Company Set Up in Hong Kong
2020 Definitive Guide

This is a Definitive Guide on Company Set Up in Hong Kong.  In this guide, you will find resources and useful information about Hong Kong Company Set Up by Foreigner, How to Register a Company in Hong Kong, Detail on the Process and Cost to Set Up a Private Limited Company in Hong Kong, most of all, there are essential tips for you to get a brilliant start here in Hong Kong.

 

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  • This definitive guide should give you most of the answers about Company Set Up in Hong Kong as a foreigner for a normal course of business, particularly for the engagement phase; enable you to choose a matching service provider in Hong Kong.  Of course, for in-depth practical arrangement and detail operation that requires a case by case professional consultation, please do not hesitate to send us the enquiry under below message box.

HIGHLIGHTED GUIDE – There is another in-depth Definitive Guide on “Doing Business in Hong Kong” dedicatedly for you to obtain comprehensive ideas on why you should choose Hong Kong for business

 

Starting a Company in Hong Kong as a Foreigner?

Q: Can a foreigner set up a 100% foreign-owned company in Hong Kong?

A: Definitely YES!!  Any expatriates, without Hong Kong permanent residency status, even you are NOT living in Hong Kong at all, and without Hong Kong identity card, YES, you can proceed to set up a 100% wholly-owned private limited company by shares in Hong Kong with yourself as the sole shareholder and sole director.

 

Hong Kong is one of the most popular jurisdictions welcoming new entrepreneurs and foreigner to start a business in Hong Kong, especially those looking for China and Asia opportunities, and those set up trading company for international trading business.

 

For a normal course of business, for example, trading (import and export) business, local retail shop, online translation services … etc., you don’t even need to apply for a specific license or restricting your company on one particular business, you can perform all these businesses under the same company, which is best for your entrepreneurs with several skill sets to set up multiple websites and trademarks for engaging in different businesses to maximize the profits.

 

Of course, there are more reasons that foreigners choose Hong Kong for company formation, for business enabling reasons, please feel free to take a look of our Definitive Guide on Doing Business in Hong Kong to see if your business plan would be benefited by starting a company in Hong Kong as well.

 

How to Conduct a Hong Kong Company Search?

To set up a company in Hong Kong, the first step, of course, is to check the company name availability of your preferred Hong Kong company through the online company search service by Companies Registry (www.icris.cr.gov.hk/csci/).

 

On how to conduct Hong Kong Company Name Search, Hong Kong Companies Registry has posted several guidelines onto its website, here below we have consolidated them for you

 

Too many materials to read?  Save your time, we have highlighted some key points for you to avoid choosing a company name that the Registry might reject

 

Also, we have prepared two blog posts in explaining the essentials information about a company which only takes several minutes reading

 

Of course, to avoid any headache, especially when your preferred company name already occupied, simply drop us an email at catcherbiz@outlook.com with 3-5 company names in your mind, we will conduct company name search service to customers 100% FREE, even more, we will get back to you asap, together with other possible alternatives just in case the name already occupied.

Take away FAQ

 

Q1.  How do I check if a company is registered in Hong Kong?

A1.  Click this link to CyberSearch of Companies Registry.  In Main Menu, under the top menu bar, click “Search” --> “Company Name”.  Fill in the Company Name of that company in full into the company name box, and then click search.  If such a company already registered, it will show the company name search result with company status as “Live”.

 

Q2.  What should I do if there is a duplicate name already registered in Hong Kong?  That name is very meaningful and related to my business in attracting customers.

A2.  First of all, you cannot take that name.  But you can register a similar name with a more meaningful word to enrich it as your company name.  For example, if “Fortune Access Limited” is already registered, try registering the company as “Fortune Access Global Limited”, “Fortune Access 101 Limited” … etc.

 

Register a Private Limited Company in Hong Kong?  Any Other Company Types?

Yes, there are other types of companies, but the private limited company is the most popular choice for doing a normal course of business in Hong Kong, where you can see the statistics for the past six (6) years for reference, over 99%.

 
Private Company Most Popular in Hong Kong

(Data extracted from the website of Hong Kong Companies Registry - https://www.cr.gov.hk/en/publication/fact-stat/statistics/local-companies-incorporated/since-2014.htm)

 

For the benefits of setting up a private limited company in Hong Kong, as there are too many, we will discuss in the next topic.  Below, we will briefly introduce different types of companies in Hong Kong for different purposes and needs of the business.

