What do I get?
Remote HK company registration
Settlement of CI & BR’s govt fees
Designated company secretary
Significant Controllers Register (SCR)
Registered office address with electronic company stamp
Remote FinTech account opening
Let’s get you started
Here’s what you need to know about company registration in Hong Kong and how we cover essential compliance for you.
- The company registration process of an all-new Hong Kong company takes 1 business day.
- Ownership transfer for a ready-made company takes 1 week to process.
Company registration made simple
Don’t stress out. Here are 4 easy steps to register a company in Hong Kong.
Let’s check if your preferred business name for company registration Hong Kong is available. We’ll also help arrange your director(s) and shareholder(s)’ ownership details in the process.
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We will prepare a full set of incorporation Hong Kong & KYC documents for your original signature. Please feel free to send an electronic copy of your signed documents back to us if you are overseas.
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We will submit your application with all completely filled-out paperwork to the Companies Registry for finishing your incorporation Hong Kong application. You will receive a valid Business Registration Certificate.
Send to Companies Registry
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You’re almost set! Open a multi-currency account with our trusted FinTech partners for free to kickstart your business transactions. Popular choices include Airwallex, Currenxie, Neat, Statrys, etc.
Open a banking account
Discover the right digital banking for your business
Skip the hassle. Take the test. Save your time.
3-minute banking account success
Ready to take your newly registered company in Hong Kong to the next level with a centralised multi-currency account?
Skip the endless applications with no guaranteed results. Take our 3-minute test and find the perfect banking platform for your business.
Get your complete guide to
company registration in 30 seconds
Eyeing to launch your Hong Kong incorporation asap? Watch this 30-second reel here to learn how to register a company in Hong Kong stress-free and travel-free. Multi-currency banking account, local compliance, prestigious address and accounting services included!
We’re all set so you can explore this Asia’s World City and grow beyond borders anytime, anywhere you like.
Why Hong Kong matters for company formation?
Transform the future. Start building your business at the heart of Asia.
Its unique spot allows business to access different countries easily, especially China, making incorporation HK engaging for global entrepreneurs.
Quick Incorporation HK
Remote company registration in Hong Kong only takes about 1 to 5 business days, making it a striking convenience for entrepreneurs.
Simple Tax Regime
Its corporate tax system is highly favourable at 8.25% or 16.5% depending on assessable profits. A very low rate for company registration HK.
Hong Kong’s pool of skilled and knowledgeable labor forces are versatile, well-informed, and with high education qualifications.
Shipping, logistics, and freight forwarding are efficient, while telecommunications are competitive and highly advanced.
It offers a safe environment and sound legal framework that provide excellent protection for int’l business when registering company in Hong Kong.
You can ask us anything
Take a look at our most common FAQs and see if we answered your queries.
About Company Formation …
01 | Do I need to be in Hong Kong for company registration?
No. We will do an identity verification once all requirements and documents are sent through electronic means, so you can start your newly registered company without flying to Hong Kong.
02 | Can foreigners register a company in Hong Kong?
Definitely yes! Hong Kong has no nationality restrictions when it comes to Hong Kong incorporation. Foreigners can register a new company in HK and they can be the sole director and shareholder of the company. However, a resident company secretary is required, and AsiaBC can provide one for you.
03 | What are the main benefits of Hong Kong incorporation?
Hong Kong is one of the leading corporate hubs in Asia, specializing in the commercial and finance industry. Foreign investors and entrepreneurs continue to register company and reap the benefits of the city’s :
- Prime location with easy access to neighboring countries, especially mainland China.
- Low tax collection with the profits tax rate at 8.25% for every first HK$2 million net profits.
- Computer-literate, productive, skilled, and well-versed English workforce.
- Highly developed free-market economy and the second largest foreign exchange market in Asia.
- Remote company formation with digital banking accounts for convenient global transactions.
04 | Is Hong Kong a crypto-friendly region?
Hong Kong has a rather strict standpoint for crypto-related businesses since they are decentralized and not regulated by an intermediary bank, lacking a proper Anti-Money Laundering (AML) and Know-Your-Client (KYC) regulation, not to mention applying for a blockchain and cryptocurrency license in HK can be challenging and time-consuming. Therefore, foreign entrepreneurs tend to incorporate a crypto business in another jurisdiction as an alternative.
