Our years of operation have given us the experience to recognize all the tiny challenges that can make the difference between business success and failure. We understand the culture and nuance in dealing with local Companies. These can be a beartrap to the uninitiated. Bearing this in mind, our company’s goal is to assist you to establish your business as quickly and smoothly as possible with the least hassle. Local knowledge can be vital.
We are ready to help you during the whole procedure, including the filling of official forms and contacting the authorities concerned.
Benefits of company formation in Hong Kong:
- A wide range of possibilities in the Asian market
- Maritime shipping, trade, business centre
- The foreign companies operate legitimately, which means legal certainty for the enterprise.
- There is no minimum amount of invested capital specified
- In HK a foreign person is also able to found a company without limitation
- Only the profit coming from inland operations is subject to corporate tax
- There is no VAT
- There is no local tax, contribution, withholding tax and dividend tax
- The wage-contribution is low on both end
- The foreign income is tax exempt Hong Kong is a duty-free zone. Only the tobacco, alcohol products and the import of passenger vehicles are dutiable.
- Complete companies are also easy to buy
The HK companies are registered under the ’Limited’ legal form. This is an internationally known limited liability business from which is founded with shares. In Hong Kong there are two kinds of enterprise that are eligible for tax exemption. On the one hand, there are those that don’t have any business activity in Hong Kong, and on the other hand those foreign organisations’ subsidiary companies whose activity is limited to takeover operations. In these cases the companies are exempt from paying corporate tax.
Naming the company
The limitations concerning the registration of new HK enterprises are not valid for offshore companies. However, the use of the following names are forbidden for offshore companies:
Assurance, Bank, Building Society, Commonwealth, Co-operative Society, Fidelity, Friendly Society, Guarantee, Indemnity, Insurance, Re-insurance, Trust, Trustee, Underwriter, Royal, Imperial, Empire, Municipal, Chartered.
- At least one shareholder is necessary
- The owner can be a natural person or a legal person
- The owner can be a foreign person, there is no such limitation
- The details of the shareholders are public corporate data
- Nominal stockholder service available
- At least 1 director is necessary
- The director can be a natural person or a legal person
- The director can be a foreign person, there is no limitation
- The details of the director are public corporate data
- Nominal director service available
- The director and the shareholder can be the same person
- In case there is only one director in the company, he/she can’t be the secretary
Having a local headquarters and secretary is obligatory.
The modification of the HK corporate law, which came into effect on 2014.04.01 the following restrictions considering the director should also be taken in account:
A legal person can’t be the sole director.
Our office can provide the local director if necessary, but the placement of another director is also required.
Shares, registered capital
- Standard base capital: 10.000 HK$
- Standard nominal value of shares: 1 HK$/li>
- There is no predetermined amount of base capital
Bookkeeping and administration obligations
Every Hong Kong enterprise is obliged to maintain bookkeeping and audits.
The audits should be done by a registered auditor (HKCAP).
An annual report must be written and published (the first one is due after the 18th month from the formation of the company).
All the annual reports and supporting documents have to be kept for 7 years.
There is no obligation for holding a general meeting, although if the shareholders decide on holding one, it can be done anywhere.
In pursuance of act of 1979 corporal law on secrecy, releasing information about the owners of a company (exempt from taxation) is object to a financial penalty of up to 50000 USD or up to 3 years in prison.
Setting up of the enterprise takes up to 4-6 weeks.
Registered office services
During the process of a company foundation, you may encounter various problems, including expensive office rental fees or costly personnel salaries. Fortunately, our company is able to provide our clients with an optimal solution.
We offer customized registered office services in various cities of the Asia region. One of these premises is located in Hong Kong, in the cities most exclusive shopping districts. For more information on this office, please click HERE.
Our registered office service includes
- full usage of the office
- a well-equipped conference room (pre-arrangement is required)
- handling mails and parcels
- access to computers, internet (pre-arrangement is required)
Besides providing a premises for your business – by using our registered office services – we additionally offer various secretarial services for our clientele.
The service includes the followings:
- preparing your annual tax return
- forwarding and scanning mails
- performing secretarial duties
- preparation of documents
- preparation of licenses
- fast and effective forward of any kinds of message regarding your business
The knowledge of languages has a key role in business, since it may help your firm to acquire important business relationships. Union Secretary’s aim is to help you grow your company. In order to overcome the linguistic barriers, we offer interpretation services to our clients.
Our interpreters are available for business trips, dinners, conferences, exhibitions or for the whole duration of any other types of event.
If you would like more information regarding this service, please contact our COLLEAGUES.
Company representation on events
An important Asian fair is taking place soon and you would like to have your company represented? Union Secretary is committed to assist you with this issue. Besides our interpreter service, we supply host and hostesses for events.
When it comes to owning a business, it’s worth putting a great emphasis on the promotion of your firm. If you would like to promote your company with dedicated and enthusiastic people, Union Secretary fits the bill.
Our company only supplies professional, multi-lingual, protocol experienced, and smart ladies and gentlemen.
Our hosts/hostesses will contribute to the quality of the event, whether it an exhibition, promotion, or conference, and also enhance the reputation of your company.