 

 

In conclusion, private limited company in Hong Kong is the best fit for most of the commercial trade and business needs, while other types of structures are usually set up to achieve a specific purpose.

What are the Benefits of Registering a Company in Hong Kong?

Yes, tones of benefits!!!  A Private limited company is the most popular type of company in Hong Kong because it has tones of benefits.  That’s why many foreigners around the world come to Hong Kong registering a company in Hong Kong for any business in connecting all sorts of Hong Kong, China, and Asia business opportunities.

 

 

If you have a business plan that is a multinational business, targeting customers from all around the world; instead of setting up a local business entity, try considering about setting up a company in Hong Kong, perhaps the benefits and potentials are much greater than restraining yourself in a local company.  For more information and detail about the company set up in Hong Kong, please feel free to drop us an email at catcherbiz@outlook.com for a FREE consultation.

 

What are the regulatory bodies in Hong Kong on Company Formation?

Companies Registry is the main regulatory body on Company Formation in Hong Kong.  Of course, there are other regulatory bodies in Hong Kong that administrate and in-charge of other aspects in relation to company affairs in Hong Kong, for example, tax duties, listing requirements …etc., where we will go through in here one by one

 

  • Companies Registry - The Registry administers and enforces most part of the Companies Ordinance in Hong Kong, in charge of registering local and non-Hong Kong companies and related statutory filing of returns.  In general, the Registry is the first government authority you need to approach for all Hong Kong incorporations, where the first Business Registration Certificate will be issued by Companies Registry as well

    • Contact Information

    • For General Enquiry, you may contact the registry with the following ways

      1. By Phone  -  (852) 2867 2600 / (852) 2867 2604

      2. By Fax  -  (852) 2596 0585

      3. By Post / In Person  -  Information Counter at 14th Floor, Queensway Government Offices, 66 Queensway, Hong Kong

      4. By Email  -  crenq@cr.gov.hk

 

  • Registry for Trust and Company Service Providers – This is a sub-unit under Companies Registry to cater the international standards on anti-money laundering and counter-terrorist financing ("AML/CTF"), in specific on the monitoring and ensuring the compliance of all the TCSP licensees in Hong Kong comply with the Customer Due Diligence and record-keeping requirements under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615., in short, this is the Regulatory Body of all Company Set-Up Service Providers in Hong Kong

    • Contact Information

    • For General Enquiry, you may contact the registry with the following ways

      1. By Phone  -  (852) 3142 2822

      2. By Fax  -  (852) 3586 9987

      3. By Post / In Person  -  Unit 1208, 12/F, One Kowloon, 1 Wang Yuen Street, Kowloon Bay, Kowloon, Hong Kong

      4. By Email  -  enq@tcsp.cr.gov.hk

 

  • Business Registration Office – This is a sub-unit under the Tax Authority (Inland Revenue Department) of Hong Kong, mainly to handle the business registration of all Hong Kong companies.  For Sole Proprietorship, Representative Office formation, you don’t go to Companies Registry, instead, you go directly to Business Registration Office for registration

    • Contact Information

    • For General Enquiry, you may contact the registry with the following ways

      1. By Phone  -  (852) 2594 3146

      2. By Fax  -  (852) 2824 1482

      3. By Post / In Person  -  Business Registration Office, 4/F., Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong

      4. By Email  -  taxbro@ird.gov.hk  

 

  • Inland Revenue Department (IRD) – This is the Hong Kong Tax Authority, in-charge of all Profit Tax and related tax matters in Hong Kong.  For newly incorporated private limited company in Hong Kong, round the 18th -22nd months after incorporation, the first Profit Tax Return (PTR) will be delivered to the registered office of the company for the first tax reporting, no matter the company has commenced business or not, then upon assessment, tax demand note will be issued for payment

    • Contact Information

    • For General Enquiry, you may contact the registry with the following ways

      1. By Phone  -  (852) 187 8088

      2. By Fax  -  (852) 2877 1189

      3. By Post / In Person  -  Central Enquiry Counter, 1/F, Revenue Tower, 5 Gloucester Road, Wan Chai, Hong Kong

      4. By Email  -  taxpf@ird.gov.hk  

 

  • The Securities and Futures Commission (SFC) – This is the regulatory body to regulate Hong Kong ‘s Securities and Futures Markets, that means, the Public Stock Market of all Hong Kong listed companies are regulated by SFC as well.

