What is the Process to Register a Company in Hong Kong?by Enterslice ITES Pvt. Ltd. Start and Manage Business
Hong 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.
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. Click here to know more about this
Created on Feb 2nd 2019 00:04. Viewed 538 times.