To achieve such, AsiaBC has a wide connection that can support cryptocurrency businesses registering in other offshore jurisdictions. Our consultants will assist you in finding a suitable registration location like BVI, Cayman Islands, Seychelles, St. Vincent and the Grenadines, etc. On top of it, utilizing our extensive banking network, we will look for a bank partner that can cater to your cryptocurrency needs such as Caribbean banks and more.
05 | What is a ready-made company?
It is also known as a ‘shelf company’ or ‘shell company.’ This Hong Kong registered company doesn’t have any prior business activities, making it clear from debts and is all ready for reselling to a new business owner.
While shelf companies are still required to comply with the same set of requirements similar to all-new companies, corporate directors and shareholders are allowed and have no restrictions on their nationality.
06 | What’s the difference between ready-made and all-new companies?
|Ready-Made Company||All-New Company|
|Registration Date||Since it is ready-made, older registration dates can give a more established sense to entrepreneurs.||Opposite to ready-made companies, all-new companies might take time and effort to build their credibility for their customers and suppliers.|
|Process Time||It takes around 1 week to process the ownership transfer for company registration in Hong Kong.||It only takes 1 business day for HK company registration. Company director(s) and shareholder(s) are required to appear.|
|Fees||Its fee is higher than an all-new company generally. However, some shelf companies have a very expensive price due to their early establishment and also the cost of Government fees that were put in before.||For all-new companies, the US$1,300 incorporation in HK package fee is the only cost the clients need to settle at AsiaBC, plus optional add-on services (e.g., call answering, etc.) they would want to avail.|
|Annual Renewal||The renewal date of a ready-made company is earlier than the date of purchase, meaning that the due date is less than 1 year after the purchase.||The renewal date of a newly registered company is on the anniversary date of Hong Kong incorporation.|
07 | What is a Business Registration Certificate?
A Business Registration Certificate (BR) is a mandatory requirement and document issued by the Inland Revenue Department (IRD), which allows a registered company in Hong Kong to operate in the region. A HK-registered company or non-HK company doing business in the city must apply for a valid BR within 30 days after starting the venture. Please refer here for the business registration fee and levy table.
08 | When should I renew my Business Registration Certificate?
A Business Registration Certificate (BR) is renewed annually unless you apply for a 3-year validity. The Inland Revenue Department (IRD) will send a renewal note mid-month before your renewal date — for example, if your renewal date is November, the IRD will send it to you in mid-October.
If you did not receive your renewal notice, you must write to the Commissioner within 1 month of your BR’s expiration. The good news is an experienced Hong Kong incorporation agent like AsiaBC will remind you of all critical company renewal / tax filing dates to help you avoid late penalties by the Government.
09 | Why do I need a registered office address?
Getting a registered company address in Hong Kong is part of the company formation process. It will serve as your official business address, where you will receive all legal documents, notices, bank statements, and the like. You can also put it on your name card and website as the contact point, and therefore using a prestigious office address will help your company enhance its image and reliability considerably.
- A P.O box address is prohibited.
10 | What is the role of a company secretary?
A company secretary is the business’s representative and must ensure that your registered company complies with Hong Kong Companies Ordinance. It is a mandatory requirement to hire such a role when registering a company in HK provided that the assigned person will be responsible for the following duties :
- Prepare and submit Annual Returns.
- Act as the designated representative for the Significant Controllers Register (SCR).
- Maintain communication with the Government and regulatory bodies like Companies Registry, IRD, SFC, and HKEX.
- Keeping statutory records.
- Ensure compliance with Hong Kong laws and regulatory requirements.
11 | What is a Significant Controller?
A Significant Controller is a mandatory requirement by the Hong Kong Companies Registry for all companies incorporated in Hong Kong, and its main role is ‘to obtain and maintain up-to-date beneficial ownership information by way of keeping a Significant Controllers Register which should be open for inspection by law enforcement officers upon demand.’ Learn more about Significant Controllers here if you are interested in company registration Hong Kong.
The assigned Significant Controller can either be a natural registrable person or a legal entity with significant control, directly or indirectly, over the company. This duty can be managed by AsiaBC’s assigned company secretary, which is already included in our Business Booster Package for your smooth company formation.