    • Contact Information

    • For General Enquiry, you may contact the registry with the following ways

      1. By Phone  -  (852) 2231 1222

      2. By Fax  -  (852) 2521 7836

      3. By Post / In Person  -  Securities and Futures Commission, 35/F, Cheung Kong Center, 2 Queen's Road Central, Hong Kong

      4. By Email  -  enquiry@sfc.hk  

 

 

The above are the main regulatory bodies in relation to set up and maintain a company in Hong Kong, of course, there are other government departments in charge of other aspects and business affairs on doing business in Hong Kong as well.

 

How do I Register a Private Limited Company in Hong Kong?

To register a private limited company in Hong Kong, you first need to complete your application (Form NNC1 – Specimen), then submit to the Companies Registry as per the instruction within, where the initial Business Registration Certificate will be issued by the Companies Registry upon the incorporation under the One-stop Company and Business Registration Service (FAQ#2)

                                                                     

To submit the application, you can choose either

 

For the approximate time frame of above-mentioned incorporation procedures and processes, we have prepared an infographic below for you.  While for a full steps-by-steps outline of the application process, Companies Registry has stated it on its website, also available in a pdf guideline here.  To highlight with, you will need a Hong Kong local Company Secretary, Registered Office, and a Designated Representative to complete the NNC1 Incorporation form, further information on the requirements to set up a company in Hong Kong are available in the next chapter.

 

One important point about Electronic Filing Submission is that you will only obtain electronic (pdf file) version of the Certificate of Incorporation and Business Registration, and no hard copy or printed version available from the Companies Registry.  For companies that need the original hard copy corporate documents for apostille or notary public, we will recommend customers to select paper submission instead.

 
 

What are the Requirements to Set Up a Company in Hong Kong?

There are some basic elements for company formation in Hong Kong, and each of the elements has several mandatory requirements to observe when completion of the Incorporation Form NNC1 for a Private Limited Company by Shares in Hong Kong.

 

What are the basic elements for setting up a company in Hong Kong?

 

  1. Company Name (English / Traditional Chinese or both)

  2. Share Capital (Default HKD10,000.00 in 10,000 ordinary shares)

  3. At least One (1) individual (natural person) Director
    – Yourself is OK

  4. At least One (1) individual / corporate Shareholder
    – Yourself is OK

  5. Registered Office Address in Hong Kong

  6. A Company Secretary in Hong Kong (Natural Person / TCSP Licensee)

  7. A Designated Representative in Hong Kong (Natural Person / TCSP Licensee) – Company Secretary can act for the same role

 

For local residency with Hong Kong connections, point 5-7 should be able to arrange, and therefore, some small local businesses will simply proceed company set up by themselves.  Of course, the application usually requires some help from professional friends, but this should be the cheapest way to set up a company in Hong Kong and will get in touch with this in the next chapter

 

For foreigners, it is more hassle-free to appoint a Company Secretary Service Provider (Registered Agent) to arrange the company formation and thereafter annual maintenance matters.  How to choose a good provider?  You can jump to the next chapter for the answer.  If you wanted to more about the requirement of each element on Company Formation, below contents we will share with you one by one.

 

Company Name (English)

Your preferred company name(s)

  • Go to CyberSearch to conduct a name search to ensure that your preferred company name is available: www.icris.cr.gov.hk/csci/

  • MUST ended with the word “Limited”

  • NO reservation available, first registration first serve mechanism

Company Name (Chinese)

Your Optional Choice (better to have one if engaging in China business)

  • An Optional Choice if you already have an English Company name

  • Should be a fair translation of the English Name or vice versa

  • MUST ended with the word “有限公司”

  • MUST be in Traditional Chinese

Registered Office Address

The Hong Kong address to receive all letters from Companies Registry and other Government Authorities

  • MUST be a physical address in Hong Kong

  • P.O. Box or “Care Of” address would NOT be accepted

  • Government officer on-site inspection of statutory records on random bases.  Failure to present the records could be prosecuted
    (https://www.cr.gov.hk/en/compliance/prosecution.htm)

  • The company MUST keep sufficient Accounting Records for at least 7 years and Resolutions of the Company for at least 10 years at Registered Office Address or a different location being reported to the Companies Registry

  • If you pay for Registered Office Address service, the service provider MUST carry a TCSP license

Capital / Share Capital

The investment  to the company in exchange for the shares of the Company as proof of ownership

