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Hong Kong Companies:
Hong Kong Companies are typically private companies limited by shares. The name must end with Limited. These are used for offshore business and offer limited liability. As with most other jurisdictions, these companies cannot undertake banking, insurance or financial activities unless they are previously licensed to do so. Therefore, it is not possible to use the following words in a name, without prior licensing: bank, building society, chamber of commerce, chartered, co-operative, mass transit, municipal, savings, tourist association, trust, trustee, underground railway, bank, insurance, assurance, reinsurance, fund management, asset management or investment fund. When incorporating a Hong Kong company, it is essential to check that there is no similar or identical name on the companies Register, which would prevent the company from being incorporated. Hong Kong also prohibits the use of names that constitute a criminal offence or that are otherwise contrary to the public interest, as well as names that imply government patronage. A Hong Kong limited company can be incorporated with documents either in Chinese or English (or both). All Hong Kong companies must have a registered office in Hong Kong where correspondence (from the HK Government) can be served. As Hong Kong has a territorial income tax, the principal is that the tax will be due on income that has its source in Hong Kong, rather than based on the fact that the company has its residence in Hong Kong. Therefore, even where the income is remitted to a Hong Kong bank account, it will still not be subject to taxation, as long as the company's trading or business activities are based outside Hong Kong. If the company does have Hong Kong source income, the applicable tax rate is 17.5% of the profits. Hong Kong companies are also used regularly, because they only require a single director. The directors can be of any nationality and may be resident anywhere. There is no requirement for board of directors meetings to be held in Hong Kong, and corporate directors are also permitted. However, all Hong Kong companies must appoint a company secretary, who must be resident in Hong Kong. This person may either be a natural person or a body corporate. It should be noted that shareholder information is public in Hong Kong. At least one shareholder is required, but the shareholder may be another body corporate or a nominee. The shareholders may be of any nationality and be resident anywhere. The shareholder meetings may be held in any jurisdiction. For more information regarding companies in Hong Kong, please do not hesitate to contact us. Schedule of Fees for incorporating a company in Hong Kong.
Last modified 14-Sep-2007 18:19 -0400 |
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Last edited: 04-Oct-2008 © Koru Corporate Services, Inc. 2006 - 2007 |