12 | Who can be a Significant Controller?
As per Companies Registry requirements, the Significant Controllers of incorporation in Hong Kong must have a direct or indirect influence on the company and meet one or more of the following criteria :
- Have more than 25% shares in the company.
- Have more than 25% voting rights.
- Have the right to appoint or remove the company’s majority of the Board of Directors.
- Have the right to take control of the company.
- A trustee or a member who has significant control over the company’s activities or duly fulfilled the first conditions.
AsiaBC can help you fulfill this Significant Controller position to ensure that your company complies with the Companies Registry requirements and carries out its international obligations in Hong Kong when your company registration takes place.
13 | How does AsiaBC work to register a company in Hong Kong?
Our company formation services include conducting company name checks to see your preferred business name’s availability and making suggestions if needed. Then, our HK company registration specialists will send you all the necessary documents for company formation online that directors and shareholders must diligently fill out and attach the signatures before submitting the documents to the Companies Registry.
Team AsiaBC aims to extend a local helping hand to entrepreneurs like you, especially if you are abroad, relieving you from all the stress of company formation and regulatory compliance by all-inclusive HK incorporation handling so you can focus more on your business confidently.
14 | Are there any other jurisdictions where I can register company?
Yes. AsiaBC’s company formation services can assist you with company registration in jurisdictions like Singapore, BVI, Seychelles, Caymans Island, the Philippines, Dubai, United Kingdom, Estonia, Turkey, Brazil, and many more.
15 | How do you register company in another overseas jurisdiction?
AsiaBC’s company formation specialists will understand your specific background, collect all necessary information and liaise with our regional consultants abroad to assist in a one-stop-shop overseas company registration process according to your preferred jurisdiction.
If you opt for do-it-yourself company registration, please be aware that it might consume a lot of time, effort and traveling which can affect your business operations. That is why AsiaBC’s regional specialists aim to relieve you from all these hassles and ensure a seamless, efficient, and cost-effective journey of overseas company formation with their extensive local network and experience. You don’t need to run around to get in touch with various compliance solution providers, yet the attempts may be futile in the end. Click here to know where our regional consultants locate.
About Bank & FinTech Accounts …
01 | Can I open a Hong Kong bank account remotely, or do I need to visit the bank personally?
Hong Kong traditional banks have a reputation for lengthy and prudent bank account opening processes since they strictly comply with their Know-Your-Client (KYC) procedure and still prefer face-to-face appointments. That being said, there are company formation services with extensive banking networks that can help you open a bank account in Hong Kong remotely without direct presence, especially when you can fit some specific criteria.
02 | Is there another way to secure a corporate account without flying to Hong Kong?
Of course! International entrepreneurs can choose between an offshore bank account or a FinTech if they look for quicker but still secure alternatives.
We recommend hiring a local company formation service provider to assist you with your application to save you time and effort. They offer pre-assessments to check if your company profile suits their partnered banks’ preferences, help you with compliance processing, and suggest what you can do to enhance the whole application for a guaranteed bank account. Please click here to learn more.
03 | What is a digital banking (FinTech) account and why should I open one?
FinTech is coined from Financial Technology, an alternative multi-currency banking platform for entrepreneurs slowly getting their formal bank account after the Hong Kong incorporation process. FinTechs allow them to open a quick account remotely and do international business transactions such as paying suppliers or receiving payments from global bank accounts anytime. Some entrepreneurs tend to treat FinTech accounts as a kind of backup account while waiting to get an approved traditional bank account following company registration.
- Same as a traditional bank account opening, there are also restrictions for companies and nationalities who can open an account due to the respective sanction lists of different FinTech companies.
- These providers usually charge handling fees per payment, both incoming and outgoing. They also have a subscription fee to maintain your business account.
04 | Do Hong Kong banks only accept Hong Kong company applicants?
Hong Kong banks mostly prefer to open a business account for HK registered company. As an alternative, service providers like AsiaBC may suggest overseas company owners to open a bank account outside HK with choices such as Singapore, Malaysia, Mauritius, St. Kitts & Nevis, etc. to fit their business needs.
Please note that the approval of a business account in these jurisdictions may vary depending on client preferences and could have a different cost. Registering your company in HK is still highly advisable to enhance the chances of success.