  • MUST issue a minimum of One (1) ordinary share

  • NO par value and NO authorized capital in Hong Kong nowadays, all MUST be issued and paid-up capital

  • In the practical arrangement, default capital as HKD10,000.00 in 10,000 ordinary shares for a star-up company

Director(s)

Manage the business and affairs of the company

  • MUST have a minimum of one (1) individual (natural person) Director

  • Rest of the Directors can be an individual or a corporation

  • MUST be the age of 18 or above

  • NO constraint on Nationality or Residence, a foreigner living outside Hong Kong can be the Sole Director of a Hong Kong company

  • You will need the Passport or HKID and the Residential Address proof of the Director for completion of Form NNC1

  • May exercise all the powers of the company, multiple directors constitute as the Board of Directors

Shareholder(s)

Owner (Founder, Member, Investor) of the company

  • Can be an individual or a corporation-  

  • Can be the Sole Director of the company

  • Again, NO constraint on Nationality or Residence, a foreigner living outside Hong Kong is acceptable

  • All the shareholders add up together should hold 100% of the company (NO unissued shares / reserved shares)

  • Maximum of 50 shareholders, beyond that, automatically become a Public Company

  • You will need the Passport or HKID and the Residential Address proof of the Shareholder for completion of Form NNC1

Company Secretary

To facilitate the statutory filing and regulatory requirements of the company, assisting the Director in conclusion of meeting minutes and resolutions

  • Company MUST have a Company Secretary

  • Can be an individual or a corporation

  • If a company has only One (1) director, the same individual / corporation cannot act as the Company Secretary of the company

  • MUST ordinarily reside in Hong Kong (with Hong Kong residential address) if the Company Secretary is an individual

  • MUST have its registered office or place of business in Hong Kong if the Company Secretary is a corporation

  • If you pay for Company Secretary service, the service provider MUST carry a TCSP license

Designated Representative

New mandatory requirement since the launch of the New Companies Ordinance in 2019

To simply complete the NNC1 Form for Company Formation, it might not be too complicated. However, to ensure smooth registration, proper maintenance, and compliance of the Company, professional knowledge with relevant qualification is essential.  Registers, Significant Controlling ownership chart, Resolutions, Records Keeping, and Preparation for On-site Inspection by Companies Registry, all are mandatory which should not be overlooked when thinking about DIY over delegate the work to a service provider.

 

Take away FAQ

 

Q1.  Why the basic elements of Company Formation do not include “Business Scope” or “Nature of Business”?

A1.  For Company Formation in Hong Kong, the default Business Nature of a Company is “CORP”, stands as Corporation, and the Company needs to file a separate form (IRBR200) to report the commencement of business to the Business Registration Office within one (1) month of the date of such commencement.

 

Q2.  For “Business Description and Nature”, will my company be restricted on the business scope after I have reported it to the authority?  If no, what is the purpose of this information?

A2.  Hong Kong company can freely in engaging any business without restriction because there is NO object clause (FAQ#2) after the launch of new Companies Ordinance since 2018.  Because the Form IRBR200 is to submit to Business Registration Office (a sub-unit under Inland Revenue Department – Tax Authority of Hong Kong), the information is mainly for reference concerning tax matters.

 

Q3.  My Company performs multiple businesses, what should I write for business description and nature?

A3.  You should write down the core businesses that contribute the majority potions of the profit of your company, any side businesses or once-off job with insignificant profits could be excluded.

What would be the Cheapest Way to Set Up a Company in Hong Kong?

The cheapest way to Set Up a company in Hong Kong, of course, is to arrange it on your own (DIY), which we shared the same answer in Quora in 2019 to provide a summary there.  For the detailed guide, procedure and time frame, you can check it from our earlier chapter.  As there are several local (Hong Kong) elements that you need to arrange the company formation by yourself, in this chapter, we will discuss the approximate cost and how you can achieve them.

