Hong Kong draws international businesses and entrepreneurs to its shores. The following are the key attractions for enterprises, investors and entrepreneurs to set up a company in the Special Administrative Region of China:
- Proximity to the mainland;
- Perfect location on the Asia-Pacific region and along the east-west corridor;
- Openness to trade, talent, and investments;
- Business-friendly regulatory and tax system;
- Status as an international financial centre; and
- Outstanding infrastructure.
Related read: Guide to Company Registration in Hong Kong
The business registration process is fairly simple and straightforward in Hong Kong. Engaging a professional service provider like InCorp Hong Kong, previously known as Hong Kong Company Registration (HKCR), is not only helpful in quickly completing the incorporation process, but the post-incorporation procedures such as obtaining a Business license, the opening of bank accounts and ongoing regulatory compliance are also made easy.
Key Incorporation Requirements for Hong Kong Company Registration
|Basic Incorporation Requirements||Details|
|Company Name Approval||Select a suitable company name that complies with the naming guidelines issued by the HK Company Registry. Certain terms may require prior approval or additional documentation.|
|Directors and Shareholders||Appoint a Designated Representative (DR) who serves as the point of contact for communications between the company and regulatory authorities. It is advisable to choose a trusted individual or a professional services firm as the DR.|
|Preparation of documents||Gather necessary documents, including a duly completed incorporation form, identification proof of directors and shareholders, and the company’s constitution.|
|Application Process and Timeline||Submit the documents to the Companies Registry for review and approval. The process generally takes around 1-2 weeks, but it may vary based on workload and additional requirements.|
|Certificate of Incorporation and Business Registration Certificate||Upon successful registration, the Companies Registry will provide a Certificate of Incorporation and a Business Registration Certificate. These documents confirm the company’s legal existence and allow it to commence operations.|
Hong Kong Company Incorporation Requirements
The Hong Kong company registration process requires certain basic incorporation requirements to be fulfilled. These include selecting a suitable company name that complies with the naming guidelines issued by the Companies Registry. It is important to note that certain terms may require prior approval or additional documentation.
Hong Kong requires a minimum of one director and one shareholder, with no restrictions on their nationality or residency. However, the director must be a natural person and can also act as the shareholder. It is also possible to have corporate directors and shareholders as well for added flexibility.
Another key requirement is the appointment of a Designated Representative (DR)as per the Hong Kong Companies Ordinance . The DR serves as the point of contact for communications between the company and regulatory authorities. It is advisable to choose a trusted individual or a professional services firm as the DR to ensure compliance with reporting obligations.
Summary of HK Company Incorporation Requirements
- 1 Shareholder – Shareholders may be foreign or local corporations or individuals
- HK$ 1.00 – The minimum initial issued share capital
- 1 Director. Directors may be foreign or local corporations or individuals
- 1 local Company Secretary
- A local Hong Kong registered address
Additional note: Since 1 March 2018, a new regulation has been implemented in Hong Kong that mandates all companies incorporated in Hong Kong to maintain a Significant Controller Register (SCR). The Companies Ordinance (Cap.686) specifies the requirements for the SCR in Section 59H.
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Procedure and Timeline for Company Registration in Hong Kong
The company registration process in Hong Kong follows a straightforward procedure. It begins with gathering the necessary documents, such as a duly completed incorporation form, identification proof of directors and shareholders, and the company’s constitution.
Once the documents are in order, they can be submitted to the Companies Registry for review and approval. The application process typically takes around 1-2 weeks, although it may vary based on the workload of the Companies Registry and any additional documentation or clarifications required.
After successful registration, the Companies Registry will provide a Certificate of Incorporation and a Business Registration Certificate. These documents serve as proof of the company’s legal existence and allow it to commence business operations in Hong Kong.
Following the completion of the company registration process, there are a few important post-incorporation procedures that need to be completed. These include obtaining a Business Registration Certificate from the Inland Revenue Department within one month of incorporation. The Business Registration Certificate confirms the company’s registration for taxation purposes and must be renewed annually.
Another crucial step is opening a bank account for the newly registered company. Hong Kong offers a wide range of local and international banks, making it convenient for businesses to choose a suitable banking partner that aligns with their requirements.
Additionally, companies must comply with ongoing regulatory and compliance requirements, such as filing annual returns, maintaining proper accounting records, and conducting regular shareholder meetings. It is advisable to engage a professional services firm or a qualified company secretary to ensure compliance with these obligations.
Register a Company in Hong Kong
We provide a full suite services of company incorporation in Hong Kong, in compliance with the Company Ordinance. Regardless of the type of entity, be it a limited company, representative office, subsidiary or branch office of foreign companies, a sole proprietorship or a partnership.
Our clients immensely value InCorp Hong Kong’s professional and comprehensive range of services.
As one of the providers of company incorporation services in Hong Kong, HKCR is capable of working with clients from a diverse range of sectors and entities of all types and sizes. Our team of professionals take meticulous care to ensure that documentation is thorough, and compliance is comprehensive.
Our proprietary Enterprise Resource Planning (ERP) system seamlessly integrates the incorporation process and ongoing compliance matters. Aided by information technology, our services are not only quick and comprehensive, it is also affordable. We take pride in our expertise, experience, professionals network and our knowledge in Asia incorporation and business compliance framework; hence, if you have a regional interest, we can help with all your queries.
In addition to business and company set up in Hong Kong, we also provide the following services:
- Why should I incorporate a company in Hong Kong?
- Hong Kong consistently ranks as one of the best places to do business in.
Some reasons include:
- Perfect location on the Asia-Pacific region and along the east-west corridor
- Openness to trade, talent, and investment
- Business-friendly regulatory and tax systems
- Renowned as an international financial centre
- Outstanding infrastructure
- What do I require to setup a company in Hong Kong?
- To register company in Hong Kong, you will require a:
- Company name
- Minimum 1 director
- 1 local company secretary
- Minimum 1 shareholder
- Local Hong Kong registered address
- Minimum HKD1.00 paid-up capital
- Can I register a business on my own in Hong Kong?
- As a foreigner, you will not be able to register your Hong Kong company on your own. You will need to engage a professional corporate service provider to assist you in incorporation. At HKCR, we make the company incorporation process simple and effective for you.
- How long does it take to start a company in Hong Kong?
- The complete Hong Kong company set up process usually takes 3-5 working days if all required documents are in place.
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