05 | Are there any alternative countries to open my bank account?
Absolutely. Jurisdictions like Malaysia, Switzerland, Mauritius, St. Kitts & Nevis, and more have been great alternative banking destinations for remote corporate bank account opening, whether your company is established in Hong Kong or other jurisdictions (the assessment is on a case-by-case basis).
Aside from opening an overseas bank account, entrepreneurs can also opt for FinTechs (Financial Technology), a type of digital banking that offers global remittances, international payments, and issues IBAN and swift codes. FinTechs in Hong Kong are under monetary protection since their custodian partner banks are licensed banks that are being regulated, and therefore such accounts have become a popular choice for fast-moving startups that have just finished their company formation online.
About Accounting & Taxes …
01 | What is zero tax for a registered company in Hong Kong and who is eligible to apply?
Hong Kong follows the Territorial Source Principle of Taxation, meaning a registered company in HK whose operation and profits are gained inside the region will be subjected to HK’s profits tax collection. Comparatively, a HK registered company that operates and drives an income outside the city is not subjected to profits tax in HK.
Zero tax is a type of benefit that a HK registered company can take advantage of to waive its corporate tax of 8.25 – 16.5% on assessable profits. A Hong Kong registered company that has no activities in HK, has proof of operation outside the region, and drives its income from another jurisdiction is eligible to apply for the zero tax benefits through an ‘offshore claim’ application – a process wherein the company obtains its offshore status from the IRD.
However, this kind of application is complex in nature and requires a lot of proof and documentation. Its approval will be on a case-to-case basis so preparing all relevant business and financial documents in a very organized and presentable way is needed. Connect with our tax consultant here if you would like to apply this strategy, or feel free to read our blog to learn more about the ‘offshore claim’ services by AsiaBC as part of our 360° all-round support for Hong Kong company registration.
02 | When to file my first audit report and Profits Tax Return to the IRD?
Newly incorporated companies in Hong Kong receive their first Profits Tax Return within 18 months after company formation, and a submission period of 3 months will be given to business owners to get the accounting records ready for submitting their first audit report with the completed tax return to the IRD. Remember to prepare your accounting records and audit report on time since your Profits Tax Returns will be issued yearly. It’s an essential duty for company registration Hong Kong that startups shall bear in mind and not get penalized due to late submission.
03 | Can I set my corporate tax deadline?
Absolutely. You can set your financial cut-off date as 31 December or 31 March, but most foreign entrepreneurs with Hong Kong company registration choose 31 March to align with the Hong Kong Government’s fiscal cut-off date. Some may choose 31 December to match with their overseas company accounts. The tax filing deadline will vary based on your cut-off date, and please read our recent blog about Profits Tax Calculation and Reminders here for more details.
You can also pick another month as the financial cut-off date per your preference. Please consider all factors carefully to make a wise long-term decision on this after finishing company formation online, or feel free to get advice from our professional consultant here.
04 | Is it possible to do accounting and audit by myself?
Of course. Keeping yourself familiar with your business’s cash flow statements, profit and loss accounts, balance sheet, trial balance, and general ledger is an advantage. However, please be reminded that your audit work is required to be taken care of by a Hong Kong Certified Public Accountant (CPA). Also, if your self-preparing accounting records are not organized in a proper way, your appointed CPA may not be able to use them to proceed with auditing. Therefore you have to be thoughtful and avoid wasting your time unexpectedly in the end.
Connecting with the right service provider can help you lighten your workload and ensure everything is on the right track. Most startups or foreign entrepreneurs who did company registration in Hong Kong usually outsource their accounting functions by hiring a reliable local provider so that they can focus better on their venture’s growth. Moreover, a new company registration Hong Kong that has developed proper accounting and audit reports lets you have a good foundation to implement some savvy tax-efficient strategies in the future once your business starts making profits.
05 | What services can AsiaBC provide to take care of my tax and accounting needs?
Managing taxes on your own requires time and effort and, if not handled properly, can seriously impact your business growth and earning power. New company formation clients can take advantage of AsiaBC’s under-one-umbrella accounting, audit, and tax arrangement services to save time communicating with different parties and ensure all local Government compliances are handled before their due date.
