Registration of the company in Hong Kong

A limited liability company is the most common type of business entity listed in Hong Kong

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Registration of the company in Hong Kong

The most common sort of business registered in Hong Kong is that of a limited liability company. The rationale behind this type of corporation being popular is because limited liability companies have an everlasting structure, a strong public perception, limited liability for its owners, and a separate legal personality for any matter. Also, the wants and facts for Hong Kong Companies are very simple.

Other than this, the raising of capital and transfer of ownership is more straightforward and more accessible as compared to the opposite business structures just like the sole partnership or the sole proprietorship. For foreign business professionals, this type of firm is mentioned as an international company located in Hong Kong.

As per the Companies Ordinance of Hong Kong, a person who is above the age of 18 can open a corporation in Hong Kong where the entire process would be under the governance of the businesses Ordinance (CO). Here you'll get all the small print of registering a personal indebtedness company in Hong Kong just like the required documents for Hong Kong companies and lots of others.

Below are the required requirements for the Hong Kong limited liability company:

It is important to look for a company name that has not been used, and using the software on our website allows you to make sure that it'll be approved before you proceed with the Hong Kong company incorporation.

The company in Hong Kong has got to have a minimum of 1 individual director with a vast maximum number of directors. This person has to be above 18 years old and a natural person, and who are often of any nationality; not restricted to only Hong Kong citizens. Also, the director must not be convicted of any malpractices or bankruptcy.

Other than this, it's not necessary for the director to even be a shareholder within the business, and therefore the non-executive corporate directors can even be appointed alongside the individual director. Also, the board of directors’ meetings can happen anywhere within the world.

A minimum of 1 and a maximum of 49 shareholders are permitted in a private Ltd company in Hong Kong. This is often also one among the foremost vital requirements and facts for Hong Kong Companies where the shareholder has got to be above 18 years and may belong to any nationality.

Along with this, the director and therefore the shareholder is often an equivalent person or the shareholder also can be a corporation rather than an individual. Also, 100% of the shareholdings are often foreign or locally owned, where the shareholder meetings also can be held in any part of the planet. A nominee shareholder also can be appointed for the corporation.

It is mandatory to appoint a company secretary; if it's a private, it's to be a standard person residing in Hong Kong, and if it's a corporation, they have to possess a registered office or an area of business in Hong Kong. Note that for the company secretary, the only director/shareholder cannot even be the company secretary.

Further, the meaning of Company Secretary isn't a clerical job like an office secretary or personal assistant. the corporate secretary is responsible for ensuring the company’s compliance with all the legal obligations and procedures. a corporation secretary must be appointed as per one among the wants and Facts for Hong Kong Companies.

Even though there's no minimum amount for the share capital requirement, there's a general norm for the businesses that are incorporated in Hong Kong to possess a minimum of one shareholder, who must have a minimum of one ordinary share issued on their formation. Also, the share capital is often represented in any major currency and isn't limited to the Hong Kong Dollar. The shares also can be freely transferred, subjected to a requirement fee stamp, however, bearer shares aren't permitted.

For registering a corporation in Hong Kong, one of the leading requirements and facts for Hong Kong Companies is that you simply would wish to supply a local Hong Kong address that's a registered address of the corporate. Also, the address can't be a PO box and has got to be a registered address.

The information about the corporate directors, shareholders and company secretary is public information consistent with Hong Kong Company Laws. it's mandatory to file particulars of the company officers alongside the Hong Kong Registrar of Companies to urge the documents for Hong Kong companies on time.

In case you would like to possess confidentiality, you'll designate a non-executive individual director and a company shareholder by utilizing the services of knowledgeable services firms like ours.

Profit tax, also cited as corporate tax, is about 16.5% of assessable profits for companies found out in Hong Kong. Also, Hong Kong follows the territorial basis of taxation in Hong Kong, which is merely profits that arise in or are derived from Hong Kong and are subjected to tax in Hong Kong. Moreover, there's no GST/VAT, withholding on dividends, or capital gains tax in Hong Kong. you'll ask the company tax page for more details thereon.

One of the foremost critical obligatory requirements and facts for Hong Kong Companies is to organize and maintain accounts. These accounts need to be audited annually by Certified Public Accountants in Hong Kong only, and therefore the audited accounts alongside the income tax return need to be filed yearly with the Inland Revenue Department of Hong Kong.

The Annual General Meeting, also mentioned as the AGM, has to be held once in every calendar year. It also has got to be held within 18 months of the incorporation date. After the primary meeting, subsequent one has to be held where no quite 15 months can elapse between the previous AGM and therefore the next one. in place of the Annual General Meeting, a written resolution is permissible.

As much because the other documents for Hong Kong companies are essential, each company is obligated to file the annual returns with the Companies Registry and also pay the yearly registration fee. The Business Registration Certificate has to be renewed, exactly one month before the expiry date on an annual basis or once in every three years, as per the case of the certificate. It normally takes about three to 5 working days to include the corporate in Hong Kong.

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If any foreigner wants to register a limited liability company in Hong Kong, they might have to consider the subsequent points that are vital requirements and facts for Hong Kong Companies:

 

  • Foreigners who don’t decide to relocate to Hong Kong can easily and freely operate their Hong Kong companies from overseas.
  • Even though there's no obligation to be physically available during the company registration, the person might get to be physically present for the aim of opening a checking account, counting on the bank they need to be chosen.
  • A foreigner is allowed to be the only shareholder and therefore the director of the corporate in Hong Kong. there's no obligation for him to be a resident of Hong Kong for it.

The following documents for Hong Kong companies are required for registering a business efficiently:

 

  • A genuine copy of the company’s Articles of Association. this is often a typical document that's normally given by the professional services firm (Future Perfact Global, during this case) who is assisting with the incorporation of the company.
  • An adequately finished incorporation form which incorporates the following:
    – A number of shares taken up by subscribers.
    – Share capital recorded on incorporation.
    – Liability of members.
    – Particulars of shareholders, directors and company secretaries.
    – Brief description of business activities
    – Registered address
    – company name

 

The other documents required for incorporation are:

 

  • For corporate shareholders and directors:
    – Copy of the corporate documents like the Certificate of Incorporation, the Articles of Association, the related documents for showing the UBO (ultimate beneficial owner) alongside the UBO’s copy of Hong Kong card / International passport, and a replica of residential address proof.
    For resident shareholders and directors:
    – Copy of residential address proof.
    – Copy of Hong Kong card.
  • For non-resident shareholders and directors:
    – Copy of International passport, overseas residential address proof.

Note: The officially certified translated versions for any of the documents for the Hong Kong companies that are non-English must be provided.

Overall, regardless of whether you're a foreigner or an area entrepreneur, it's strongly advised to interact with the services of a knowledgeable corporation that are well-versed with the local legislation governing companies and even have enough experience in handling ongoing compliance and regulatory requirements.

At our company, you'll enjoy services like company incorporation services like having the advantage of our Hong Kong office address as your registered address, the filing of your company’s income tax return, company secretarial services, and tons more.

We also render the extra services like incorporation consultation, providing a non-executive director, and even the de-registration of a company.


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