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 | From the receipt of the signed documents at our headquarters in Hong Kong: • Ready-made company: transfer of ownership of the company within 24 hours. • Tailor-made company: – “Express” registration: 24h. – “Normal” registration: 7 working days. |
Characteristics of a 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
| Accounting & Audits | If you are not subject to Hong Kong corporate tax (so-called “offshore” activity), we default to 0% tax payable. In this case, it is not necessary to communicate your accounting and audit to the Authorities but this does not mean that they should not be done. See Accounting FAQ for more information. |
| Justifications of expenses and receipts | Nothing to justify if you are not subject to Hong Kong corporate tax (so-called “offshore” activity). “Misappropriation of Funds” does not exist. |
| Balance sheet and income statement of the company to be transmitted to the authorities | Not required. |
Bank Accounts
| Bank account location | Can be located anywhere but we recommend opening it for credibility and security reasons in Hong Kong (Hong Kong banking secrecy and Hong Kong law protection) |
| 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 | An on-site appointment with the banker is therefore mandatory except for digital banks. |
| Internet Banking | Yes. Available at all banks. |
| Bank Account Currency | Multi-currency accounts at all banks (RMB, EUR, USD, GBP, etc.) |
| Control and Access to Company Bank Accounts | You are the ONLY one with access to the bank account of the company. In case of the use of a nominee, the latter has NO power on your bank account. This is CLEARLY indicated on the opening form of the bank account and the bank is therefore aware of the real beneficiary of the company (the latter is protected by banking secrecy strictly applied in Hong Kong). |
| 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. |