Our consultants will skillfully assist you in preparing accounting records for your annual audit reporting, and stand as your tax representative ready to suggest suitable pointers in filing your HK Profits Tax Returns in a tax-efficient way. What’s more, you can level up your company registration solution when you combine our 4-in-1 Accounting Package and Company Secretary with Registered Office Address in one platform. Our team will ensure that you won’t miss any Government letters like Business Renewal Demand Notes, Employer’s Returns or Profits Tax Returns as we proactively remind our clients how to manage different notices and constantly follow up on those needing immediate action.
Why choose AsiaBC company registration?
We go beyond the extra mile to give you a seamless Hong Kong incorporation process.
1Savvy Service Provider
With 13+ years of experience in company formation services, our team has served 3,000+ clients and successfully built strong connections with overseas partners.
2Direct Pricing System
No hidden charges, just pure services. Providing high-quality solutions without breaking your budget, we are fair and transparent with our costs and benefits.
Our hands-on incorporation HK specialists always make necessary follow-ups and never miss a chance to keep you posted with your application progress.
Knowledgeable in Hong Kong company registration and banking process, our team goes beyond the extra mile to give you tailor-made advice and end-to-end assistance.
We are just one DM away. Your time is of the essence and our reliable experts are always on stand-by to answer your Whatsapp message on incorporation Hong Kong anytime.
Never stress out looking for an effective solution after you register a company in Hong Kong. We have everything you need from A to Z so you can focus on your business.
Other services we excel at
Here are other ways we can help to grow your business while you can relax.
Xero Cloud Accounting & Tax
for Easy Bookkeeping
Control your business finances smoothly with every entrepreneur’s perfect partner – Xero. It’s a cloud-based accounting platform embedded with AsiaBC’s audit and tax arrangement that lets you efficiently manage your bills, invoices, and payroll anywhere, anytime.
Using Xero accounting documents, you will also get a designated person to monitor and file taxes for your business – a complete e-bookkeeping and tax solution for incorporation Hong Kong.
Equip your business with Hong Kong incorporation blogs
Learning never stops. Boost your practice with our hot blog topics.
Best Time to Start Your Hong Kong Company Online, Why?5 min readShow more
The quickest and easiest option to start your own business from scratch may be to register company in a reputable jurisdiction and world-class financial centre like Hong Kong. But other business owners might wonder: Is this a good moment for me to do incorporation in Hong Kong now, given the current unanticipated state of the world? Shall I simply put all of my plans on hold?
Even though the COVID-19 epidemic may have interfered with your business plan, there are still numerous reasons to choose Hong Kong as your ideal business hub right now. After all, as the saying goes, “crisis creates opportunities.” For instance, the Government recently reduced several administrative fees for company registration Hong Kong and provided significant tax cuts to ease the burden on startups and SMBs, which helped to promote the sector.
Asia’s World City has the most stress-free remote company formation and local compliance solutions among many countries across the globe. Plus, online multi-currency accounts are well-developed and instantly available at a fair price. We can say that this is the ideal time to do your first HK company registration.
Here are the top three hot measures you can benefit from when you register company in HK. Take great advantage of these useful perks like ‘0’ Business Registration Fees, ‘0’ Company Annual Returns for 2 years, and 100% tax breaks for businesses and individuals.
With the current global situation and travel restrictions, your health is our top priority. Let AsiaBC help you remotely register company in this renowned jurisdiction without even flying to the city. Get our free Zoom assessment, and our specialists will provide prompt advice to answer all your queries about company registration HK. Our team will also assist you to open a multi-currency digital banking account with top-tier FinTechs like Airwallex, Currenxie, Neat, Statrys, Payoneer, or WorldFirst so you can do your business transactions right away.
Your Quick Guide to Easy Company Setup & Guaranteed Bank Account in HK4 min readShow more
Hong Kong is one of the world’s best cities for company registration. Businesses can expand more quickly and easily in this city because company formation online in this globally recognised jurisdiction is rather simple, has a secure business environment, and has a low-tax collection system plus stable financial point.
Choose this Asia’s World City as your startup gateway and discover its unique location that connects your businesses to neighboring countries, especially mainland China. Incorporation in Hong Kong is made easy. You can start operating your company in 3 to 5 days. Plus, profits tax in Hong Kong is at 8.25% (amongst the lowest in the world) with no retention charge on profits or interest, no capital additions expense, and no inheritance charge. Not to mention the city’s pool of skilled and knowledgeable labor force who are versatile and well-informed in developing the business culture.
