Setting
up a company in Hong Kong is fast, straightforward and inexpensive. In under a
week (if you take a shelf company), your company could be up and running. The
same rules apply to everyone, local and foreign.
Here
are the steps in setting up a business in Hong Kong:
1.
Selecting a company name and structure
To
form and register a local limited company in Hong Kong, you need to choose a
unique company name. The Hong Kong Companies Registry maintains an index of
company names and we can quickly check to see whether your desired company name
is already in use.
There are different company
structures to suit different business requirements:
The
most commonly used company structure is a private limited company. The company
must be incorporated at the Companies Registry and registered with the Business
Registration Office of the Inland Revenue. Processing (incorporation) time is
four working days with a further week for activation (putting in place the
officers of the company).
If a company incorporated outside
Hong Kong has established a place of business in Hong Kong, it is required to
register with the Companies Registry within one month of the establishment of
the place of business as an overseas company (under Part XI of the Companies
Ordinance). It is not a separate legal entity from the parent. Processing time
is three weeks to four weeks.
A representative office cannot make sales. Such an office is useful
if a company wishes to explore the Hong Kong market before making a larger
investment, or indeed if it is never intended to derive sales, e.g. if it is
intended to be a marketing office only. It would typically fulfill functions
such as promotion and liaison work. If a company needs to enter into a
transaction that creates a legal obligation, its business structure will need
to be changed to either a limited company or a branch office of a parent
company.
2.
Company incorporation
Most of the limited companies
incorporated in Hong Kong are private companies limited by shares. It takes
four working days after the date of submission of application for a Certificate
of Incorporation to be issued to a company limited by shares. Incorporation can
also be done online.
A private limited company in Hong
Kong requires at least one director and one secretary. If a company has only one
director, the director cannot be the secretary of the company at the same time.
A non-Hong Kong resident, whether an individual or a
corporate, can be appointed as a director. A company secretary is required by
law and this must be a Hong Kong resident (whether an individual or a
corporate).
From 4 March 2014, all new Hong Kong
private companies will have to have at least one natural person as a director.
Existing companies will have a grace period of 6 months in which to comply.
Primasia will be offering director services, subject to certain conditions, to
enable companies to more easily meet this requirement.
The registered office of a limited company must
be situated in Hong Kong. There is no requirement for shareholders to be Hong
Kong residents.
A shareholder (sole or otherwise) can be a director of the company.
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Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email
--------------------------
Follow us on:
Website: Primasia HK / Primasia China
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong
Please contact:
John Barclay -Email
Teresa Tam - Email
--------------------------
Follow us on:
Website: Primasia HK / Primasia China
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong
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