General Guide to Company Incorporation in Hong-Kong
Updated on Friday 03rd June 2016
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Any new company in Hong Kong needs to be registered with theCompanies Registry and obtain the necessary permits for functioning. Afterward, the legal entity needs to be registered with the tax authorities in Hong Kong.
Our company registration specialists can guide you through the entire company formation process, from choosing the right type of company to hiring employees.
What are the steps for company registration in Hong Kong?
The first decision an investor in Hong Kong has to make concerns the type of company he will be incorporating. Several options are available and the choice is made according to the size of the future company and the available capital. The investor will also need to choose an available company name. A preliminary name availability search can be performed online through the Companies Registry.
What documents are needed for registering a company in Hong Kong?
The following documents are needed for company incorporation in Hong Kong:
-the incorporation form,
-the company’s articles of association (copy),
-the Notice to Business Registration Office.
Fees apply for registration. If the name of the company is incorrect, then the application for registration is likely to be rejected.
Are there any special requirements for establishing a limited liability company in Hong Kong?
The private limited liability company in Hong-Kong is based on the Memorandum of Association and the Articles of Incorporation. There has to be at least one shareholder, one director and a secretary (with Hong-Kong residence). The number of members cannot exceed 50. The shares of a private limited liability company cannot be freely transferable and are not available to the public. The liability of the members is limited to the amount of owned shares.
What are the requirements for special permits and licenses in Hong Kong?
Some business sectors in Hong Kong require more than one permit for functioning. The business owner needs to make a license application. The business sectors that require additional permits or licenses include the telecommunications sector, the import and export sector, those for money service operators or for restaurants in Hong Kong. Environmental permits and licenses are also needed as well as special licenses for residential care homes.
How can I register for VAT in Hong Kong?
In Hong-Kong, there is noValue Added Tax.
How can I open a bank account in Hong Kong?
Certain documents must be deposited in order to open a corporate bank account: the bank account opening application fully completed and signed by the authorized persons, the decision of opening the bank account, the certified copy of the Certificate of Incorporation, a certified copy of the Business Registration Certificate, the certified copy of the Memorandum of Association of the company, a declaration from the company’s manager, showing the details regarding him and the principal shareholder, a copy of the identity card and a residential proof, the proof of business, a list of specimen signatures.
Some banks may request additional documents along with the above. The certification of the documents is made by the company’s lawyer or the secretary, a certified public accountant or a banker.
How can I recruit personnel in Hong Kong?
Companies may choose different manners of hiring personnel in Hong Kong, such as publishing an announcement in the newspapers or participating in job fairs. The safest way, but a little more expensive, is to hire a recruitment agency to handle it. The agency must find, in exchange for a fee, the suitable candidate for the vacant positions in the company.
What is the overall economic situation in Hong Kong?
That fact that the city is a Special Administrative Region of China has not affected its political and economic stability. Much more, Hong Kong is considered a gate to the market of billions of customers China.
Hong Kong is not considered a tax heaven, but a low tax country, this granting it a trustworthy image among the investors and to the economic mechanisms. Hong-Kong has signed numerous treaties on an exchange of information with numerous states this conferring it the commercial activities’ transparency. In fact, the red tape is among the smallest from Asia (is situated on the 2nd place here).
Our company registration agents in Hong Kong invite you to watch a comprehensive video about the company incorporation process in the city:
In case you need company formation assistance in another country, we have an extensive network of partners in several countries. Therefore, if you are interested in opening a company in Estonia or in another European country, we can put you in contact with our partners.
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