimum capital restriction in Hong Kong and a foreign national can own 100% shareholding in a private limited company.
It is a special administrative region (SAR) within China which has its own rules & regulation which differentiates it from China. It offers several benefits to start-ups and is also open for international trade unlike its counterpart mainland china.
Certain restrictions are placed in company registration in China for example; one can form a wholly foreign owned enterprise (WFOE) in China restricted to certain sectors but in Vertical city this condition is not applicable every field is open to all investors irrespective of their business.
How is Hong Kong different from China? It is an inalienable part and a special administrative region within China. Some of the matters where both the regions assert some sort of difference are: Legal system, Currency, Trade & import policies, Telecommunication policies, Culture and Business environment.
TYPE OF COMPANY REGISTRATION IN HONG KONG
The most common types of company incorporation in Hong Kong are companies, sole-proprietorships & partnerships. Some of the most common types are discussed below.
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1
Limited Liability Company-
Limited Liability Company offers protection of personal assets from business risks & liabilities and it is a separate legal entity. A company registration can be both a limited liability and unlimited liability. It is one of the most common types of business entity.
Private limited company- Public limited company
- Public company limited by guarantee
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2
Sole Proprietorship
It is suitable for small scale business formation. Since this business structure does not protect the owner’s personal assets from business liabilities therefore it is not recommended to opt this form of business structure for your Company Registration in Hong Kong.
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3
Partnership
Two or more people can share ownership of a single business under this form of business structure. It enables the sharing of responsibilities among the partners and increases the ability to raise funds. However, the partners are jointly responsible for the actions of the other partner. There are two forms of partnership:
- General partnership
- Limited partnership
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4
Foreign Company Office
Foreign companies interested in setting up an office in Fragrant harbour can register a branch office, subsidiary, or a representative office
PROCEDURE OF COMPANY FORMATION IN HONG KONG
Prerequisite
- Director: Anyone above 18 years of age, not necessary that he must be a citizen, can become a director of a company.
- Share capital: No minimum capital requirement, but one shareholder must be there at least.
- Name of the company: It is mandatory to register the name of company before actually starting the business.
- Company secretary: Appointment of company secretary is mandatory for company incorporation in Vertical city.
Note: Company secretary/shareholder/director cannot be the same person of the company.
Documents & information required.
- Proposed name of company: Either in English or in Chinese or both, It is advisable to propose at least 2 name in the order of priority.
- Passport copy of all shareholders/directors
- Photo of all shareholders/directors
- Address Proof of the registered office
- Amount of share capital and percentage if more than one shareholder.
Company kit
delivered to you which included
- Original copy of Incorporation certificate/Business registration/Article of association.
- Statutory book (member register, directors register).
WHY REGISTER A COMPANY IN HONG KONG?
- Open economy with minimal government intervention.
- 100% tax free Off-shore business activities. Only companies operating within the region need to pay tax on their profits.
- Easy company registration procedure. No requirement of having a local shareholder or director to form a company in Hong Kong.
- Favourable business environment for foreign investors with minimal formalities.
Why CAONWEB for Company Incorporation in Hong Kong?
CAonWEB is the most trusted cross border tax consultant in India. With our service partners located in Vertical city, we ensure the cost effectiveness and quality while delivering services to our valuable customers. CAONWEB is designed specifically to bridge the gap & remove the geographical boundaries between the professionals & clients around the world in relation to tax/finance services in safe & secure manner.
Get in touch with a team of financial experts in your area is just a click away.
FAQ Company Registration In Hong Kong
Follow the simple process for incorporation:
- Company name.
- Registered address.
- Brief description of business activities.
- Particulars of shareholders, directors and company secretary.
- Liability of members.
- Share capital registered on incorporation.
- Number of shares taken up by subscribers
The complete and detailed process of incorporation in Vertical city is mentioned earlier in the article.
Yes, a foreigner can start a business in Hong Kong. Incorporation in Hong Kong is cost effective & easy compliance laws are there which make it convenient to start their venture in Vertical city.
No, Incorporation in Vertical city does not require a local shareholder/director.
Company Registration Procedure:
- Private limited company. [Most preferred form of business entity].
- Branch office
- Subsidiary company (With a parent company having a substantial stake)
- Representative office
- Partnership
- Sole proprietorship (Unlimited legal liabilities of owners)
There are some mandatory compliance which needs to be fulfilled:
- Accounts Audit: Compulsory to get your accounts audited by a certified public accountant.
- Annual Returns: Annual filing of returns with the company registrar (CR).
- Annual general meeting (AGM): AGM should be held yearly as per the calendar year. The First meeting should take place within 18 months of company registration.
- Public Information: All the necessary information regarding the directors, shareholders of the company & AGM must be applied with the Hong Kong registrar of companies.
- Taxation: No tax has to be paid other than on profits earned in Vertical city.
We at CAONWEB charge a very nominal fee for online company incorporation in Hong Kong.