 

First of all, the basic costs you need to bear mainly are the Government Fees which are
 

  • HKD1,720/USD221/EUR195     Application Fee of Incorporation

  • HKD250/USD33/EUR29         Business Registration Fee and Levy (Valid till 31 March 2021) - Previous fee at HKD2,250/USD289/EUR226

                           

Then, as a foreigner, the tricky part would be those requirements in relation to a local address, a local person in Hong Kong, mainly “Registered Office Address”, “Company Secretary”, and “Designated Representative”, below we will go through them one-by-one

 

  • Registered Office Address in Hong Kong

    • If you have your own apartment in Hong Kong with long term lease, you may report your residential address as registered office address of your company and regard it as a home office

    • Of course, using residential address as registered office address might affect the corporate image, another popular option is to have Virtual Office Service (Kind of Basic Mail Receiving, Forwarding, and Secretarial Services), this service costs you around HKD400-500 per month depending on the service level, location of the office, and other top-up administration fees

      Be aware that for this arrangement is only a service rather than an actual business location, the location of records of corporate documents should be at your actual business location in Hong Kong, perhaps your residential address, otherwise, just in case of on-site inspection by Companies Registry, you Company will be prosecuted without any mercy (please see below convicted case on January 2020)

 
Jan 2020 Prosecuted Case by Companies Registry

  •  

    • Hot Desk (Shared Office, Day Pass, Coworking Space … etc.) is another popular option for foreigners to adopt, many of our China Sourcing and Trading customers would benefit from this arrangement.  This is because they often travel back and forth between China, Hong Kong, and their home countries, they don’t need a fixed office which cost too much and not necessary, as an alternative, a Day Pass plus a Mail Box service, they can utilize this service for the basic business needs while saving the cost on Registered Office Address.  The cost of a Hot Desk is about HKD2,500 or up per month depending on location and office facilitates

      In this case, the Registers of the company will be kept in the Mail Box of the Shared Office, where your (Director/Shareholder) will be the designated representative.  The office staff there will simply inform the officer of Companies Registry that you are out of the office and you will need to liaise with the officer directly
       

    • Compare to the HKD1,500 per annum (HKD125 per month) of Registered Office fee (CatcherBiz), the above costs are of course higher in view of the additional services being received.  For start-up entrepreneurs that must acquire some basic office supports and facilities for operation, shifting the Registered Office Address to a centralized location is actually a cost-saving arrangement and more convenience in handling business affairs  

 

  • Company Secretary in Hong Kong

    • Other than appointing a TCSP Licensee (Licensed Company Service Provider or Registered Agent) to act as the Company Secretary of your Company, a natural person with a residential address in Hong Kong can also act as the Company Secretary of your Hong Kong company

      Let’s say you and your wife moved to Hong Kong together, and you are the sole Director and Shareholder of the Hong Kong company, your wife can act as the Company Secretary of your company because she is a natural person ordinarily resides in Hong Kong


      Similarly, some of our customers established a local office in Hong Kong with a full time financial or accounting staff (An employee of your company), with the consent and permission of the staff, you can appoint him/her to act as the Company Secretary of the company, of course, an additional amount of salary usually required, and might not worthwhile compared to appoint a service provider

      Be aware that the Company Secretary has the responsibility to ensure the company has complied with ALL the provisions of the Companies Ordinance.  That means, in case of non-compliance, both the Director and Company Secretary might be prosecuted together, please see the “Obligations as Officers of a Company
       

    • If you engage with CatcherBiz, we charge HKD2,000 per annum (HKD167 per month) for Company Secretary Service, let’s consider this as an insurance payment with all-rounded advisory service over the year to ensure the Company in compliance, most of our customers will keep the Company Secretary with us even they have full operation (office and staff) in Hong Kong

 

  • Designated Representative in Hong Kong

    • The beauty is that yourself being the Director of the Company can act as the Designated Representative (Dual Roles) as well as soon as you are ordinarily residing in Hong Kong

    • As per the FAQ#20 of Companies Registry, a Director, Employee(staff) or Member of the Company who is a natural person resident in Hong Kong can act as the Designated Representative of your Company

    • The key role of the designated representative is to escort and provide assistance relating to the company upon on-site inspection by law enforcement officers, such as inspection by Companies Registry or Inland Revenue Department.  As such, the location of records MUST be a location that the government officer can reach the designated representative

    • In case the officer of Companies Registry cannot find the designated representative and unable to inspect the company records, the prosecution will be made due to non-compliance

    • Similar to Company Secretary, because the main purpose of Designated Representative is to handle inspection from Companies Registry, in view of the strengthening inspection frequency, many customers nowadays prefer to appoint the service provider with a fee (For CatherBiz, that is HKD1,000 per annum (HKD83 per month) instead of putting the risk of non-compliance with potential penalty of HKD12,000 up (equals to10 times – 10 years’ service fee)

 

Take away FAQ

 

Q1.  I can set up the Hong Kong Company on my own, why I need a registered agent?