Get ready to build your Hong Kong empire and learn the different kinds of business structures to help you manage your taxes and plan your strategies better. The most common business structure in Hong Kong is a Limited Liability Company since this protects the company’s assets from any risks and liabilities. From here, you can slowly build your corporate image by choosing a company name that best represents your business. It can be in English, Chinese, or both as long as no other companies are using it. Once you successfully register a company in Hong Kong, you can now open a business account with premium HK banks or FinTechs to make global transactions.
Hong Kong has become a worldwide monetary centre with its impressive record of 274.6 billion USD FOREX trade and for housing 71 global banks. All more reasons why entrepreneurs register company in Hong Kong and open a business account here, and with digitization and internet exposure, digital banking has emerged — FinTech and Virtual Banking.
As an overview, FinTech is a banking alternative that provides multi-currency accounts after company formation and allows instant global money transfers. But note that these service providers don’t have physical branches like traditional banks. Virtual Banking, on the other hand, is a digitized banking service that caters to local and international clients’ needs through the internet anytime, anywhere. Keep in mind that this type of banking does not have on-site branches and staff that customers can interact with.
An overseas bank account is another option entrepreneurs may go for. They can open a business account in jurisdictions like Mauritius, St. Kitts & Nevis, Puerto Rico, etc., and transact in several currencies without paying additional costs, get credit and debit cards tied to various banknotes, take advantage of specific investment opportunities and discounted international payments.
When opening a corporate account for your Hong Kong registered company, you will need to submit all relevant documents including a completely filled-out online application form with your signature. It’s much better to receive a pre-approval assessment from an experienced agent first to know your success rate or what areas you can improve to meet the criteria.
A bank officer will arrange a video call interview to confirm your application within 7 to 20 working days, and directors must be physically present in Hong Kong. But some banks are now utilizing an online application process due to COVID-19 on a case-by-case basis.
Be advised that traditional banks in Hong Kong strictly comply with the Know-Your-Client (KYC) procedure to assess your application properly. It is best to present a KYC certificate, a certified copy of all your directors, beneficial owners, and shareholders who own 10% or above shares in the company, and bank references to increase your chances of getting approved after company formation online.
Boost Your Image : 4 Reasons Why an Office Address in HK Enhances Trust5 min readShow more
The Companies Registry of Hong Kong requires entrepreneurs to have a registered office address when they register company in the region. Doing so gives your business an official business address that can boost your corporate image if your address is in a prestigious commercial area.
However, there are a few guidelines a registered company should observe when processing company formation online, such as ensuring the address given will receive all legal documents, notices, and statements. Business owners can use a home address if they have permission from the rental agreement and will not invade their privacy. Keep in mind that using a P.O. box is strictly not allowed.
Having a registered office address provided by a HK company registration agent lets you keep your personal address private, gives the Government and your suppliers a designated address for business paperwork, and reduces your office expenses like utilities, supplies, and equipment. Plus, it helps you build a credible image for your partners and clients to get a good impression.
Get an in-depth view of why having a premium HK office address is a must in our blog if you are interested in company registration HK.
Launch Your Dreams, Hong Kong Got Your Back4 min readShow more
Investors are drawn to register their companies in Hong Kong because it’s simple and reasonable. They also discover a wide range of benefits and advantages when they register company in this Asia’s World City.
In case you are still wondering, company formation in Hong Kong is a great choice for growing your business because such company registration does not have restrictions regarding the nationality of a company’s director and shareholders. As you may know, Hong Kong has held the record for being the World’s Most Free Economy for a long time because of the city’s competitive profits tax rates.
International entrepreneurs also continue to recognize the region’s stability with its elite business foundation and incorporation Hong Kong is considered ‘legal’ and less likely to be viewed as a means of tax evasion. Additionally, it won’t be difficult to find a skilled workforce in Hong Kong since they are versatile, highly educated, competent, and computer literate. In addition to that, the main business language that keeps a corporation in a smooth and simple cycle is English, along with Cantonese, one of the region’s primary dialects.
