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hong kong

Hong Kong is located in the South China Sea 100 miles south east of Guangzhou (formerly known as Canton). As of the 1st July 1997 under the Sino-British Agreement of December 1984 Hong Kong became a Special Administrative Region (HKSAR) of the People's Republic of China. The Basic Law, which is the Constitution of the HKSAR, is intended to maintain the HKSAR and the PRC as separate governmental, legal and economic systems. This is known as the "One Country, Two Systems" concept. Hong Kong is governed by a Chief Executive and a Provisional Legislature. The Chief Executive is voted in by an electoral college and endorsed by the Preparatory Committee, the latter also approving candidates for the Provisional Legislature. One of the major tasks of the Provisional Legislature is the devising of the electoral system for future elections to the first Legislative Council.

 

 Hong kong 

The legal system of Hong Kong is English Common Law supplemented by locally enacted Ordinances. There is now a bilingual legal system with Ordinances being translated into Chinese but English will continue to prevail. There are an excellent range of professional services available as Hong Kong serves as the major business centre for the whole of the Far East. This is unlikely to change in the foreseeable future.

Characteristics of a company incorporated in Hong Kong


Corporate Law 

Companies Act 1926 (section 32)


Types of registered companies

  • Company with limited and unlimited liability;
  • Company limited by guarantee obligations of participants


Equity capital 

Standard share capital - 10,000 Hong Kong dollars. The minimum paid up capital - 1 share at par.


Stocks 

  • Bearer shares are not allowed.
  • Type of shares with a nominal value


Requirements for the company. 

  • Minimum number of shareholders - two
  • Minimum number of directors - one (natural or legal person).
  • Directors and shareholders can be both physical and legal entities - residents of any country
  • It’s possible to use the nominee directors, if it is provided by the charter
  • Company Secretary is required (must be a resident of Hong Kong, which can be both physical and legal person)
  • Registered office is required, which must be real "physical" address (not mailbox), must be situated in Hong Kong.


Taxation

Income tax rate is 17.5% and applies only to income earned in Hong Kong. This means the following: while Hong Kong company does not conduct any business in Hong Kong, it is exempt from paying taxes.

However, this exemption is not granted to Hong Kong companies "automatically". Eligibility for tax exemption must be proved to the tax authority. This is the task of auditors, who represent the company before the tax authority when filing tax reports.

 In Hong Kong there are no taxes on capital gains, dividends, interest, royalties received from abroad or going abroad. VAT is also absent.


Agreement on the Avoidance of Double Taxation

Hong Kong signed a number of tax treaties for maritime and air transportation with the following countries: Australia, Austria, Bahrain, Burma, Brazil, Brunei, United Kingdom, China, Germany, Israel, India, Indonesia, Italy, Canada, Chile, China, Luxembourg, Mauritius , Malaysia, Nepal, Netherlands, New Zealand, Norway, United Arab Emirates, Oman, Pakistan, Russia, Singapore, Thailand, Turkey, Philippines, France, Switzerland, Sri Lanka, Estonia, South Korea, Japan. 

Comprehensive agreements on avoidance of double taxation Hong Kong has signed with three countries: Belgium, China, and Thailand. At present, negotiations are underway with India.


Fees: 

All Hong Kong companies (regardless of whether they carry on business in Hong Kong or no) must pay the registration fee (business registration fee), size of which is currently set in the amount of HK $ 2.600. This fee must be paid within one month from the date of establishment of the company, and later - every year.


Assembly and Annual Report

The annual general meeting of shareholders in Hong Kong is not required.

Companies must file annual reports that provided detailed information about the directors and shareholders of the company.


Audit

Each year, companies must submit an annual report (Annual Return). All Hong Kong companies must keep accounting records, which should be kept at the registered office of the company or elsewhere in accordance with the decision of the directors.

Each company must appoint an auditor who must be a member of the Hong Kong Association of Accountants and have relevant certificates. In Hong Kong there is no requirement for accounting reports to the Register of Companies.


Privacy 

Register of directors and shareholders is open but anonymity can be achieved through the use of nominee shareholders and directors.

International business company (IBC) - Standard order

 International business company (IBC) 

US$ 1,750.00

 US$ 2,750.00

Standard order

The documents/services which are provided to the client are:

  • Certificate of Incorporation 
  • First Resolution of Director
  • Memorandum and Articles of Association
  • Share Certificate
  • Courier services
  • Corporate seal                     

       Price - US$ 1,750.00 includes:

  • Payment of government duties for registration of offshore company
  • Services of the registered office & registered agent in Hong Kong for first year
  • Services of registered office for first year.
  • Courier

Standard order with Nominee Services:

The documents/services which are provided to the client are:

  • Certificate of Incorporation
  • Memorandum and Articles;
  • First resolution of the Directors
  • Appointment of First Directors;
  • Share Certificate;
  • Deed of Trast
  • Register of the Directors and Shareholders;
  • Letter of the acceptance of the Director;
  • Power of Attornay;
  • Apostille Bound Set in the country of registration;
  • Agreement for the provision of nominee services
  • One round rubber company stamp

Price - US$ 2,750.00 includes:

  • Payment of government duties for registration of offshore company;
  • Services of the registered office & registered agent in Hong Kong for first year
  • Services of registered office for first year;
  • Nominee services for first year;
  • Courier.


Ready-made (shelf) companies

We have specially registered some companies for your convenience if you require the company immediately or if you require company with older incorporation date. You can sign the bank account opening forms as soon as you have purchased the shelf company which lets you to receive the account number and IBAN number straight away.

All these companies have not traded or entered into any dealings or obligations whatsoever. Since their incorporation, their documents have been kept motionless on the shelf in our office.

Please note that due to the fact that these are "shelf" companies they are without Apostille and most probably, you will need it so it will take 1-2 business days to arrange for it. And if you are a new customer it will take some time to fill out all the necessary forms due to our companies "know your customer" policy.
The Price for the shelf company varies depending on the incorporation date of the company.

 For more detailed information about company formation in Hong Kong or "shelf" companies please contact us and our experts will be glad to help you in any question you may have. Our telephone number is + 357 22 680602 and e-mail:  This email address is being protected from spambots. You need JavaScript enabled to view it..