A1.  Yes, I would say this is correct in previous years, before 2018.  However, since the launch of the new Companies Ordinance, Companies Registry has strengthened the enforcement actions, where many cases are in relation to “Failure to keep the register of ….” which were caught at the time of on-site inspection

Summonses issued by Companies Registry 2014 to 2019

Q2.  Okay, but the service charge for Company Secretary, Registered Office, and Designated Representative are just too high, cost us several thousand HKD before we having any business, can you explain?

A2.  Yes, I would say this is correct that the cost is too high in previous years, let’s say before 2018.  However, since the launch of new Companies Ordinance, mandatory Significant Controllers Register record keeping (6 years), together with the TCSP licensing regime, the workload to ensure full compliance of a Company has increased significantly.  Nowadays, the profit margin only minimal, approximately, each of our staff requires to handle 80-100 companies per month in order to survive, and we don’t want to push it number further because it will certainly lower the service level, making our customers suffer at the end.

 

Q3.  Our business is a small start-up online e-commerce store.  Really wanted to have a cheaper company set up an arrangement at the beginning, what should I do?

A3.  We have researched it for you as well, please take a look with this article “The Best Countries to Incorporate a Remote Based Company for Digital Nomads” by Remoter.net., Estonia company set up with the e-residence program is a hot topic in 2019.  Of course, upon your business becomes mature, Hong Kong company may be your next vehicle to catch the new wave of growth. 

 

Q4.  I found from Google search with "company set up cost starts at USD99", would it be the cheapest price to set up a company in Hong Kong?

A4.  For government fees, already over USD250, you can tell that the final price will certainly much more than USD99.  Compare to extremely low cost, the best and most cost-efficient way to set up a company in Hong Kong is to engage with a service provider at a market price, seeking for a good discount or value-added service to best protect you from ending with a higher cost eventually. 

To sum up, the cost to set up a company in Hong Kong is highly related to the quality of the professional service and advisory that you will receive.  Similar to buying insurance, lower price insurance usually means less protection, insufficient coverage; a reliable Company Set Up service provider ensures your company from any potential risk of prosecution and penalties due to non-compliance.

 

If you are a start-up entrepreneur, the main focus should be on the business side, find a Company Secretary Provider that you can trust with business acumen is value-added in boosting your business development instead of burdening on your shoulder.

Hong Kong Company Set Up Cost (with CatcherBiz)?

The Market Price on Company Formation in Hong Kong is ranged around USD800~1,200 inclusive all government fees and disbursement (The “all-inclusive package”) during this period of HKD250 Business Registration Fee valid till 31 March 2021.

 

Our current price to set up a private limited company by shares in Hong Kong is USD925, similar to some of the service providers charging more or less USD800, where the courier fee and disbursement being charged after company formation.  For the upper price side, some of the packages without any discount become nearly USD1,200.

 

Below is the full break down of our fee schedule for you to have a clear picture of all components of Company Formation Service in Hong Kong

 

Note i:   

Note ii:    

Note iii:    

Note iv:   

Note v:    

Note vi:

Note vii:

Note viii:

Valid only till any company incorporated on or before 31 March 2021

Fee ONLY applicable to standard company structure

For the mandatory requirement to receive correspondence from the Government

Original price at HKD1,200 per annum, adding courier, delivery fee charges at cost

With effect from 1 March 2019, all Hong Kong companies are required to maintain Significant Controllers Register (SCR) with a designated representative in Hong Kong https://www.cr.gov.hk/en/compliance/prosecution.htm

Courier to main countries and cities with fee below HKD500 as per the latest HK FedEx rate table.  Delivery within Hong Kong HKD80 by SF Express.

CatcherBiz can provide a FREE evaluation on the Successful Chance on Hong Kong bank account opening application, with our expertise comments in return

Confirm your order by completing the mandatory Due Diligence and KYC Process and paying 50% non-refundable deposit of the package fee

Our all-inclusive price is a good match for most of our customers as a hassle-free package with once-off payment so that you won’t be bothered to pay a small amount from time-to-time for small jobs and disbursements, wasting the money to bank charges.

 

FREE first year correspondence address in this package is because most of our customers will apply for a corporate bank account in the first year, where bank’s verification letter, security token, and other letters from the bank or correspondences will be received.  To facilitate our customers during the start-up phase in Hong Kong, we think it is a better arrangement for a true all-inclusive price instead of charging this service fee separately.  Furthermore, as most of the vendors and banks already adopted the paperless office, it is a free choice for our customers to keep the correspondence address service in the second year depending on the operation and business needs.

