Setting up a company in Hong Kong

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Companies Ordinance

Companies incorporated or registered in Hong Kong are governed by the Companies Ordinance (Chapter 32 of the Laws of Hong Kong).

To set up a private limited liability company “ Hong Kong company” to do business in Hong Kong can be swift and could be done within 6 to 8 working days.

The followings are requirement information for perusal.

Share Capital
Shares must be expressed in a fixed amount in whatever currency the owner prefers and there is no statutory minimum amount of share capital imposed upon owner. The share capital can be one share of HKD 1 to multiple shares and multi-million dollars.

Director and shareholder

Hong Kong law requires the company to have at least one shareholder and one director.

There is no restriction on nationalities or residency of the shareholder and director of the company. Basically a person with whatever nationality and resident can be the shareholder or director of a Hong Kong company.

There is also no requirement that the shareholder or director must be a natural person, as such any company or corporation, overseas or local, can also act as the shareholder and director of a Hong Kong company.

Company secretary
There is the requirement for a Company Secretary who must be an individual or company resident in Hong Kong.

Registered Office

The company must have a street address in Hong Kong as its registered office for all statutory and government correspondence.

Ongoing and annual compliance requirement

Annual Meetings

An annual general meeting (AGM) must be held once in every calendar year and not more than 15 months after the last preceding AGM.

Public Filings

The names and personal particulars of the directors and secretary, register of charges, share capital, registered office address, etc, must be filed annually with the Companies Registry as public records . A private company does not need to file its accounts for public inspection, but proper books of accounts are to be kept and audited.

Accounts & Auditors
Every company is required to appoint an auditor to audit the accounts and records kept by the Company.

Business Registration Fee

A limited company is required to pay a business registration fee every year.

Taxation

A Hong Kong limited company needs to file Tax Return annually and is taxed at the rate of 16.5 % for the year 2008/2009 onward per annum based on assessable profit earned from business and profits in Hong Kong.

Employer's Return
Employer's return, upon issue by the Inland Revenue Department is the filing of payroll information of employee employed