In Hong Kong, the most common type of business entity is a private limited company, which is similar to a limited liability company (LLC) in other jurisdictions. Here are the steps involved in starting an LLC in Hong Kong:
Step 1: Choose a company name – the first step is to choose a name for your company. The name must not be identical or too similar to the names of existing companies in Hong Kong, and it must not be offensive or contrary to public interest.
Step 2: Appoint a company secretary – Every Hong Kong company must appoint a company secretary who is a natural person resident in Hong Kong or a Hong Kong company. The company secretary is responsible for ensuring that the company complies with its legal obligations.
Step 3: Appoint directors – A Hong Kong company must have at least one director who is a natural person. There are no residency requirements for directors, but at least one director must be ordinarily resident in Hong Kong.
Step 4: Determine the share capital – You must determine the share capital of your company, which is the amount of money that shareholders will contribute to the company. The minimum share capital requirement in Hong Kong is HKD 1.
Step 5: Prepare the articles of association – The articles of association are the rules that govern the internal affairs of the company, such as the rights and obligations of the shareholders and directors.
Step 6: Register the company – Once you have completed the above steps, you can register your company with the Hong Kong Companies Registry. You will need to submit the following documents:
- A copy of the company’s articles of association
- A copy of the company’s memorandum of association
- A copy of the company’s business registration certificate
- A copy of the company’s certificate of incorporation
- A copy of the company’s identity card or passport of the directors and company secretary
- A copy of the company’s registered address proof
- Payment of the registration fee
Step 7: Obtain a business registration certificate – Once your company is registered, you will need to obtain a business registration certificate from the Inland Revenue Department. This certificate certifies that your company is registered and provides information such as your company name, address, and business registration number.
In conclusion, starting an LLC in Hong Kong involves choosing a company name, appointing a company secretary and directors, determining the share capital, preparing the articles of association, registering the company with the Hong Kong Companies Registry, and obtaining a business registration certificate from the Inland Revenue Department.
It is advisable to seek professional advice from a company registration agent like One IBC to ensure that you comply with all the legal requirements and maximize the benefits of incorporating in Hong Kong.