Setting up a company in Hong Kong has often allowed multinational companies and entrepreneurs to obtain a competitive platform in the Asia-Pacific region. With low tax rates, an openness towards foreign investment and a close proximity to China, company registration in Hong Kong has become a vital aspect in conducting business in Asia. The city has also been described as the world’s greatest experiment in laissez-faire capitalism given how business minded Hong Kong Company Law is, attracting multinational companies and entrepreneurs alike.
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.
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!
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 to set up a company. However, most Hong Kong banks will need to meet with you in Hong Kong to hand in all your hard copy files in person.
First of all, before the company is set up, 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.
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:
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!