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Hong Kong Client Questionnaire

  1. What Types of Business Structures Are Available for Registration in Hong Kong?
    • Subsidiary Private Limited : The most common structure, offering limited liability and flexibility in management. It must have at least one shareholder and one director while incorporating, these may be normal individuals or entities.
    • Branch Office: For foreign companies to operate in Hong Kong without establishing a separate legal entity. Foreign company is liable for the losses and liabilities of the Branch Office.
    • Representative Office: For foreign companies to conduct market research and promote their business without engaging in direct commercial activities.
    • Partnership : A partnership is preferred by businesses, who want to run a business together without having to go through the complexity of a private limited incorporation. But Partnership has more flexibility in terms of management because- here the business is owned by the partners who are involved in day-to-day management of the business.
  2. Best Entity to Incorporate and Benefits
    Private Limited Company:
    • Benefits: Limited liability for shareholders, flexibility in management, and favorable tax regime.
    • Suitable For: Most small to medium-sized businesses and startups.
    Public Limited Company:
    • Benefits: Ability to raise capital through public offerings, limited liability, and higher company profile.
    • Suitable For: Larger businesses or those intending to raise capital publicly.
  3. How Can I Register a Company in Hong Kong?
    To register a company in Hong Kong, you need to:
    • Choose a Company Name: the name is unique and complies with Hong Kong naming regulations and approved by Hong Kong Companies Registry. Company Name must be unique and not infringe on existing trademarks
    • Choice of business structure
    • Directors and Shareholders: Must meet the minimum requirements for directors and shareholders
    • Share Capital: Must meet the minimum capital requirements (often nominal such as HKD 1).
    • Registered Office: Must have a local address in Hong Kong.
    • Preparation of Documents: Gather required documents such as identification of directors and shareholders, proof of address, and Articles of Association.
    • Submission of Application: File the incorporation application with the Companies Registry. This can be done online or in person.
    • Appointing a company secretary to carry out important business activities and approving important documents.
    • Obtain Business Registration Certificate: Apply for a Business Registration Certificate from the Inland Revenue Department.
    • Open a Bank Account: Open a business bank account in Hong Kong for company operations.
  4. What Documents Are Required for Company Registration in Hong Kong?
    Documents required: Depending upon the specific needs of the company the required documents vary. The following are the common documents required in each type of company incorporation:
    • Identification: Passport and ID card of individual directors and shareholders.
    • Proof of Address: Utility bill or bank statement for each individual director and
    • For corporate shareholders and directors Copy of parent company registration documents such as Certificate of Incorporation and Articles of Association
    • Description of business activities
    • Particulars of resident company secretary
    • Liability of members
    • hare capital particulars & number of shares taken up by subscribers
    • Company Name: Proposed name of the company.
    • Company Address: Proof of the local Hong Kong address for the company.
    • Incorporation Forms: Completed application forms, Articles of Association, and any other required legal documents.
  5. Minimum Number of Directors and Shareholders
    • Directors: At least one director is required. The director can be a natural person or a legal entity. Non-resident directors are allowed.
    • Shareholders: At least one shareholder is required. Shareholders can be individuals or entities, and they can be residents or non-residents.
  6. Minimum Share Capital Requirement
    • Minimum Capital:There is no minimum share capital requirement for private companies. It is common to set the share capital at HKD 1 or a nominal amount.
  7. Do I Need a Local Address for Company Registration in Hong Kong?
    A local Hong Kong address is required for the company's registered office. This address must be in Hong Kong and will be used for official correspondence.
  8. What Is the Minimum Capital Requirement for Company Registration in Hong Kong?
    There is no minimum capital requirement. Companies can be registered with a nominal share capital, such as HKD 1.
  9. Can a Non-Resident or Foreigner Register a Company in Hong Kong?
    Non-residents and foreigners can register a company in Hong Kong. They can act as directors and shareholders. However, there must be at least one director who is a natural person and acts as a resident of Hong Kong.
  10. Authority for Incorporation of a Company in Hong Kong
    • Companies Registry: The government authority responsible for the registration and regulation of companies in Hong Kong.
  11. Bank Account Requirement
    • Yes: Opening a bank account is necessary for operational purposes and to handle the company's financial transactions. Most banks require personal identification and proof of business activities.
  12. How Long Does It Take to Register a Company in Hong Kong?
    • The company registration process in Hong Kong is efficient, and it usually takes around 1-2 weeks to complete.
    • Factors such as name approval and document preparation can impact the timeline. Also depending on the completeness of the application and the efficiency of document submission.
  13. Is It Mandatory to Appoint a Company Secretary for My Hong Kong Company?
    Yes, it is a legal requirement to appoint a company secretary within six months of company incorporation in Hong Kong. The secretary can be an individual or a corporate entity, but must be a resident of Hong Kong or a Hong Kong-based corporate entity.
  14. Are There Annual Filing Requirements for Companies Registered in Hong Kong?
    • Annual Return: Submit an annual return to the Companies Registry. The Annual Return must be filed within 42 days of the company's anniversary of incorporation.
    • Tax Returns: File annual tax returns with the Inland Revenue Department.
    • Financial Statements: Prepare and, if applicable, file audited financial statements.
  15. Tax Implications for Businesses in Hong Kong
    • Corporate Tax Rate: Standard rate is 16.5% on assessable profits. For profits under HKD 2 million, a lower rate of 8.25% applies.
    • Value Added Tax (VAT): There is no VAT or Goods and Services Tax (GST) in Hong Kong.
  16. Why Hong Kong?
    • A Supportive Government
    • Premier Business Hub in Asia
    • Low, Simple & Competitive Tax System.
    • Multicultural Talent Pool:
    • Open Business Environment
    • Vibrant City Living
    • World Class Infrastructure
 
     
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