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Hong Kong in on the south east coast of China and consists
of a large number of islands and a mainland totalling
approximately 1,064 sq km. It has a population of around
7 million.
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TYPE OF TRADING COMPANY
The main trading vehicle is a Private Limited Company.
The legislation is based on English Common Law and the principal
corporate legislation is the Companies Ordinance (Cap 32.).
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Type of Company |
Private Limited |
Type of Law |
Common |
Is it possible to acquire
a shelf company |
Yes |
Time it takes to incorporate
a company |
10-14 days |
Minimum Government Fees
Business Registration Fees
(excluding taxation) |
US$350
HK$ 2,600 |
Corporate taxation |
Nil on profits made outside
Hong Kong |
Double taxation treaty |
Some |
Officers of the Company |
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Number of Directors |
Minimum of One |
Is a Corporate Body permitted
to act as Director |
Yes |
Does the Director have to
be local |
No |
Does the public have access
to the register of directors or secretary |
Yes |
Company Secretary Required
Must be local |
Yes |
Share Capital |
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Standard currency although
any permitted |
HK$ |
Minimum paid up capital |
1 |
Usual authorised |
HK$1,000 |
Shareholders Minimum |
HK$1 |
Accounts and Annual Return |
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Requirement to prepare accounts |
Yes |
Does the public have access to the Accounts |
No |
Do accounts need to be filed |
Yes |
Audit requirements |
Yes |
Is there a requirement to
file an annual return |
Yes |
PROCEDURE TO INCORPORATE
The Memorandum and Articles are delivered to the Registrar
of Companies with details of the officers of the company and
the registered office.
RESTRICTIONS ON TRADING
A Private Limited Company cannot undertake the business of
banking, insurance, assurance, reinsurance, fund management,
asset management (other than the company's own assets) or
any other activity that would suggest an association with
the banking and insurance industries. It cannot sell its shares
to the public.
POWERS OF COMPANY
A Company incorporated in Hong Kong has the same powers as
a natural person.
LANGUAGE OF CORPORATE DOCUMENTATION
A Hong Kong Company is typically incorporated using the Chinese
or English language.
NAME RESTRICTIONS
A Hong Kong cannot register with any name that has already
been incorporated in Hong Kong or is so similar to an existing
name that it may cause confusion. Any name which in the opinion
of the Registrar is considered undesirable, obscene or offensive
or it implies a link with the Government of PRC or the Government
of HKSAR will also be rejected.
COMPANY NAMES
A Hong Kong Company can use only Limited as a suffix to its
name.
LANGUAGE
Chinese and English are widely spoken.
REGISTERED OFFICE REQUIRED
The registered office must be in Hong Kong.
AUTHORISED and ISSUED SHARE CAPITAL
The usual authorised share capital is HK$1,000. The minimum
issued share capital is one share of par value. Shareholders
may be natural persons or bodies corporate and of any nationality.
CLASSES OF SHARES
A Hong Kong Company may have ordinary, preference, redeemable
shares and shares with or without voting rights.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
There is no disclosure of the beneficial owner(s).
TAXATION
The taxation rate in Hong Kong at present is 17.5% and is
charged on profits derived from a trade, profession or business
carried on in Hong Kong. If the company carries on a business
in Hong Kong, but derives its profits from another country
it is not required to pay tax in Hong Kong on those profits.
DOUBLE TAXATION AGREEMENTS
Hong Kong has no double tax agreement with any country, with
the exception of a limited treaty with the United States of
America relating to shipping matters only.
GOVERNMENT LICENCE FEES
There is a Business Registration Fee of HK$ 2,600 payable
within one month after the incorporation and then annually
on the anniversary of when the first payment is made.
FINANCIAL STATEMENT REQUIREMENTS
Every Hong Kong Company must produce annual audited accounts
and appoint an auditor, who must be a member of the Hong Kong
Society of Accountants and hold a practicing certificate.
There is a requirement to file an Annual Return.
MEETINGS
Annual general meetings can be held anywhere in the world.
DIRECTORS
The minimum number of directors is one. Directors may be
natural persons or a body corporate. They can be of any nationality
and need not be a resident of Hong Kong.
COMPANY SECRETARY
It is a requirement to appoint a company secretary and they
must be reside in Hong Kong. They can either be a corporate
body or a natural person.
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