Company Formation in Hong Kong: What are the Main Requirements?
Hong Kong is the ultimate destination for investors because it offers the best environment for them to grow their ventures. Hong Kong’s administration has installed robust policies that are aimed at achieving one thing: helping businesses to grow and meet their objectives.
From its strategic location in the heart of the Far East to low taxes, everything is set to catapult your enterprise into a multinational, but you need to start with company incorporation in Hong Kong.
This brings us to the big question, “what is the right process for company formation in Hong Kong?” This post is your complete guide to company formation in Hong Kong, highlighting important numbers, the requirements for company formation, and the benefits of working with an agency of experts.
Hong Kong: What Do Economic Numbers Say?
- Hong Kong GDP, according to 2021 estimates, is 368.6 billion.
- The World Bank ranked the island number three on ease of doing business in 2020.
- Hong Kong has a population of 7.6 million, according to the 2021 estimates.
- Hong Kong is the seventh largest stock market on the globe.
- The island operates as a free port, which means that most products are imported and exported duty-free.
- The main industries contributing significantly to the jurisdiction’s GDP growth are textiles, tourism, clothing, banking, shipping, and electronics.
The Main Requirements for Company Formation in Hong Kong
The numbers we have highlighted above show a jurisdiction that is set for progressive growth. This is why top brands, including 70 of the top 100 banks on the globe, have some presence on the island.
So, if you also want to move to this high-potential jurisdiction, here are the main requirements and facts about offshore company formation:
- Company name that is pre-approved and reserved for your business.
- The company you are forming in Hong Kong must have a minimum of one director, but the maximum is unspecified. Note that directors must be persons of no less than 18 years and not convicted of any crime or declared bankrupt.
- You also need to have a minimum of one shareholder in the company. Unlike with the directors, the maximum number of shareholders to form a Hong Kong private limited liability company is capped at 50.
- Registering a company in Hong Kong also requires you to have a resident secretary. This is a senior officer who is required to be part of the board meetings and store all the statutory documents for the company. So, make sure to select a qualified person and experienced person for the position of company secretary.
- A duly filled company registration form, which should include all the details and documents for incorporation. Some of these include:
- Company name.
- Registered address.
- Details of directors, shareholders, and company secretary.
- Description of business activities.
- Liability of members.
- Articles of association.
- Get additional permits and licenses where necessary.
- Open a bank account.
- Register with the Inland Revenue Department (IRD) for a Business Registration Certificate.
Incorporate Your Company Offshore with the Help of ICD Fiduciaries
Although Hong Kong comes with a long list of benefits for investors, the process can be pretty complex. It is not uncommon to see some investors falling along the way for trying to register companies alone. All about corporate philanthropy here.
The best option is to contract ICD Fiduciaries, an agency of experts that specializes in offshore company registration, for help.
- The experts help you to prepare all the required documents professionally.
- With experts on your side, the process of company registration is completed fast.
- You can register a company without flying to Hong Kong.
- ICD fiduciaries will be there to also help with the bank account opening and strategy formulation for growth.
Registering an offshore company in Hong Kong is an excellent choice for fast growth into a multinational. You can increase the chances of success and cut down the associated costs with a huge margin by working with ICD fiduciaries. Talk to ICD fiduciaries now for help with company incorporation as well as accounting compliance and implementation of e-commerce solutions.