Hong Kong Business Set Up @ Asia Business Set Up

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Hong Kong Business Set Up

Hong Kong business set up is simple, with the majority of foreign investors choosing a limited liability company (LLC) as their preferred investment vehicle. The following is an overview of the various Hong Kong business set up requirements:

Several alternative corporate entities are available for Hong Kong business set up, including the limited liability partnership (LLP), branch office, representative office and sole proprietorship. Like an LLC, a branch company is established via the Companies Registry, and retains the legal identity of its foreign parent. The Hong Kong branch must adopt the same name as its parent, and must file audited financial statements (relating to its Hong Kong operations) annually with the IRD.

There are many permissible legal entities in Hong Kong, the most popular being the LLC. More than 80,000 limited liability companies are incorporated in Hong Kong.

Company law is outlined in the Hong Kong Companies Ordinance of 1997 and Hong Kong business set up is controlled by the Companies Registry. Through the Companies Registry, companies are registered and administered, corporate compliance and disclosure requirements are monitored, and statutory audits by public accountants are regulated. The government fee to register an LLC is US$500).

Following Hong Kong business set up, an entrepreneur can i) open a corporate bank account ii) obtain local residence and employment visas and iii) lease office or factory premises in Hong Kong. A Hong Kong company has a excellent international reputation and opening a corporate bank account for one is simple.

Hong Kong business set up rules dictate that each company must:

i) appoint at least one director. Thereafter, an unlimited number of local and international directors may be appointed. Corporate directors are allowed.

ii) appoint one local resident company secretary and have a registered office address to which all correspondence is sent;

iii) submit an annual tax return and audited financial statements following Hong Kong business set up to the Hong Kong Inland Revenue Department (IRD).

iv) appoint at least one shareholder. Both local and international, corporate and individual shareholders are permitted. Note that there is a public register of directors and shareholders;

v) obtain a Business Registration Certificate within one month of Hong Kong business set up by paying a business registration fee of HK$2,600 (US$335);

A branch company is another option for Hong Kong business set up. A branch company is required to have a registered office in Hong Kong. A Hong Kong branch is taxed as an LLC in Hong Kong. The government fee to register a branch of a foreign company is HK$1,720.

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For an exhaustive review of Hong Kong business set up, purchase our Asia Business Setup book, email email@healyconsultants.com or call us in Hong Kong at (+852) 8331 1911.

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