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Companies registration in Hong Kong

Registration of business in Hong Kong

Hong Kong being formally a part of China has a status of special administrative district and it is legally separated jurisdiction having its own legislation. That special status of HK is derived from bilateral treaty between China and the United Kingdom, which stays in force until 2047.

Hong Kong is a very comfortable location for doing internationally oriented business, especially with partners from Asian countries.

Hong Kong tax system has obvious advantages over others due to its simplicity and transparency.

Since 2018 Hong Kong participates in Automatic Exchange of Information regarding bank accounts on a global level, between tax authorities, which the Organisation for Economic Co-operation and Development (OECD) with respect to the Common Reporting Standard (CRS). Importantly Hong Kong is not included in “black-lists” of other jurisdictions.

Benefits of doing business in Hong Kong:
  • The large number of international banks is located here that, in turn, facilitates quick and effective management of bank accounts. Our professionals can assist you with opening bank account for business: http://walton.biz/services_10.htm
  • High level of confidentiality of beneficiaries data who own business in Hong Kong
  • Fast and simplified procedure of company formation
  • No restrictions on movement of capital
  • No custom fees and duties, easy access to public maritime harbor
  • Hong Kong is Party to the OECD as well as the FATF
Requirements for business registration in Hong Kong:
  • Limited Liability Company is the most popular form of business
  • Business name should end with “Limited” or “Ltd” and are distinguished form already existing names and registered trademarks. It may be articulated in English or/and Chinese languages, to be not offensive and contain no forbidden words
  • A secretary must be a resident of Hong Kong, a company must obtain registered office on the Hong Kong territory
  • Director and shareholder are not subject to residency requirements, director and shareholder posiiton may be hold by one person, but it is not allowed to hold director and secretary posts together
  • Minimum number of shareholders – 1, maximum - 50
  • Audit is mandatory in the end of accounting year, it may be performed only by certified auditor/audit firms of Hong Kong
  • Some types of commercial activity are subject to licensing and authorization
Taxation in Hong Kong:

Taxation system in Hong Kong is based strictly on territorial principle. Business is chargeable to tax on all profits arising in or derived from Hong Kong territory only. No tax is levied on profits arising abroad, even if they are remitted to Hong Kong. Business may be exempt from tax duties only after obtaining conformation from Hong Long tax authorities through “offshore claim”.

And to opposite, companies are chargeable to tax on all profits arising in Hong Kong.

Two-tier corporate tax rates are applicable:
  1. 8.25% on assessable profits up to $2,000,000;
  2. and 16.5% on any part of assessable profits over $2,000,000.
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