Register your company in Hong Kong with our tips in 2018

In the world of business, every company that is looking forward to soaring to greater heights must be registered under the laws and regulations of the land concerning businesses. After all, this is one way of attracting this millennial generation into your business.

This is the same principle being applied in Hong Kong to every company that wants to operate in this renowned global center for business. But why should you register a company in Hong Kong? Well, let’s get started about HK company registration here.

Why Register A Company in Hong Kong

With English and Chinese being the official languages in the city, Hong Kong usually follows its legal systems that are usually based on the system of their colonizers, the British. Whether a company is operating offshore or otherwise, all the companies are under similar legislation. The success of Hong Kong as a major business destination across the globe can be attributed to its infrastructure and regulatory structure.

Having been classified as one of the countries with the freest economy in the world by the Index of Economic Freedom, Hong Kong is one of the best regions to incorporate an upcoming company. It can be referred to as a reliable financial destination and the most established in that matter. Here are the reasons why you should register your company in Hong Kong:

• The official business language is English – this makes business operations simple in the land; every documentation and business information is usually released in English
• Although you are a foreigner, there are no restrictions of you being a Director or a Shareholder of a company in this business center
• The tax system is not complicated, so you will not be confused when it comes to taxation for it is simple
• You don’t need minimum share capital to get started; as little as you have, you are good to go.
• In Hong Kong, you can forget the capital gains and net worth taxes because they basically don’t exist
• Withholding tax on your company’s interest, loyalty, and even dividends are not present in Hong Kong’s economy
• You don’t require much to come up with a limited liability company, you just need one Shareholder and a Director
• The company incorporation procedure is fast while its cost and maintenance is generally simple and cheap
• As previously noted, this business destination has excellent communication infrastructure and well-developed banking systems

Having known what makes up the structure and the scope of this business hub, setting your company in the region becomes easy for you. Nevertheless, you need to know how to register your company so as to enjoy maximally the benefits of this major business center.

Company Registration Requirements in Hong Kong

In general, the most common type of companies in the land is a private limited liability company because of its perception and basically its simple structure even when transferring rights to another entity or individual. Any person above 18 years can own a company according to the Companies Ordinance of Hong Kong. So the following are required to register your company:

1. A company name
2. Have at least one director who may be from any nationality, be above 18 years, not bankrupt and have a clean criminal record
3. Have at least one shareholder and 50 maximally from any nationality
4. Must have a company secretary residing in Hong Kong
5. Should have at least ordinary capital share for the shareholder
6. Comply with taxation laws and have a compliance officer
7. Always prepare and maintain updated and well-audited accounts
8. Must have a local registered address and active phone calls
9. Documents like a certified copy of incorporation, visa provision etc.

It will at most take you 7 working days to have your company incorporated. You don’t have to go through all these hassles; there are various consultancy firms that can help you through.

About HK Company Registration

It can cause a lot of worries to a foreigner to register a business in HK. But basically it involves the following:

• It involves getting the registration number of the company
• Getting all the documents about your company secretary
• Submitting all these documents to the bank for account opening
• The bank managers review your credentials and documents
• A request for signature after 2 weeks if the documents were approved
• Receiving your account after 2 weeks
• The bank sends you the token and the pin

Whether you have a bank account in HK or not, you can still register your company here.