When considering company incorporation in Hong Kong, a company formation specialist will advise you that the most important thing to be considered is your interest in the company. Your aspirations will have an enormous impact on your choice of company. Some directors are drawn to companies with business ideas that they believe in personally. Other directors want a company with which they feel they can do well. A company formation specialist will be able to assist you in making your own decisions in this respect.
The company incorporation HK process in Hong Kong follows the same necessary procedure as in any other country. Before company incorporation HK, there is just one language commonly used in the offshore finance sectors concerning both the Company Owners and the Employees. It is English, but it is understood that most business owners speak some Cantonese or Mandarin Chinese. There is no significant difference between these two languages, and so they are often used interchangeably. However, most company incorporation applicants in Hong Kong use English as their primary language.
In company incorporation in Hong Kong, the company must be registered under the Companies Ordinance. This Ordinance specifies the type of company, who owns it, what it does, how it should be operated, and its shareholders (including individuals, corporate entities, and other bodies). To comply with the Ordinance, the company must: appoint a secretary and a treasurer, establish office addresses in the office premises and each locality, pay the annual registration tax, and issue a company report to its registered office and shareholders.
There are many benefits to company registration in Hong Kong. To name a few, you must comply with the tax laws specially designed for businesses in Hong Kong. Moreover, you can choose between the Single Tax System or the Double Tax System. Under the Single Tax System, you have to pay tax on your company’s income and value only. In contrast, under the Double Tax System, you pay tax on your income from both your business and its subsidiary or corporate units.
Also, company registration in Hong Kong is required to receive the Foreign Investment Protection Act’s benefits. FIPA enables companies to protect their interests in China by putting up an account in the Chinese stock exchange. The company formation process starts with the application, followed by the evaluation of the registration, signing of the Articles of Association, and payment of the registration fee. If everything goes well, the registration will be granted, and your company will become a Hong Kong corporation.
However, there are some hurdles on the way to success in company registration in Hong Kong. First, the company secretary plays a crucial role in managing company affairs. Together with the company secretary, company secretaries are responsible for collecting all the necessary documents for the company, acting as company secretary if necessary, and preparing the annual report. Besides, a company secretary also prepares the bank accounts, pays the payroll, and manages its assets. Therefore, it is evident that the company must have a company secretary. It is another reason why many companies prefer to hire a company secretary to handle their affairs.
However, if you are looking for more convenient incorporation, you can opt for the ‘one-stop’ company registration service offered by several professional agencies. With one-stop company registration services, all you need to do is provide the company secretary with the information you want and then pay a registration fee. A company secretary will then take care of all the documents and organize them according to the different countries’ requirements. At the same time, you continue to work on other aspects of the business registration process. Also, you can save time and money when you use one-stop services for incorporation.
To save time and money on the part of the entrepreneurs, Hong Kong now offers KWO services. These KWO services allow a new company to apply for its trademark in a straightforward application. All you need to do is present a copy of your business registration document, including the company’s register and the Companies Administration, to the KWO office. The KWO office will then search its database to find all the information you need for your company. On deciding whether to grant your company a trading name, your KWO company secretary will organize all the required documents for your review. The company secretary will then convey all the details of the new company secretary.