How to set up a limited company in Hong Kong?

Setting up a limited company in Hong Kong requires more or less of a structured process. Here is an extended version of the major steps:

1. Company Name: First of all, one needs to choose a unique name for the company that will follow the rules set by the Hong Kong Companies Registry. For this reason, it is very important to check if there are companies with the same name or not. This will ensure that the company name chosen will be legally acceptable and registered.
2. Required Document Preparation: The Memorandum and Articles of Association are the essential documents. In substance, these documents are the internal structure and mode of operations of the company, and the responsibilities that go along with being a shareholder or a director are outlined. A person is expected to fill in Form NNC1-the incorporation form-which contains information on the directors, the shareholders, and a registered office of your company. Such documents are prepared by One IBC Hong Kong on behalf of foreign entrepreneurs or those who would like professional guidance in ensuring that all documentation is compliant with existing laws.
3. Submission of Application: Once all the documents are ready, you can submit your application to the Companies Registry of Hong Kong online or in person. It generally takes 1-3 working days for registration. Upon application submission, you’ll have to pay incorporation and business registration fees.
4. Business Registration Certificate: After the incorporation of the company, the last step is to apply for a Business Registration Certificate from the Inland Revenue Department. The certificate has to be renewed annually in order to maintain your company legitimate in operation. This is quite important and required of all businesses in Hong Kong.
5. Set up a Corporate Bank Account: A corporate bank account is opened that will be utilized in running the financial transactions of the firm. This might not be that easy for non-residents, since their case requires the submission of more documents. One IBC Hong Kong makes this possible by liaising with Hong Kong’s top banks and helping in gathering all the relevant documents necessary to speed up the process of account opening.
6. Ongoing compliances: When the company is already up and running, it is required to maintain a state of compliance with local laws. This includes filing annual returns, preparing proper books of account, and paying taxes on time. For this too, One IBC Hong Kong offers ongoing compliance services where support businesses by maintaining the compliance matters and allowing the owner to focus on working out strategies for growing and expanding the company and its operation.
7. Consideration for Foreigners: Setting up a limited company does not require you to be a resident in Hong Kong. Again, there is no obligation to have either a local shareholder or a local director, making Hong Kong a very attractive jurisdiction for international business.