Benefits of Hong Kong Company Formation

• Hong Kong company law is modern, flexible and commercially minded 
• Territorial tax system whereby only profits derived in Hong Kong are subject to tax
• Close geographical proximity to China and other major Asian economies
• The Hong Kong company formation process is simple as compared to Chinese enterprises
• Ample business support and assistance offered by the Hong Kong Government

Hong Kong Company Formation Requirements

Setting up a company in Hong Kong is simple with minimum requirements. Upon having a company name approved, a minimum of one individual director, one shareholder and one company secretary is required for Hong Kong company registration purposes. While shareholders and directors are not subject to any nationality or residency requirements, the company secretary must ordinarily reside in Hong Kong. To the extent that the company secretary is a body corporate, its registered office or place of business must be in Hong Kong. 

A minimum of HKD 1 is enough to satisfy Hong Kong share capital requirements and a local Hong Kong address must be utilized for the company’s registered address.

Annual Maintenance Requirements of a Hong Kong Company

• Every Hong Kong company must maintain sufficient accounting records which are to be properly audited each year
• Private limited companies incorporated in Hong Kong are required to file an Annual Return to the Companies Registry
• Unless an exemption has been granted, Hong Kong companies must file annual tax returns to the Inland Revenue Department (“IRD”)

FAQs

What is a Hong Kong company secretary?

The company secretary for a Hong Kong company is a high ranking position in a Hong Kong company and is responsible for a variety of tasks. Such responsibilities include preparing agendas, maintaining the company’s statutory books, and taking minutes of the company’s board meetings and annual general meetings. 

For further details about the position of Hong Kong company secretary, please visit our blog here!

Can I use your company formation services if I am a non-local?

Certainly! Hong Kong company registration is allowed even if you are not a local. In other words, there are no requirements on the nationality of the shareholders and the directors. However, you need to have a local business registered address as a P.O. box is not accepted by the government.

Above all, you don’t have to be in Hong Kong for the company formation process. However, most Hong Kong banks will need to meet with you in Hong Kong to hand in all your hard copy files in person.

What is the Hong Kong company registration process entail?

First of all, before the company formation service begins, a company name must be selected. The company name may be in Chinese, English, or both. It is vital to choose a unique name for your firm, because any match with other past or present firms will not be allowed.

Furthermore, a company structure and legal entity that will be utilized must be identified before a business registration. The most common legal entity utilized is a limited company due to its ability to protect wealth from various business dangers. Upon deciding on a company structure and legal entity, the completed Hong Kong company registration application documents should be submitted to the Hong Kong Companies Registry.

Please visit our blog here for further details about the Hong Kong company registration process.

What documents will I receive after my Hong Kong company is incorporated?

Once your Hong Kong company has been successfully incorporated, you will receive the following documents for your company:

• A Certificate of Incorporation
• A Business Registration (“BR”) Certificate
• Articles of Association 
• Incorporation Form (“NNC1”)
• A company chop

Furthermore, our group entity, FastLane CPA Limited is a CPA practice registered with the Hong Kong Institute of Certified Public Accountants (“HKICPA”) which allows us to certify all your company documents for business use!

After my Hong Kong company is registered, are there other services you can provide?

Yes! Our group entity, FastLane CPA Limited is a CPA practice registered with the Hong Kong Institute of Certified Public Accountants (“HKICPA”) which allows us to provide accountancy and auditing solutions. We are also licensed with Hong Kong Company Registry to provide corporate services in Hong Kong and other jurisdictions. To summarize, we can provide the following ongoing services:

• Company secretarial services
• Assistance in filing of Annual Return 
• Provision of custodian of the Company’s statutory records
• Act as your Designated Representative
• Provide a company registered address 
• Assistance on renewal of Business Registrations
• Bank account opening assistance

How much does it cost to set up a company in Hong Kong?

The Hong Kong Government charges a company registration fee of HKD 1,720. To the extent that an application is unsuccessful, a refund of HKD 1,425 may be made.

In addition to a company registration fee, a business registration fee of HKD 250 will be imposed to obtain a one-year business registration certificate. A three-year certificate may also be acquired at a price of HKD 3,950. 

Levies may also be imposed in relation to Hong Kong’s Protection of Wages on Insolvency Fund at a rate of HKD 250 for a one-year certificate and HKD 750 for a three-year certificate. 

For further details about the costs associated with setting up a company in Hong Kong, please contact FastLane for a quotation!