Hong Kong’s reputation as a leading business center allures entrepreneurs and companies from around the globe drawn to its welcoming business atmosphere, advantageous tax laws and strategic positioning, in Asia. The skilled workforce adds to its allure. Unsurprisingly, establishing a business in Hong Kong appeals to many.
Registering a company in Hong Kong usually kicks off by picking out a company name, which is essential for setting your business apart. This whole procedure wraps up with receiving a Business Registration certificate and a Certificate of Incorporation indicating acknowledgment.
Various government bodies are pivotal, in this journey; the Company Registry handles company registrations and the Business Registration Office under the Inland Revenue Departments umbrella oversees business registration matters.
Steps to Registering a Company in Hong Kong
Company Name Selection
When you decide to set up a business in Hong Kong you have the option to pick a name in English or Chinese. It’s important to note that using a mix of words and Chinese characters in one name is not allowed.
Before settling on a name it’s essential to check if it’s available, through the Company Registry and make sure it doesn’t violate any existing intellectual property rights.
Deciding on Key Aspects: Location, Structure, and Capital Investment
Once you’ve settled on a name the next important task is to choose the members, for the board of directors. The first shareholder must obtain written consent from chosen directors and provide copies of their identification and proof of address.
Determining the capital amount and number of shares for initial shareholders is also essential, with no minimum or maximum capital requirements under the Companies Ordinance. The Articles of Association should specify only the number of shares and capital amount.
Appointment of Directors, Secretary, and Registered Office
Every registered company must appoint at least one natural person as a director, with no nationality restrictions. You must also appoint a company secretary, designated representative for the significant controllers register, and decide on a registered office address in Hong Kong. The official address should be a physical place, not just a P.O. Box.
Preparation and Submission of Registration Documents
You need to obtain and prepare various essential documents, including the Articles of Association, incorporation form, and Business Registration Office Notice. These documents, along with the required fees, must be submitted to the Companies Registry. The incorporation application fee is HK$1,720, while business registration costs vary based on the certificate duration.
Online or Paper Registration
Registration can be done online or on paper, depending on your preference and eligibility. Online registration is typically faster and more convenient for e-Registry members. After you submit the paperwork and it meets all the criteria the Companies Registry will provide you with a Certificate of Incorporation along, with a Business Registration Certificate.
Chop and Printing Articles of Association
After incorporation, you’ll need to create the company chop (or stamp) and print the Articles of Association. Maintaining and using a common seal is now optional, and electronic versions of the Articles of Association are permissible. Consider engaging a service provider for these tasks to ensure compliance and efficiency.
In conclusion, it is imperative for companies and individuals in Hong Kong to ensure that their personal information is updated with their service providers and that they submit the required applications to the Companies Registry.
This step is crucial for safeguarding Protected Information from public disclosure, in compliance with the revised Companies Ordinance’s privacy provisions and the updated inspection regime. Taking these actions will help ensure regulatory compliance and protect privacy rights effectively.