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Hong Kong Limited Company: Fact Sheet
[ Incorporation Process ] [ HK Fact Sheet ] [ HK Country Profile ] [ Application Form ] [ HK Public Holidays ]
legislative source |
public information | private
information | incorporation |
taxes and duties | advantages and disadvantages
The Hong Kong Limited Company is governed by Capital 32 "Companies Ordinance"
(Cap 32 - Cap 32N).
| Status: |
Hong Kong Limited Companies are
registered at the Companies Registry Office. |
| Available: |
All information contained in the
Memorandum and Articles of Association, as well as any amendments
thereto, are available to the Public. |
| Name: |
The name of the company must finish with
Limited, to denote that the company is limited by shares. The name
may be in English or in Chinese. The company name may not suggest
any connection to the Government of Hong Kong, the Special
Administrative Region, or the Central People's Government. Nor may
the name include any words which are offensive or otherwise contrary to
the public interest or whose use would constitute a criminal offence.
Certain words are restricted, and may only be used when the appropriate
license has been obtained: fund management, bank, trust,
insurance, assurance, reinsurance, asset management, building society,
etc. |
| Authorised Capital: |
The standard authorised capital of a Hong
Kong Limited company is HK$10,000, divided into 10,000 share of HK$1.00
each. |
| Subscribers: |
The subscribers to the Memorandum must
take no less than one share. This subscription right may be
transferred after incorporation. |
| Registered Office: |
A company must have a registered office
in Hong Kong to which all communications and notices may be addressed.
|
| Directors: |
A minimum of one (1) director is
required. Full details of the director must be filed with the
Companies Registry. |
| Company Secretary: |
A Hong Kong Company must appoint a
company secretary, who must be resident in Hong Kong. This may
either be a natural person or a body corporate. |
| Shareholders: |
A minimum of one (1) shareholder is
required. Full details of the shareholder must be filed with the
Companies Registry. Corporate shareholders are permitted. The
shareholders can be of any nationality and may be resident any where in
the world. |
| Tax Returns |
While the company must present tax
returns, this information is not available to the public or foreign
governments. |
| Minutes |
These will be kept by the Company
Secretary at the registered office, unless otherwise established.
|
| Company Seal |
It is mandatory for the company to have a
company seal |
| Shelf company |
It is possible to request a shelf
company, but any shelf company will have Koru's nominee directors and
shareholders, rather than directors appointed by the client. These
can be changed through a simple resolution of the existing Board
members, but it may be necessary to file this change with the Companies
Registry. |
| Tax Registration |
It is necessary to register the company
with the Inland Revenue Department. |
| Travel to Hong Kong |
It is not necessary to travel to Hong
Kong in order to incorporate. But clients are required to provide
full due diligence documentation, as well as to fill in the application
form. |
| Income Tax |
Hong Kong has a territorial tax system
with respect to Income Tax, which means that it does not impose tax on
non-Hong Kong source income. If the company's trade or business
activities take place outside Hong Kong, no taxation will be levied.
The current income tax rate on local source income is 17.5% of the
profits. |
| Capital Gains |
These will not be taxed |
| Interest Income |
Not taxed |
| Dividends |
Not taxed |
| Withholding taxes |
None applicable |
| Double Taxation |
Hong Kong has no double-taxation
agreements with any country. There is, however, a limited treaty
with the US relating to shipping matters. |
| Tax Returns |
A tax return must be filed each year.
|
| Annual Renewal |
It is necessary for the company to pay an
annual renewal fee to the government, as well as to the registered agent
and company secretary. |
| Bearer Shares |
Bearer shares are not allowed for Hong
Kong Limited companies. |
| Financial Statements |
Hong Kong companies are required to
prepare full audited financial statements. A copy of the audited
financial statements must be presented to the Inland Revenue Department,
together with the Tax Return. However, these audited financial
statements are not available to the public or to foreign
authorities, unless the company is publicly listed. |
| Perpetuity |
It is possible to establish a Private
Limited company with no end date, ensuring perpetuity.
|
| Limited Liability |
The shareholder's liability is limited by
shares. As long as the company shares have been fully paid and
capitalised, the shareholder's liability will be limited. |
| Business Purposes |
The company may have any object or
purpose not prohibited by law. |
[ Incorporation Process ] [ HK Fact Sheet ] [ HK Country Profile ] [ Application Form ] [ HK Public Holidays ]
Last modified
14-Sep-2007 18:19 -0400
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