Hong Kong is considered the best course to work with China because of its location on the global map. Plus, their Closer Economic Partnership Arrangement (CEPA) has opened up vast economic sectors to its products and ventures, significantly improving Hong Kong’s financial collaboration with mainland China. Some overseas SMBs or digital nomads opt for company registration in Hong Kong based on this unique incentive.
Launching your dreams in a foreign country can be a little daunting, but these significant benefits will surely support your business growth if you opt for HK company registration. Visit our blog to learn more about how to start your Hong Kong venture.
The Leading Hubs for Doing Business in Asia – Hong Kong vs. Singapore4 min readShow more
Entrepreneurs must begin somewhere, but where exactly? Which region in the globe offers the best chances for your company formation and business growth?
Certain factors can make or break your business’s future — market, suppliers, accessibility, convenience, and more. These elements are what business owners keep in mind when choosing the right location to register company.
As part of the Four Asian Tigers, along with South Korea and Taiwan — Hong Kong and Singapore continue to compete to be the finest business-friendly city in Asia. Here are the key components of why these metropolises are top choices and why they should be on your list too.
In the Heart of Asia — Hong Kong and Singapore connect their businesses to different countries and neighboring Asian regions, giving them a vast network and market for international entrepreneurs after finishing company formation.
Hong Kong is the best place to work with mainland China, where you can travel back and forth to Shanghai, Beijing, and other cities. In comparison, Singapore is famous for trading activities with its excellent harbours and busiest airport.
Tax-Friendly Framework — Hong Kong follows a 2-tier tax administration with a profits tax rate of 8.25% for the first HK$2 million net profits, a standard salary tax rate of 15%, and a rate of 15% for property tax. The 8.25% profits tax rate is very appealing for entrepreneurs to go for Hong Kong company registration.
Singapore, on the other hand, has a single-tier tax system with a 17% tax rate for profits tax, a 15% salary tax rate for non-residents, and a property tax collection based on the annual value of the property.
Dynamic Workforce — Hong Kong and Singapore offer a competent workforce that is highly motivated, skilled, versatile, and English-speaking human resources, each with its area of specialization.
Hong Kong’s population focuses on finance and business, deeming it Asia’s Financial Hub. At the same time, Singapore takes pride in IT and software development firms and is recognized as Asia’s Tech Hub.
Stable Economy — Hong Kong and Singapore have robust economies, cutting-edge telecommunications, and competitive infrastructures, and that’s why both are popular jurisdictions for company formation online.
But Hong Kong was labeled as the World’s Freest Economy because of its free trade, free enterprise, and free-market regulation. While Singapore became a dynamic exporter mainly in electronics, machinery, and equipment, making it easier for business owners to find buyers.
Bank Account Opening — Hong Kong and Singapore have a list of prestigious banks and top-tier FinTechs that supports international business banking needs. However, both cities strictly comply with the Know-Your-Client (KYC) procedure to properly filter the applications they receive, establish their source of funds, and what type of transactions they should expect from their accounts. That’s why hiring an experienced agent to provide pre-assessment is crucial for you to know the success rate of getting a bank account in Hong Kong vs. Singapore after company registration.
Due to the lengthy process required to open a traditional bank account, some business owners choose FinTechs (Financial Technology) as an alternative to conducting instant global transactions, also serving as a backup account while waiting for the approval of a traditional bank account.
Easy Company Registration — Incorporation in Hong Kong is straightforward and can be done in 1 day. Since there is no nationality restriction in the region, company registration HK requires one sole director, which can be a non-HK resident, and one HK resident company secretary, for which most company formation service providers can offer. Contrary to registering a company in Singapore, the company needs to have one sole director and one company secretary, and both must be residents of SG.
Picking the “best” or “perfect” location for your company registration plan may be too broad. Your preferences, needs, and other factors play a significant role when choosing where to settle your business, and Hong Kong and Singapore are no exceptions. These cities contain perks and features that may be an advantage or a disadvantage in growing your business. Extensive research, analysis, and networking are essential in figuring out where to establish your company.
3 Key Areas to Focus on First When Setting up Your Business in HK5 min readShow more
Are you interested in doing business internationally? Hong Kong is the definite ‘company registration’ place to be (and we will let you know why).
