What are the requirements for the formation of a company in Hong Kong?

There are several remarkable requirements for forming a company in Hong Kong:

1. Company Name: Choose a unique name for your company that is not already registered and doesn’t infringe on any trademarks. The name should end with “Limited” (Ltd) to indicate limited liability.
2. Directors and Shareholders: A company in Hong Kong must have at least one director (who can also be a shareholder). There is no restriction on the nationality or residency of directors or shareholders, and corporate directors/shareholders are allowed as well.
3. Company Secretary: Every company must appoint a company secretary who is either an individual resident in Hong Kong or a corporate secretary with a registered office in Hong Kong.
4. Registered Address: The company must have a registered office address in Hong Kong.
5. Share Capital: There is no minimum capital requirement, but companies usually have a nominal share capital. The capital can be denominated in any currency.
6. Articles of Association: The company’s internal rules and regulations are outlined in its Articles of Association, which must be filed during the registration process.
7. Incorporation Documents: The incorporation documents include the Articles of Association, a Notice to Business Registration Office, and a copy of the company’s Form NNC1 (incorporation form).
8. Business Registration: Within one month of incorporation, the company must apply for a Business Registration Certificate from the Business Registration Office.
9. Opening a Bank Account: A company bank account can be opened in Hong Kong or overseas. Banks may have varying requirements for documentation and in-person visits.
10. Annual Requirements: Companies must file annual returns and submit audited financial statements to the Companies Registry and the Inland Revenue Department. Failure to comply can result in penalties.
11. Taxes: Hong Kong operates on a territorial basis of taxation. This means that only profits derived from a trade, profession, or business carried on in Hong Kong are subject to taxation. There is no Value Added Tax (VAT) or Goods and Services Tax (GST).
12. Permits and Licenses: Depending on the nature of the business, certain permits or licenses may be required. It is important to check with relevant government departments.

Please reach out to us at Hong Kong Company Formation for assistance with company formation in Hong Kong, ensuring that no requirements are missed when opening a new company.