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.