What is the Process to Register a Company in Hong Kong?
by Enterslice ITES Pvt. Ltd. Start and Manage BusinessHong
Kong is one of the best ideal locations for business set-up and company
formation. In Hong Kong, there is no restriction on inbound or outbound
investment also on ownership. Opening and registering a company in Hong Kong
is very easy and cost-effective.
In
this blog, we will discuss the company registration procedure in Hong Kong. If you are planning to register a company in
Hong Kong, then this blog will help you. Let's explore the ideas and knowledge of
Company registration in Hong Kong.
What are the advantages of
company registration in Hong Kong?
There
are a number of advantages of company registration in Hong Kong. List of the
advantages of Company registration in Hong Kong is given below:
1)
Hong Kong is a major trading city and it has an excellent banking system and
communications infrastructure.
2)
The tax system in Hong Kong is so simple and straight forward.
3)
In Hong Kong company, there is no restriction on the use of foreigners as shareholders or directors.
4)
Registration of a company in Hong Kong is so simple and quick.
5)
There is no capital gains tax in Hong Kong.
6)
Due to the system of territorial taxation, foreign source trade profit is not
subject to Hong Kong income tax.
7)
There is no withholding tax on interest,
dividends, and royalty.
8)
In a Hong Kong Company, there is no minimum requirement of share capital.
What is the requirement for
registration of a company in Hong Kong?
To
register a company in Hong Kong, one needs to fulfill or satisfy the minimum
requirements given below:
1)
1 director - The first requirement is a minimum number of one director. The director
must be a natural person who can be of any nationality and need not to be a resident in Hong Kong.
2)
1 shareholder - There should be at least one shareholder. The shareholder must
be at least 18 years of age and can belong to any nationality.
3)
1 company secretary - Appointment of one company secretary is compulsory. The company secretary is responsible for
maintaining the statutory books and records of the company.
4)
Share Capital - Although there is no minimum share capital requirement however the
general norm for companies incorporated in Hong Kong is to have at least one
shareholder with one ordinary share.
5) Ongoing Compliance - It is mandatory for
companies to prepare and maintain accounts. Accounts have to be audited
annually by Certified Public Accountants.
Process
for company registration in Hong Kong
Step by step, we will discuss the process for registration of a company in Hong
Kong
1) Check name availability - In the first step, the applicant has to check the availability of
name. The applicant can apply for company
registration with a maximum of 3 names.
2) Filing of Application form - After finalization
of the company name, the applicant has to
file an application for registration of
the company.
3) Application for registration of the company has
to be filed online at e-registry or via the CR e-filing mobile
application. The application will
include
i) Incorporation form
ii) A copy of the company's article of association
iii) A notice to Business Registration office.
4) After verification of application and all the
documents, the registration certificate
will be issued.
Documents
required for company registration in Hong Kong
List of the documents required for company
registration in Hong Kong is given below:
1) Name of the company
2) Registered address
3) A brief
description of business activities
4) Particulars of shareholders, directors and
company secretary
5) Copy of the Company's article of association
How
long does it take to register a company in Hong Kong?
Process for registration of a company in Hong Kong is really easy. Where registration application is filed in hard copy form then it will take 4 working days to get a registration certificate.
Difference
between Company registration in Hong Kong and India
1) In Hong Kong, the process
for company registration is so simple and fast whereas
in India the registration process is very lengthy.
2) Fewer documents required for registration of a
company in Hong Kong but in the case of
India, a bunch number of documents need
to be submitted.
3) Assessable profits
of a corporation are taxed at the corporate tax rate of 16.5%. There are some
tax incentives for special business operations such as tax exemption for
profits derived by offshore funds and profits derived from operating ships in
Hong Kong. In India taxable rate of 30 percent is applicable to both the
private and private companies registered under the Companies Act, 1956.
Conclusion
Governed by the Companies Ordinance of Hong Kong,
any person (foreign or local) above the age of 18 can set up a Hong Kong
company and it is so easy to register a company in Hong Kong.
Enterslice is an
award-winning company for providing services of company registration in Hong
Kong. Keep in touch with any of its
consultant and expert to get best and affordable service in a matter of company registration in Hong Kong.
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Created on Feb 2nd 2019 00:04. Viewed 769 times.