 

Of course, there are some extremely low prices offers in the market, for example, “Price of Hong Kong Company starts at $99 USD” or even lower.  For government fee already over USD250, you can tell the final price will certain beyond USD99 and perhaps there are more hidden fees follow up after engagement.  Company set up service provider is your first business partner in Hong Kong; CatcherBiz believes a transparent, trustworthy manner is more important in building a long-term relationship with you.  Furthermore, there are more options and packages available, you can always find the package that best fit your needs and enjoy the best price and discounts.

 

This decision is up to you, contact us at catcherbiz@outlook.com or input your email under below message box for any other things in your mind about company set up in Hong Kong, we will get back to you as soon as possible with a FREE 30 mins Skype consultation to ensure you enjoy having CatcherBiz as your first business partner in Hong Kong.

 

Who provides Company Set Up Services in Hong Kong?

There are different types of company set up service providers in Hong Kong, such as law firms, accounting firms, company secretary firms, business centres, business services provider, asset management firms … etc., although the services available often overlapping each other, the focus and professionals are different.  Depending on your needs and purpose of setting up a company in Hong Kong, a matching partner could save you cost, time, giving you value-added supports in boosting your start-up phase process.   

 

For CatcherBiz, we are a company secretary firm, focusing on helping foreign entrepreneurs and MNCs in catching business opportunities in Hong Kong, China (through WFOE set up) and Asia Region investment opportunities.

 

No matter what kind of service provider you choose for on-boarding, there are several key reminders for you as take away

 

 

Upon engaging with CatcherBiz, what company secretary services will I receive?

 

Basic thing is to act as the Company Secretary of your Hong Kong Company.  CatcherBiz will prepare and maintain all mandatory company records of your Hong Kong Company in accordance to the Companies Law, such as Registers of Members, Registers of Directors, Register of Secretaries, Significant Controllers Registers, Ownership Structure Chart … etc.

 

Then, during the service period, ensure your Hong Kong company in good standing (complying to all the regulatory and legislative requirements), for example, reminding you on the filing of Annual Return, time to renew the Business Registration, reporting Profit Tax Return, Employment Return, and other necessary obligations on tax, accounting, and auditing on a timely basis.

 

Of course, we become your best partner in advising and handling any changes requests about your Hong Kong company, for example, allotment of shares, change of directors, change of shareholders, deregistration … etc., so that all these company affairs are confidently handled by us (CatcherBiz), where you can keep the focus on developing your business.  Contact us at catcherbiz@outlook.com for a chat, or input your needs in the above message box, let’s see how we could be your assistance, cheers.

 

Hong Kong Company Formation and Bank Account Opening?

Most of the company formation service providers will offer value-added service on bank account opening as a package.  Under this session, through a series of Q&A, we would like to give you straight forward answers that customers concern the most.

 

Q1.  Is Corporate Bank Account bundled with Company Set Up?

A1.  No, two are separate matters, but usually, most of the company set up service providers can assist you throughout the application process.

 

Q2.  Then, should we process the bank account application ourselves or we MUST join the corporate bank account service at the same time?

A2.  If you are a foreigner, yes, we highly recommend you to join because nowadays, any new business in Hong Kong has difficulties on the bank account application in Hong Kong due to lack of business proofs for the compliance of the bank to approve the case.  On the other hand, for any customers that have confidence in providing business proofs in accordance with the bank requirements, it is OK to proceed on your own.  Below with a common list of business proofs that prefer by the bank in Hong Kong, you may take it as a reference (Source:- Hang Seng Business Account Opening Checklist)

 
Hang Seng Business Account Opening Checklist

Q3.  OK, if we join the bank account opening service, does it means that the application of corporate bank account guarantees success?

A3.  Honestly, we are not the bank; we cannot guarantee your application will be accepted 100%, yet, because we have rich experience and deep knowledge about the compliance requirements, especially about the AML & CTF concerns of the banks, we can help you in consolidating relevant materials and information about your business to confidently present to the bank side, resulting a much higher success rate.

 

Q4.  If company formation and bank account application are separate things, then, why should I apply this service at the time of company formation?

