Nobody likes waiting. So, you search the internet for quick incorporation service in Hong Kong, then you stop by some search results claiming they can register your brand-new Hong Kong private limited company (a.k.a Hong Kong company) in just 1 business day!
On these web pages, you are told to pay a little extra fee for upgrade to their “same day” or “express” package, so your originally 5 business days of government lead time is slashed to merely 24 hours.
Sounds thrilling. Before you pay the premium for speed, do you know that this sort of one-day express company formation service is available for eligible peoples only because the Hong Kong government requires it?
If you have no idea, we are going to tell you.
How does “one-day incorporation” works?
Hong Kong Companies Registry (CR), the authority of Hong Kong companies registration, accepts the submission of incorporation forms and supporting documents either on their “e-Registry” website digitally or handing in the hard copy to its office.
As electronic incorporation service (“e-incorporation”) on “e-Registry” operates 24-hour daily, and takes as short as 1 hour to process an application, those company registration agencies (including AsiaBC) can utilize this service to register your Hong Kong company in just one day once you have provided all required information and documents for the agency to proceed.
Alternatively, CR needs 3-4 working days to process a hard copy application. Adding the time in delivery, usually 5-working days are spent on one company incorporation.
Why does hard copy submission still exist?
We know that “e-incorporation” has advantages over traditional paper submission to the government, customers and agencies. Why not the government cut the hard copy submission to save cost?
The catch is “document certification”. To access to e-Registry, you must complete “user registration” of e-Registry system first. In this step, CR requires that the founder members of your proposed Hong Kong company must submit the certified true copies of their personal identification documents for approval.
For Hong Kong residents, they can buy the certification service of their Hong Kong ID cards from a Hong Kong professional, including notary public practising, solicitor practising, or CPA practising; Non-Hong Kong residents have to get their certified passport copy from a consular office of their home country.
Since every Hong Kong company must have at least one natural person director, any people who wants to use e-incorporation service must comply with the document certification requirement, which adds extra cost and time in the e-incorporation, especially for the first time company registration applicants.
So, what does “e-incorporation” help?
Since document certification is not required in submission of hard copy documents, if you are going to register your first Hong Kong company, and you are not a Hong Kong resident, “e-incorporation” is not feasible over the traditional submission. Apart from it, e-incorporation do save your time and effort in registration of Hong Kong company in bulk or frequently, given that you have obtained your personal identification documents in the beginning.
AsiaBC offers Hong Kong company formation service, we help you to handle the setup, registration, and maintenance of Hong Kong company, details of the service is here.