Guide To Hong Kong Company Formation And Bank Account

A Hong Kong business incorporation does not have to be frightening. States has developed a comprehensive handbook with all you need to know to put your mind at ease about a potentially stressful procedure. Hong Kong is an international financial centre due to its unique location as a bridge between the East and the West. Because of its closeness to Mainland China and its legal system based on common law, Hong Kong is an appealing destination for doing international business in Asia. Opening a Hong Kong company formation and bank account may be a sensible decision if your firm intends to grow in Asia.

It is easy and affordable to erect

In Hong Kong, the world’s freest economy, registering your corporation takes only 48 hours. Many restrictions imposed in other nations do not apply in Hong Kong: no minimum registered capital, no requirement for a local director, no limit on foreign investment, and so on.

Select a Company Secretary

Every firm in Hong Kong must have a native company secretary. For example, Hong Kong authorities want a “go-to” person if they have queries about your company. That is why the name of your company secretary appears on your firm’s registration paperwork. Your company secretary will ensure that your firm complies with the Hong Kong rules governing the creation and management of corporations.

Payment of the Government Fee

You must pay the necessary government charge when you submit the incorporation paperwork to the Companies Registry. Both Hong Kong company formation and bank account have a fee process. In response to the coronavirus-caused economic slump, the Hong Kong government has agreed to eliminate the fees for 2020 and 2021.

Obtain the Required Permits and Licences

Likely, your firm will not require any permissions or licences to conduct business in Hong Kong. As a matter of principle, Hong Kong, one of the world’s most free economies, allows anybody to operate in any company. Exceptions apply only where licences and permits are required to defend the public interest (safety and cleanliness, public health, and people’s welfare).

Hong Kong Account Opening Requirements

To create a corporate bank account in Hong Kong, most banks will ask Hong Kong private limited corporations and offshore firms to submit the following documents and information. Bank account opening form that has been duly filled and signed by authorised signatories, as per the Board resolution.

• An excerpt from the board resolution authorising the establishment of a corporate bank account. The Companies Registry’s certified authentic copy of the company’s Certificate of Incorporation. The Inland Revenue Department’s certified copy of the firm’s Business Registration Certificate.
• A verified copy of the company’s Articles of Association. A director statement containing the personal information of directors.
• A main shareholder owns or controls 10% or more of the voting rights in the corporation.
• A copy of the Hong Kong identification card or passport; residence evidence such as utility bills, bank statements, and driving licence. And, if appropriate, former name or alias proof for each director, authorised signatory, significant shareholder, and beneficial owner of corporate shareholders.
• A list of authorised signatories’ specimen signatures. Firm proof, such as a company strategy or audited financial accounts.