Find New Opportunities In Hong Kong

By Author: Bruce Macleod
Total Articles: 1
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Businesses are always looking at new places to expand their business. it is not just a good market that is needed but the country must also have other benefits to offer. The country where you are setting up business must be accommodative of foreign companies. The government must offer their support to foreign companies being set up there. There must be tax benefits that will help you reduce your tax burden. You must also be able to spread to a large market once you set up your operations there. Considering all these, Hong Kong is the best place for your offshore company to be set up.

Understanding The Hong Kong Offshore Company Set-Up Procedure

It is better to understand the company formation procedure even if you are going to hand over the job to an agent. This will help you understand whether the agent is going in the right direction. Another need for understanding the procedure is that you will be able to be more prepared for fulfilling the formalities if you know them ...
... beforehand. Knowing the requirements will help you keep the documents ready for the quick completion of the formalities.

There is certain information that you must share before your company can be incorporated. You must select a name and pass this information to the agent. This will be the name for your company and it will be the brand under which you will be operating in Hong Kong. Registering the name is the first part of incorporating your company. You must also give a brief description of the business activities that you propose to carry on in Hong Kong.

You must also provide the details of all the shareholders, directors and the beneficial controllers. Their names, addresses and mobile numbers must be submitted to the agent. You must also give a letter confirming that none of these persons are politically exposed persons. This is a condition in Hong Kong which is strictly enforced. You must also provide the address of the registered office in Hong Kong.

Starting A Private Limited Company In Hong Kong

During company formation in Hong Kong, it is necessary to decide on the type of company that you want to register. The most preferred type of company registered in Hong Kong is the Private Limited Company. The private limited company has many advantages over other forms of companies. It is a separate legal entity that can acquire assets, get a loan and enter into agreements.

The main advantage is that the liabilities are limited to the number of shares in the company. The personal assets cannot be attached to make good the company's losses or debts. This type of company can have its shareholders changing without affecting the business of the company. The shares can be transferred for acquiring more funds. Compared to other types of companies, a private limited company can get a loan from banks easily.

Requirements For Company Incorporation In Hong Kong

A private limited company will require a minimum of one director who is a natural person. The person can be a foreigner or a Hong Kong non-resident. The company must have at least one shareholder and can have a maximum of 50 shareholders. Either individuals or companies can be shareholders. Hong Kong allows 100% foreign shareholding.

The company must also have a designated representative who should be a Hong Kong resident and will be the contact person for the government authorities. This person will be responsible to keep a record of Significant Controllers.