Its former British ruler brought a highly independent legal system to Hong Kong, which has remained a business-friendly city-state in the Heart of Asia. The Heritage Foundation bestowed Hong Kong the title of ‘World’s Freest Economy’ for many consecutive years. The US-based research institute praised the Hong Kong Government for maintaining a global economy that supports international businesses with a simple and low-tax collection system – very desirable for startups to opt for company registration in Hong Kong.
If you’re an entrepreneur ready to dive into Hong Kong’s business community, here are 3 key areas for you to work on first :
Focus 1 : Hong Kong Company Registration
The Hong Kong Government allows individuals to register company that can either be a Sole Proprietorship, Partnership, or Limited Liability Company (LLC) and operate their business in the region. Without a doubt, an LLC is the best fitting company structure for foreign entrepreneurs when it comes to company registration since Sole Proprietorship and Partnership are limited to Hong Kong residents who possess valid Hong Kong ID cards.
The region’s flexibility regarding the business structure makes it easier to do company registration in Hong Kong. Such company formation does not have restrictions on the nationality of the company’s shareholders and directors. But keep in mind that there should be at least one director who is 18 years old and above and can be a non-HK resident, and a maximum of 50 shareholders.
Focus 2 : Get Ready for Tax, Accounting, & Statutory Audit
Your business will receive its first Profits Tax Return within 18 months after its company registration, in which you must select one date as your fiscal year. Based on your chosen end date (usually 31 December or 31 March), the IRD will decide the deadline for your next tax return submission.
Once you have settled your Profits Tax Return due date, there is no need to update the company’s financial statement immediately. Simply prepare all additional documents right before your due date. Make sure to choose the best accounting period for your cut-off date based on the expected or recorded number of sales.
It is highly suggested to hire a professional accounting and bookkeeping specialist, for which a competent company formation services provider will cover, to assist you with Hong Kong’s tax policies and never miss a deadline.
Focus 3 : Bank Account Opening
After finishing company registration, it’s time to get ready to open a Hong Kong bank account to manage your business finances, taxes, and the like. However, please take into account that HK traditional banks have a careful and lengthy process since they strictly comply with the Know-Your-Client (KYC) and due diligence procedure to filter out all applications received and properly establish their clients’ source of funds.
With the rise of technology, FinTechs (Financial Technology) make an excellent alternative while waiting for your formal bank account and continuing with your global transactions. These platforms allow entrepreneurs to receive payments from customers, send money to their suppliers, and issue IBAN and swift codes in case they need to do a traditional money transfer. These are the reasons why this kind of alternative is popular among startups after the company formation process.
However, it is best to remember that FinTechs like Airwallex and Currenxie are technically not banks. Still, they are under monetary protection since their custodian bank partners are licensed, regulated by Hong Kong Monetary Authority (HKMA), and covered by the Deposit Protection Scheme to ensure your financials are safe.
Read our blog and get the 3-step guide in detail on processing your incorporation in Hong Kong.
Starting Small Business from Scratch? 6 Steps to Build Your Right Venture4 min readShow more
‘How to launch a small business?’ — The most common question aspiring business owners ask when they are ready to turn their ideas into reality. But starting a venture without prior experience may be a bit too adventurous, particularly if you don’t have a reference point to work from.
The key to a successful company formation is finding the product or service you want to provide for your target market, but developing one that will fit your audience’s wants or meet their needs takes time and effort. So, here are 6 key points to guide you in launching your right venture :
- Develop an effective strategy for your business growth by creating a detailed business plan before your online company formation process.
- Research your target audience and discover their interests through surveys, social listening, and interaction.
- Get a better understanding of your product and what differentiates you from your competitors.
- Take advantage of social media and promote your products or services on your chosen platform.
- Open a business account to track your expenses and monitor your spending easily. Before your application, document pre-assessment is usually provided by an experienced HK company registration agent to ensure your success rate.
- Register your company in Hong Kong to avoid legal issues and build a credible image for your potential clients and suppliers via a reputable jurisdiction.
Entrepreneurs’ most significant challenge is finding the right product or service that will perfectly work for their target audience. Up-and-coming company registration owners usually create their startup or small business that generates income out of their passion. In-depth research, active social listening, and conducting surveys help them identify what they need to offer to their market that can solve an existing problem or fulfill a need.
Here’s a quick guide on how you can gradually build your business from the ground up.
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