Hong Kong is an international financial hub, a tested and proven jurisdiction that you can count on to grow your enterprise into the multinational of your dreams. For more than a decade, the Hong Kong administration has developed word-class infrastructure and adopted pro-business policies, which help it maintain an edge in international ranking for ease of doing business. So, if you have a business and want to grow it into the next level, Hong Kong is no doubt one of the best offshore investment destinations.
To use this high-potential business hub, the starting point is registering a company in Hong Kong. The process of business incorporation in Hong Kong is outlined in Companies Ordinance (Cap 622) and is pretty straightforward. Keep reading to learn about the key steps to follow when registering a company in Hong Kong.
Key Advantages of Incorporating a Company in Hong Kong
The primary advantage of taking your business to Hong Kong is a supportive administration. Hong Kong, an island with no land for agriculture or mining, opted for a pro-business model to support its economy. To achieve this, the Hong Kong administration stops at nothing to ensure that every business has the best chance for success. Other benefits of registering a company in Hong Kong are:
- An attractive tax system.
- It is one of the freest economies in the globe.
- Serves as the gateway to Mainland China.
- A well-educated and productive workforce.
- Strategically positioned in the heart of Asia.
A Step-by-Step Guide on How to Register a Hong Kong Company
- Apply for a Business Name
In Hong Kong, the Companies Registry is the official organization that oversees incorporation of businesses on the island. There are two types of companies that you can form in Hong Kong; a company limited by shares or limited by guarantee. Once you identify the preferred type of company, go ahead and select the business name, which must be in compliance with the Guidelines on Registration of Company Names for Hong Kong Companies.
- Prepare Documents Required for Company Registration in Hong Kong
The documents required for company registration are outlined in the Hong Kong Companies Ordinance, and they include the following:
- A copy of the company’s Articles of Association.
- The company name.
- A description of the business activities.
- The company’s registered address.
- Details of the directors, shareholders, and company secretary.
- The share capital registered upon incorporation of the business.
- Official copies of passports of overseas directors and shareholders. If they are residents in Hong Kong, you need to attach proof of residence and copies of their identity cards.
Note that if the documents outlined above are in a language other than English, you need to provide an endorsed translated copy.
- Submit the Documents to the Registry
Once you’ve prepared all the documents, they need to be presented to the company’s registry after paying the necessary registration fees. Note that you might opt for a certificate renewable after one year or three years.
While the Hong Kong administration has simplified the process of company registration, a lot of investors still find it lengthy. Particularly, preparing the documents can be challenging, and you might need to fly to Hong Kong several times to complete the process. However, you can simplify this by working with an agency.
