What You Need to Know About Incorporating a Company in Hong Kong

Hong Kong is one of the best places for foreigners to register a company to gain access to Asian markets and Mainland China in particular. For locals, the process is straightforward as they may be familiar with corporate law in their area.

For foreigners, the best course of action is to resort to Hong Kong company incorporation services. While you can as a foreigner travelling to Hong Kong to incorporate a company, there are many advantages to using company incorporation services.

Time Saver

Working with a company that offers incorporation services saves you time and headaches. These companies have extensive knowledge about company law in Hong Kong and vast experience working with foreigners. They can also provide guidance and advice on the best way to proceed as there are certain aspects that you need to think about such as what would be the company structure.

Working with Hong Kong company incorporation services also ensures that you get things right the first time. It is common for foreigners to have their applications rejected due to incomplete or missing documents. Company incorporation services ensure that you get things right the first time.

This aspect is extremely important as it takes only a couple of hours to have an application approved. The time-consuming part is preparing the documents. If you get everything correctly the first time, you can have your company registered faster than you would think.

Lastly, these companies have well-defined templates and guidelines. They handle the paperwork much faster than an individual would, even if you are very familiar with the processes and legislation in Hong Kong.

The Alternative

You can incorporate a company without specialized help. Hong Kong offers an online portal where you can submit documents. This means that you do not have to travel to Hong Kong to register a company. You can do it remotely.

During the process, you need to choose what company structure you will need. There are 3 main options. It can be a branch office, representative office, or a private company limited by shares. You will also need to decide how the company will be called.

The next step is to fill out several forms. You will need to fill out form NNC1 for a company limited by shares and a notice to the Business Registration Office (form IRBR1). If you are establishing a branch or representative office, you will also need a copy of the company’s Articles of Association.

Lastly, you will need to pay some incorporation fees. There is a HK$1,720 fee when registering a company limited by shares and there is a fee for the business registration certificate which is HK$250. If your application fails, you will be entitled to a refund of HK$1,425 out of the HK$1,720 paid for incorporation and a full refund of the business registration certificate fee.

All these steps take some time to deal with. You will also need to have a registered office in Hong Kong, a secretary that needs to be a resident, and one director. Hong Kong company incorporation services deal with the payment of fees, paperwork, submissions and can assist in registering an office and employing a secretary.