General information about the jurisdiction of Hong Kong
| Official Languages | English and Chinese |
| Political Stability | Excellent |
| Application of the European Directive on the taxation of savings | Not applicable |
| Taxes on profits | No tax if the company’s revenues do not come directly or indirectly from Hong Kong |
| Time required to register a company | – “Express” registration: 24 hours (requires your presence in Hong Kong). – “Normal” registration: 7 business days from the receipt of signed company registration documents at our Hong Kong office. |
The Company
| Type of company | Private Limited Company. Offshore status does not exist in Hong Kong; it is a tax exemption for activities outside Hong Kong. |
| Jurisdiction | English Common Law & local laws |
| Authorized Activities | The company may engage in all activities except banking, insurance and financial activities (such as currency exchange). |
| Registered Local Agent | Mandatory. Our company Merritt Asia Limited is authorized to represent you and will therefore be the Company Secretary of your company. |
| Ready Made Companies | Yes (list available on request). We still have about 500 companies available. |
| Language used for documents | English or Chinese. We are of course at your disposal for any translation and assistance to their understanding. |
| Company Name | English or Chinese or both. The use of certain names are regulated (bank, federal, trust, etc.). Please contact us to check availability of a desired name for free). |
Share Capital and Shares of the Company
| Currency of capital | HKD (Hong Kong Dollar) |
| Minimum capital to be released | HKD 1 |
| Amount of “basic” capital at creation | HKD 10,000 |
| Maximum authorized capital | Unlimited. But we advise not to exceed HK $ 10,000 because it is the usual capital of a company in Hong Kong. |
| Release of the rest of the capital | Not required and not limited in time |
| Minimum number of partners | One |
| Maximum number of partners | Maximum of 50 partners |
| Bearer shares | Not Authorized |
| Class of authorized shares | Common shares, preference shares, shares with or without voting rights |
Principal Members of the Company
Company Secretary
| Role | Represents the company only with the Hong Kong Authorities for all administrative procedures including legal, accounting, fiscal and HR compliance g of the company. Not to be confused with the typical definition of a “secretary” as an office assistant. This is an official title meaning “agent”. |
| Mandatory | Yes |
| Local Company Secretary | Yes, it must be registered with the Hong Kong Registries |
| Can you propose a Company Secretary? | Yes. This is the mandate of our company Merritt Asia Limited. |
Director
| Role | The representative of the company (equivalent to the “manager” in civil law countries) |
| Eligibility | Any natural person or legal entity regardless of nationality. |
| Minimum Number | One (natural person or legal entity) |
| Maximum Number | Unlimited |
| Disclosure to Authorities and the Public | The Register of Directors is accessible to the public for a fee. |
| Place of residence of the director | Can reside anywhere in the whole world |
| Obligation to have a local director | No |
| Nominee management available | We no longer provide any nominee services. |
Shareholders
| Role | Owner of shares in the company. |
| Minimum Number | One |
| Maximum Number | 50 |
| Eligibility | Any natural person or legal entity regardless of nationality. |
| Public Disclosure | The Register of Shareholders is accessible to the public for a fee. |
| Shareholder Nominee | We no longer provide any nominee services. |
| Location of General Meetings | Anywhere in the world |
Administration, Accounting and Bank account
Administration and Accounting of the Company
| Maintaining accounting | Mandatory. We facilitate a connection with a third-party accountant, understanding that we have no access to your accounting, either directly or indirectly, and exercise no control or visibility over your company’s management. |
| Annual audit of accounts | Mandatory. We facilitate a connection with a third-party auditor, understanding that we have no access to your accounting, either directly or indirectly, and exercise no control or visibility over your company’s management. |
| Justification of expenses and revenue | All expenses must be substantiated by supporting documents (invoice, receipt, etc.). For a expense to be deductible, it must be related to the company’s activities. It is important to pay attention to the concept of a “permanent establishment” if your business is conducted from a country other than Hong Kong. As this topic is beyond our expertise, we recommend consulting with a tax attorney to validate the specifics of your business activities and income declarations in your country of residence. They can provide precise advice based on your individual situation. |
Bank Accounts
| Bank account location | Can be located anywhere but we recommend opening it in Hong Kong. |
| Possibility to have a bank account in Hong Kong | Yes. |
| Recommended Banks | We offer HSBC, Standard Chartered Bank, Citibank, DBS Bank and Hang Seng Bank, but any other bank is possible according to your instructions. |
| Remote Bank Accounts | This is possible with certain online banks (“fintech”) located in Hong Kong and outside of Hong Kong. |
| Internet Banking | Yes. Available at all banks. |
| Bank Account Currency | Multi-currency (for all banks): EUR, USD, GBP, etc., including RMB. |
| Control and Access to Company Bank Accounts | You are the ONLY one with access to the company’s bank account. We have no signature, access, or visibility into your accounts. If the banking relationship is accepted, it is solely between the bank and you. |
| Bank Cards | Debit card (ATM) and Visa Gold or Visa Platinum credit (ceiling = amount blocked as guarantee). |
| Exchange Controls | None |
| Opening Deposit | Min. HKD 10,000. |