Buy or register a Company in Hong Kong

Hong Kong is a leading financial center in the Asian region. It has an extensive network of financial institutions and markets, offering a wide range of services to both local and foreign clients. Hong Kong companies are not offshore companies, although it has all the advantages of classic offshores, including tax-exempt if there no business activity in Hong Kong, no exchange controls, electronic system of registration etc. At the same time, some conditions make a Hong Kong company “whiter” and more reliable, namely, keeping records and audit of its annual financial statements.

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Company Registration in Hong Kong – Prices

Basic

1079€
  • Company registration, including payment of fees
  • Legal address
  • Set of registration documents
  • Registered agent
  • Company stamp

Standard

1869€
  • Company registration, including payment of fees
  • Legal address
  • Set of registration documents
  • Registered agent
  • Company stamp
  • Apostille of registration documents

Premium

2399€
  • Company registration, including payment of fees
  • Legal address
  • Set of registration documents
  • Registered agent
  • Company stamp
  • Apostille of registration documents
  • Nominee Secretary
  • Nominee Director
  • Nominee Shareholder
  • The release of a general power of attorney

Premium+

2750€
  • Company registration, including payment of fees
  • Legal address
  • Set of registration documents
  • Registered agent
  • Company stamp
  • Apostille of registration documents
  • Nominee Secretary
  • Nominee Director
  • Nominee Shareholder
  • The release of a general power of attorney
  • Opening of a settlement account in Norvik Bank
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FEATURES AND THE USE OF A HONG KONG COMPANY

A private company with limited liability (Private Company Limited by Shares) is the most common offshore company in Hong Kong. Best uses include international trade and investments. The minimum requirements for creating a new company include: a unique name, one Director who is a natural person, a shareholder, a secretary (Hong Kong resident) and a registered office in Hong Kong. There are restrictions when doing business that requires special permission: banking, insurance and credit activities. The following are the basic requirements for registering an offshore company in Hong Kong in more detail.
The authorized share capital: the minimum share capital of an offshore company is 1 HK$. Recommended basic capital is 10000 HK$, full payment is not required.

Types of shares: ordinary shares, preference shares, redeemable shares, shares with or without voting rights. Bearer shares are not permitted.

Shareholders: for the registration of an offshore company, at least one shareholder is required, a natural or legal person, without any restrictions on citizenship. Information about the company’s shareholders is available on the website of the Hong Kong Register. Nominee services are used as a legitimate way to ensure confidentiality of the owners.

Directors: an offshore company must have at least one natural person Director, without restriction on citizenship. Information about the company’s directors is available for viewing on the website of the Hong Kong Register. Nominee service is used as a legitimate way to ensure confidentiality of the owners.

Company secretary: Hong Kong offshore company must have a secretary, a natural or legal person. If the secretary is a legal person, it must have a registered office in Hong Kong, if a natural person – it must be a resident of Hong Kong. The secretary keeps the protocols, informs shareholders about the meeting, submits to the Register of Hong Kong information about the directors and shareholders of the company.

Accounting: companies are required to keep accounting records and submit financial statements to the tax office of Hong Kong.

Annual fee: in Hong Kong, there is an annual fee that is initially paid when registering a company, and later annually is included in the cost of the company’s extension.

The standard rate of corporate income tax in Hong Kong is 16.5 %. Provided that the company does not operate on its territory, there is no corporate income tax. Any company, whether it operates in Hong Kong or not, is required to prepare and submit financial statements. In Hong Kong, like in the UK, there are three types of reports:

1. Annual Return

This report is submitted once a year and contains up-to-date information on the legal address of the company, its directors and shareholders. The report is filed within 42 days after the end of 12 months from the date of registration. The secretary submits the report.

2. Financial Statement (financial report)

The Hong Kong company prepares and submits a financial report annually, in accordance with the requirements for filing of financial statements (HKFRS). This report should contain the conclusion of the auditor licensed in Hong Kong. The first financial year of the company lasts for 12 or 18 months (the usual date for the submission of accounts is on March 31 or December 31) and upon expiration it is necessary to submit a report with an audit conclusion.

3. Profits Tax Return (tax declaration)

This type of report is submitted by the Hong Kong company to the revenue department annually. At the expiration of 18 months from the date of registration of the company, the Hong Kong Tax Department sends an empty tax declaration to the company, which must be returned filled. A Hong Kong offshore company that derives income from abroad is free from tax liabilities in Hong Kong.

Due to favorable conditions for business, Hong Kong companies are becoming more popular. The most common reasons behind setting up an offshore company in Hong Kong are:

  • No need to pay share capital (share capital is declared only on paper)
  • Nominee service is used as a legitimate way to ensure confidentiality of the owners.
  • English is an official language; all registration documents are compiled in two languages – Chinese and English
  • A Hong Kong offshore company that derives income from abroad is free from tax liabilities in Hong Kong
  • Opening an account in the largest banks (for example, HSBC Hong Kong), using nominee service
  • No need to apply for a visa to Hong Kong for up to 14 days for citizens of Russia
  • Hong Kong being a special administrative region of China
  • Ease and speed of the registration process, as well as there are no local resident requirements.
  • Ease of use of the Hong Kong company when working with China or while setting up a representative office in China

How is an offshore company registered in Hong Kong?

Hong Kong company registration is simple and easy and can usually be completed within 10 working days. The entire procedure takes place electronically. Registration begins with filing the incorporation form, a copy of company’s articles of association the legal address of the company.

What is required to register a company in Hong Kong?

To set up a Hong Kong company, normally the following documents will be required:

  • Passport (scan copy) with English translation
  • Proof of address (scan copy, confirming the place of residence, for example: stamp of registration, utility bill or a copy of a similar document) with English translation

What you receive

  • NC1 Form
  • Certificate of Incorporation
  • Companies Business Register
  • Articles of Association
  • Resolution of Directors
  • Share Certificate
  • Registers of Directors, Shareholders and Secretaries
  • Nominee Agreement *
  • Resolution of issuing Power of Attorney *
  • Power of Attorney *
  • Declaration of Trust *

* Provided in case of using a nominee service

  1. Intermediaries in international trade. A Hong Kong company is perfect when working with China and other Asian countries. It acts as a link between a seller and a buyer as goods are transported directly. The Hong Kong company receives payment from the buyer and pays the seller. The profit received from the transaction is not subject to taxation.
  2. Service provider. The Hong Kong company renders services and receives the payment. The income received from the transaction outside of Hong Kong is not subject to taxation.
  3. International freight forwarding company.
  4. Investor or a holding company. A company may own assets, including shares of other foreign companies, without paying taxes.