Company registration in Hong Kong
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Pay attention to Hong Kong, one of the most popular and sought-after destinations for doing business. Hong Kong over the past couple of years has not only expanded its borders for international business, but also hit the jackpot. A huge number of startups are registered in Hong Kong: WeLab, Aqumon, Asia Pay, PayMe and Ofo. Hong Kong is becoming a real Asian startup hub, which opens up opportunities for businessmen within China and Asia.
Hong Kong has several significant advantages in comparison with other jurisdictions:
1) An ideal tax system, the ability to reduce the tax to 0%
2) The speed of launching and registering a company in Hong Kong
3) A high level of banking
4) Visas for startups
5) Protection of intellectual property and rights
6) Ease of business registration
7) A white jurisdiction with a reputation
8) A non—resident can be a shareholder or director of a company (even the only one) - citizenship or nationality does not matter
Favorable and transparent conditions have been created for foreign entrepreneurs and non-residents conditions for doing business. Hong Kong is not offshore. Entrepreneurs can invest in the booming economy of the region by opening an account in one of the best banks in the world. The registry in Hong Kong is open, information about beneficiaries and beneficiaries is publicly available, while there is a possibility for entrepreneurs to use nominee directors.
Features of doing business in Hong Kong
If you decide to open a company in Hong Kong, then first of all you need to familiarize yourself with a number of features of doing business in Hong Kong:
1) A company in Hong Kong must have an address in Hong Kong, as well as a company secretary in that country.The presence of an office is not a mandatory criterion for registering a company in Hong Kong, however, you will need a local address for registration. Our team has a corporate secretary, as well as a local office that helps us effectively conduct business in Hong Kong.
2) An equally important feature is the presence of an open register of companies. You need to think in advance who will be the founder of the company and pay attention to the residence of the director in order to comply with all the formalities for submitting notifications on CFC (controlled foreign companies), if necessary.An exceptional option for privacy protection can be considered the use of a nominal service, but in this case it is important to properly assess all the risks.
3) The presence of a territorial taxation system. Hong Kong's tax legislation is very profitable and, most importantly, transparent.
There are three main types of tax in Hong Kong: income tax, payroll tax and real estate tax. A Hong Kong company is required to pay tax in Hong Kong on the following types of income:
- accrued or received in Hong Kong; or
- received in Hong Kong from outside Hong Kong.
The income tax rate for legal entities is 16.5%. However, it is possible to optimize the tax to a minimum.
4) Submission of accounting statements. Companies in Hong Kong must necessarily keep accounting records, prepare annual reports and provide an audit opinion to the authorities. Any accounting forms are checked by certified auditors, after which they are sent to the Tax Department. Registration certificates are renewed annually, and their validity must be renewed at least one month before the expiration of the period.
Otherwise, everything is quite simple. Let's try to figure out what stages and steps the company registration itself consists of.
Stages of company registration in Hong Kong
1) First of all, you need to provide all the personal documents of the owner for starting a business and approve the primary name. A non-resident is required to have a passport and a residence address in the country of his residence. Moreover, all documents must be translated into English and notarized.
2) The next step is to check and approve the company name. The name must be submitted in English, we are already helping to fill in the Chinese equivalent of the name, if required. The authorities check the uniqueness of the name and confirm it.
3) The main stage of registration confirmation. Enter data on the appointment of the company's management team and wait for the registration to be approved.
4) After confirming the registration of the company, you can immediately start opening an account. We help our clients to open accounts both in Hong Kong and in China. We work with top global banks such as: OCBC, HSBC, Standard Chartered, DBS and others. Antwort Law has a huge agency network and cooperates with banks on a long-term basis, so we will open an account for you without having an office and employees in Hong Kong. We do it quickly and efficiently, and our clients receive accounts in the best banks in the world.
5) The final stage of the registration process is to obtain a certificate from the relevant authorities and obtain a tax number.
Thus, after completing all these steps, you will receive a ready-made company with an account in a completely white jurisdiction with a good reputation and high-class banking. It is not for nothing that most large international companies are based in Hong Kong.
Recently, Hong Kong has been conquering the peaks with incredible lightning speed, it is here that start-up companies are registered and it is here that innovative and most popular Fintech (fintech) industry projects are launched. Antwort will not only help with the registration of a company in Hong Kong, open bank accounts, monitor the receipt of the necessary licenses and permits, but also fully ensure your presence in the country of registration. A team of professionals will take your business to a new level! Appreciate your time – Antwort has the right answer!