Anyone can set up a company in Hong Kong, whether it be an individual or a group. Anyone can also be a shareholder, director or secretary of a company in Hong Kong, as long as she is legally recognized as a citizen or foreigner. To be a company secretary in Hong Kong, you do not need to be a citizen. However, you will need to reside in Hong Kong while functioning in the capacity of secretary. To remain in Hong Kong, a company must have an annual general meeting at least once a year, and no more than 18 months can pass between annual meetings.
Determine the company name and structure. You will first need to search for your company name in the Hong Kong Companies Registry. You are required to submit a company name that is not already in use in Hong Kong. You can also conduct a business name search online. You will then need to choose a company structure. You will have the option to open a branch office, a representative business or a limited company.
Incorporate the company. You will need to submit a completed and signed copy of the "Incorporation Form NC1, Articles of Association: Memorandum of Association" to the Hong Kong Companies Registry with the required fee. It will cost HK$1,720 to register a limited company. The office you are registering must be located in Hong Kong. There are no minimum or maximum limits for capital, according to the Companies Ordinance. Incorporation will take approximately 4 days.
Register your company. You are required to register with the Inland Revenue Authority in the Business Registration section. You should register the company in Hong Kong at least one month before the business begins operations. Business registration costs HK$2,000, and the annual fee for the business registration certificate is HK$450. If you choose to pay the annual fee for three years in advance, you will receive a special rate. The business registration certificate must be displayed at the office of the business. Registraton will take about 30 minutes.
Open a bank account. Requirements will vary among banks. Before opening an account, make sure you have completed the business registration process. Most banks require the contact information of business owners and the business, as well as the physical location of the business. You will need to deposit a minimum of HK$2,000 to open an account.
Choose your premises. You will find many options within the Hong Kong Central district. Other possible locations include Sheung Yang, Causeway Bay and Wanchai. You have the option to lease an office, an industrial building, a specialist's building or a virtual office, depending on your needs.
Contact the Hong Kong Association of Banks for a comprehensive list of Hong Kong banks that can open an account for your company.
- hong kong image by Dimitar Atanasov from Fotolia.com