Hong Kong is difficult to ignore when you are seeking a vibrant, low-tax business destination in Asia. It is strategically placed and internationally linked. As a local or overseas entrepreneur, incorporating your Hong Kong Company is much easier than you imagine. And here is your step-by-step guide.
Select your business structure
The majority of entrepreneurs in Hong Kong incorporate a Private Limited Company due to:
- The availability of limited liability
- Independent legal status
- A professional image that helps in attracting investors and clients.
Although it is also possible to operate as a sole proprietorship or partnership, they do not provide the same degree of protection for personal assets and credibility. A Private Limited Company is the way to go when it comes to a growth-oriented business.
Select and reserve your company name
To incorporate your company, you must have a company name approved by the Companies Registry.
It must be:
- Distinctive
- No offensive or restricted words
- In line with the naming regulations in Hong Kong.
You can check the availability online, and when approved, your name choice is locked in.
Satisfy the minimum requirements
Company incorporation in Hong Kong is not complicated. Registering a Private Limited Company will require you to meet the following:
- A minimum of 1 shareholder: Individual or corporate, local or foreign
- Minimum of 1 director: Can be a foreigner. There is no residency requirement
- A company secretary: Must be a Hong Kong resident or a local company
- A registered address in Hong Kong. P.O. boxes are not permitted
- A minimum share capital of only HKD $1. This is one of the most economical startup capital for company incorporation in Asia.
Prepare your incorporation documents
Prior to filing the application, you will require:
- Articles of Association of the company
- NNC1 (Incorporation Form) Containing directors, shareholders, and secretary details
- Residence confirmation documents
- Duplicates of the passports or identification of all directors and shareholders.
Submit to the company’s registry
You can either register your company online through the e-Registry or hand in documents directly. When this is done, say within a few days of working time, you will be mailed your Certificate of Incorporation and Business Registration by the Inland Revenue Department.
Open a corporate bank account
With your paperwork, you can now open a corporate bank account in Hong Kong. Certain banks might need a personal meeting, whilst others can do the onboarding remotely with overseas owners. This process might be easier when you are working with a compliance expert. They know how to quickly navigate these hurdles.
Final thoughts
Hong Kong is a very business-friendly place. Even better, the process of registering a company is rapid, provided that you have the relevant documentation. However, the specifics can get you on the wrong foot when you don’t know the local regulations.
By using an expert in compliance consulting, you will save time and headaches. They enable an easier company incorporation process so that you can concentrate on your business development rather than on fighting your way through bureaucracy.
