Hong Kong is a global financial hub, a business paradise, and land overflowing with potential for entrepreneurs. Let us put it this way, what would you like to see in a high-potential offshore business jurisdiction? Most investors will tell you a large market, low taxes, supportive regime, well-developed infrastructure, and Hong Kong ticks right in all of them. It is the place to be, and that is why every big business brand you know of out there, from Apple to Dell, is likely to have some presence in the island city.
You, too, should not be left behind in taking advantage of this jurisdiction, but first things first – you need to have your company registered. So are you ready? In this post, we will answer the frequently asked questions about company formation in Hong Kong to help you make up your mind.
Can a Non-Hong Kong Resident Register a Company in Hong Kong?
Yes. Non-Hong Kong residents are allowed to incorporate limited liability companies on the Island. All that a non-resident needs to do is follow the process outlined in the Hong Kong Companies Ordinance. Indeed, there is a simpler way to register a company in Hong Kong – using an agency. The agencies are run by experts who can help you with the preparation of all the required documents, submit them to the registry, and ensure your company is compliant with all the required laws. If you want, the agencies can also serve as your company secretary and address.
What is the Process of Registering a Limited Liability Company in Hong Kong?
The process starts with selecting a name and running it on the Companies Registry to ensure it is unique. Then, you need to get an application form, known as Form NNCIor NNCIG, and fill it accordingly. Then, prepare all the required documents, including a Company’s Articles of Association and a Notice to Business Registration Office. These documents have to be delivered to the Companies Registry upon payment of the required fees.
Once the certificate of incorporation is ready, you can go ahead and use it to open a bank account. Remember to check whether additional permits and licenses are required. For example, companies offering financial services, telecommunication, and health-related services are required to get additional permits.
What are the Main Requirements for Company Directors and Company Secretary?
For a company to be registered in Hong Kong, it must have a company secretary and at least one director who is a natural person. If the company has a sole director, he/she cannot be the company secretary.
The company secretary selected for a company should be a natural person and must be a resident in Hong Kong. If the company secretary is a corporate body, it should have a registered office in Hong Kong. However, the Companies Ordinance does not require that a company director must be a resident in Hong Kong.
What is the Most Important Thing that I Need to Focus on When Registering a Company in Hong Kong?
We must indicate that every step and fine detail is crucial in the process of company formation in Hong Kong. For example, you cannot go to the next step before getting a name and running a name search on the Companies Registry. Other details, such as the documents for incorporation, the company secretary, and address, are also equally critical because your application will not be approved without them. Because all details are important, the focus should be how do you go about the process correctly? The answer is working with professionals in agencies. These experts have been helping other companies for years, and you can count on them to complete the process fast and correctly. A good agency might also come in handy in helping you craft strategies for entry into the Hong Kong market.