Company Formation in Hong Kong – SK Patodia

ADVANTAGES OF COMPANY FORMATION IN HONG KONG

Hong Kong is one of the most open economies in the world and an ideal location for business setup and company incorporation. The country is specifically geared to enable a free enterprise to plume with minimum bureaucracy and restriction. Moreover, Hong Kong combines a simple low-rate tax regime with free-market principles. There are no restrictions on inbound or outbound investment and there are no nationality restrictions on ownership. Foreigners can invest in almost any business and own up to 100% of the equity.

  • Hong Kong is an open economy in the world for the last 18 years

  • It is the second easiest place to do business in world

  • It is the world 11th largest exporter of commercial services

  • Hong Kong has a 3rd largest stock market in Asia and 6th largest in world

  • It is a 2nd largest recipient of foreign direct Investment in world

  • Has free trade and investment policy

  • Hong Kong has the biggest free trade zone and is on the white list of the OECD

  • There is no capital gains tax in Hong Kong

  • There is no with holding tax on interest, dividends and royalty

  • Foreign dividends are not subject to Hong Kong income tax

  • Complete freedom of capital movement

  • Hong Kong has an excellent banking system and communications infrastructure

  • Features robust and well-organized financial market

  • Close proximity to markets in Asia

  • High-tech infrastructure with experienced support services

  • Highly skilled workforce

REQUIREMENT TO OPEN A COMPANY

BASIC REQUIREMENTS

  • Minimum 1 shareholder (Individual/ Corporate Entity)
  • Minimum 1 director.
  • A director or shareholder can be the same or different person of any nationality.
  • 100% local or foreign shareholdings is also allowed.
  • 1 Company Secretary is mandatory.
  • 1 Local Representative Significant Controller is mandatory
  • No Minimum Capital Required but it is recommended to initiate the company with the minimum authorized share capital of 10,000 shares of HKD 1.00 each. Capital can always be easily increased after the formation of company.
  • A local registered office address is mandatory.
  • The Director/ Representative of the company need to visit Hong Kong for the bank account opening process.

DOCUMENTS REQUIRED

Individual Shareholder:

  • Application forms duly signed by the authorized signatory.
  • Passport Copy of the UBOs/ Shareholders/ Directors.
  • Copy of National Identity Card/Aadhar Card of the UBOs/ Shareholders/ Directors.
  • Most Recent Utility Bill/ credit card statement/ bank statement with name and residential address of the UBOs/ Shareholders/ Directors.
  • Curriculum Vitae (CV) /Profile of the UBOs/ Shareholders/ Directors.

Corporate Shareholder:

  • Applications forms duly signed by the authorized signatory.
  • Certificate of Incorporation of the corporate shareholder (mother company).
  • Memorandum & Articles of Association of the mother company.
  • Board Resolution detailing the formation of the branch or the subsidiary nominating an authorized manager.
  • Passport Copy of the UBOs/ Shareholders/ Directors.
  • Copy of National Identity Card/Aadhar Card of the UBOs/ Shareholders/ Directors.
  • Most Recent Utility Bill/ credit card statement/ bank statement with name and residential address of the UBOs/ Shareholders/ Directors.
  • Curriculum Vitae (CV) /Profile of the UBOs/ Shareholders/ Directors.

OUR SERVICES

Incorporation Services:

  • Company Formation.
  • Provision for the Company Secretary in Hong Kong for the 1st Year.
  • Provision for the Local Representative Significant Controller in Hong Kong for the 1st Year.
  • Provision for the Local Registered Office Address in Hong Kong for the 1st Year.
  • Assistance in the Corporate Bank Account Opening Process.

Other Maintenance & Compliance Services:

  • Renewal for the Company Secretary in Hong Kong Annually.
  • Renewal for the Local Representative Significant Controller Annually.
  • Renewal for the Local Registered Office Address in Hong Kong Annually.
  • Accounting (depending on the volume).
  • Drafting of the financial statements Statutory Audit (depends on volume and complexity).
  • Corporate tax filing (depends on complexity).

TIME PERIOD

Having received all the documents as requested in order, incorporating a company in Hong Kong takes 1-2 weeks. Whereas, opening up a corporate bank account usually takes 3months depending on the case basis.
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