Hong Kong Offshore Business Setup Laws
Hong Kong is undoubtedly one of the best locations for setting up an offshore company. From low taxation rates to the high credibility enjoyed by businesses in the city, Hong Kong has a lot of things going for itself for offshore company setup. It is no surprise then that thousands of foreign investors apply for company setup in the city each year.
Of course Hong Kong has always followed a pro-business policy and friendly laws for foreign owned companies. To setup a Hong Kong offshore company, the procedure is simple and takes about a week or so to complete. Every company in Hong Kong requires at least one director, one shareholder and one company secretary. A foreigner can act as both the company director as well as the sole shareholder if required. They will have to employ the services of either a qualified individual as the company secretary who is also a local resident or the services of a qualified corporate entity having their office in Hong Kong for the same. Apart from this, there is no other mandatory requirement as far as company personnel are concerned although certain firms may also have to appoint a qualified auditor.
Foreign owned offshore companies in the city also need to employ the services of a professional company formation services firm based in Hong Kong to complete the entire company incorporation procedure. They may also use a Hong Kong accounting agent for all their accounts related compliance requirements. As far as documentation is concerned, the foreign owner will have to submit the director and shareholders details including proof of residence and other particulars. They also need a Memorandum and Articles of Association for their new company in the city and also need to fill and submit the required application form. All documents can be sent to the professional company formation services firm to handover to the concerned authorities.
Offshore companies also need to get their name approved by the Company Registrar before proceeding to company registration. Usually company names are approved as long as they are not already in existence or trademarked. While Hong Kong does not have any minimum authorized or paid up capital requirement, offshore companies are require to fund any amount listed during registration immediately after the incorporation procedure is completed. They would also require a proper business address in Hong Kong itself to go ahead with the company registration.
Author Bio
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about Hong Kong offshore company and Register company in HK.
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