Hong Kong’s advantages are the reasons for its success over many years as an international business city, such as:
- Common Law System
- Employer-Friendly Legislation
- Pro-business Governance
- Simple Tax System
Hong Kong has the world’s freest economy and enjoys unrestricted flow of information, capital, talent and goods.
In addition, Hong Kong people have an international outlook and commensurate business expertise. They are usually trilingual (English, Mandarin & Cantonese), highly trained, flexible and mobile. Hong Kong also has an open-door immigration policy to attract the best overseas professionals to come & work in the city.
Setting up a company in Hong Kong is fast, straightforward and inexpensive. In under a week, your company could be up and running. Here are the basic steps in setting up a business in Hong Kong:
The most commonly used structure is the Private Limited Company. It is a separate legal entity from its foreign parent company, therefore the liabilities of the subsidiary company do not extend to the parent company.
Another type of business is the Representative Office. A Representative Office has no legal status and cannot conduct any profit generating business activities. Such an office is useful if a company wishes to explore the Hong Kong market before making a larger investment or indeed if it is never intended to derive sales, e.g. only fulfill functions such as promotion and liaison work.
All Hong Kong Companies must appoint a Company Secretary which is based in Hong Kong. The Company Secretary is responsible for the annual maintenance of the company and has to ensure that the company is compliant with the regulations
Company incorporation & business registration completed
Submit company’s statutory documents, and other supporting documents such as business plan and proofs
Different banks will also have different requirements on the deposit and processing fees
- Assistance with Bank Account Opening
- Company Formation
- Provision of Company Secretary
- Provision of Virtual CFO
- Provision of Registered Office Address
- Preparation of Significant Controllers Register
- Provision of Designated Representative