Company Formation in Hong Kong – Options Available to Business Entrepreneurs
If you are considering establishing a business in Hong Kong, a good idea would be to get professional assistance in incorporating a company. Hong Kong is a Special Administrative Zone of the Chinese government and has different laws and regulations on company registration relating to the Chinese company system. You can refer to our Guide to Hong Kong Company Incorporation for all the information on how to set up your company.
Hong Kong company incorporation is required by law to appoint a Registered Office and a Managing Office. These posts are known as Registered Office and are where all business correspondence will be handled, including all official notices and filings and annual reports filed with the Government of Hong Kong. The Registered Office is also where you will receive all notifications and documents about your company, as well as essential requests from the Registry of Companies and other government departments and bureaus.
The company secretary must ensure that all requirements are met before submitting the document to the companies’ Registry. The secretary’s primary role is to ensure that all forms are correctly completed and filed and must file all documents correctly. In addition to filing correctly, the company secretary must ensure that all paperwork is submitted accurately and promptly. In short, the company secretary plays a vital role in the entire company formation process.
For companies that need to incorporate in Hong Kong, it is best to hire a company formation service provider to handle all matters related to its filing and organisation. A good company formation service will assist with a wide variety of tasks associated with company incorporation in Hong Kong, including drafting the company registration document, collecting the fees payable, and distributing the company formation documents to the necessary parties. The company formation service will handle all the required personnel’s immigration and registration and process the various forms needed. It is best to work with a company formation service with experience in handling all matters related to company set up in Hong Kong, including the submission of the appropriate forms and the receipt of payment for the company setup. The company must help you complete the whole procedure within the time frame specified by your requirements.
Hong Kong is an international financial centre and is home to some of the world’s biggest banks. An individual interested in incorporating a company can go for the direct incorporation of a company through the corporate Services Department’s local office (CSD) in the Hong Kong government. A business may also choose to incorporate itself through the Hong Kong Companies Registry (HKCCR), which the Hong Kong SAR government administers. There are two options for an individual who intends to incorporate a Hong Kong company: an open register or closed record. For those who have no technical background in the registration process, it is advisable to go for the available register option, as this is the more straightforward process. The main benefits of the closed register system include more accurate documentation and faster processing.
In addition to the company formation options offered by the Hong Kong authorities, there are various incentives provided to encourage entrepreneurs to establish a business in Hong Kong. For instance, Hong Kong’s Government offers tax rebates to companies registered with the Commercial Registration Office (CLAO). The Central Business Development Agency (CBD) is an independent agency that aims at promoting and encouraging economic growth in Hong Kong by ensuring the efficient development of the economy. Apart from offering tax rebate schemes, the CBD also sponsors the Hong Kong Entrepreneurs’ Program. This program provides funding assistance to up-and-coming entrepreneurs to build new entrepreneurs’ skills and facilitate foreign direct investors’ entry into the country’s small and medium-sized businesses.
Hong Kong company incorporation