A4.  The main reason is that we can offer you a much better discount on the bank account opening service.  Nowadays, for company set up, we, as a licensed service provider, are required to perform the necessary due diligence and compliance review before engagement, which most of the works are the same for that of bank account opening.  Such that if customers proceed bank account opening right after company formation, we can save a lot of time and efforts in collecting information and materials in relation to your Hong Kong business, such as source of fund, certified true copy of passport & address proof ultimate beneficial owner(s), director(s) and shareholder(s) within three (3) months … etc.

 

Q5.  How about I incorporate the company first, and then arrange the bank account opening application later, in the meantime, I will use my personal account for the business first?

A5.  Although this is not prohibited, we do not recommend this approach because mixing your personal transactions with that of company will create an impression to the bank that you are trying to hide some of the business profits in your personal account; also, at time of profit tax reporting, the tax authority will pay special attention to your case.

 

If you are too occupied to come to Hong Kong for the bank interview, or you prefer to apply for the corporate bank account at a later time upon the business is ready to launch, we will recommend our customers to apply for a Neat account first.  Neat is an alternative bank account solution available in Hong Kong that the whole application process and operation could be performed 100% online (NO Hong Kong physical presence is required), for detail, you may check with our Quora reply post, and feel free to contact us at catcherbiz@outlook.com for further assistance, or you can open a business account online by yourself.

Business License Requirement in Hong Kong?

For some specific businesses, a separate business license is required on top of the business registration here in Hong Kong, for example, money lending, restaurants, travel agency, education centre …etc., usually, this kind of business license is granted by specific government authority, issuing a separate license, permit or certificate as an official approval for that particular business to operate in Hong Kong.

 

To check whether your business requires applying for an additional business license, you can simply search it from the information page organized by the Trade and Industry Department.  Of course, because the search engine mechanism is based on a “Keyword” search, just in case you type in a keyword that is not specific enough, the search result might not be accurate.

 

For example “Money Borrowing” or “Personal Financing” business in the search result with “No record found”, but when you type "Money Lending", it will show the relevant result of the licensing requirements to you.

 

To avoid missing out on the license application due to an inaccurate search result, it is always better to cross-check with your local agent for the concrete answer.

 

In general, most of the businesses do not require a specific business license; let’s say you are doing trading business in Hong Kong, unless this is controlled goods, you only need to arrange custom declaration for each log of goods, and any specific license does not require. 

 

When you are ready to set up a company in Hong Kong, CatcherBiz is here at your service. Simply send us an email at catcherbiz@outlook.com or drop your message under below message box to request a quote now and allowing your business to grow with the first trustworthy top-rated business partner.

Thank you so much for your reading, this is the end of the Definitive Guide on Company Set Up in Hong Kong, we hope the information suits you well.  To enable your entrepreneur journey here in Hong Kong, below with the contact information of Main Government Authorities (Department) for Doing Business in Hong Kong so that you can obtain more supports and resources for a smooth commence of business with great success, cheers.

Contact Information of Main Government Authorities (Departments) for Doing Business in Hong Kong

Below with the list of government authorities that commonly come across with doing business in Hong Kong, the link will direct you to the official website of the authority and we also share the main contact and email for direct enquiry

 

Invest Hong Kong – assisting overseas and Mainland entrepreneurs, SMEs and multinationals to expand their business or set up an office in Hong Kong

Phone       (852) 3107 100   

Email         enq@InvestHK.gov.hk

 

Companies Registry – in charge of registering local and non-Hong Kong companies and related statutory filing of returns.  For company search – here

Phone       (852) 2867 2600 / (852) 2867 2604          

Email         crenq@cr.gov.hk 

 

Inland Revenue Department – Hong Kong Tax Authority, in charge of all tax matters in Hong Kong

Phone       (852) 187 8088

Email         taxinfo@ird.gov.hk  

 

Intellectual Property Department – Administrate Intellectual Property in Hong Kong (Patent, Trademark, and Designs).  For an IP search - here

Phone       (852) 2961 6901

Email         enquiry@ipd.gov.hk  

 

Immigration Department – Handle your VISA application, working holidays, application of Hong Kong Identity Card, Permanent Residency, and other Hong Kong entry matters

Phone       (852) 2824 6111

Email         enquiry@immd.gov.hk   

 

Hong Kong Trade Development Council (HKTDC) – Promote, assist and develop Hong Kong's trade, mainly in organizing international exhibitions, conferences and business missions to create business opportunities for companies.  For sourcing product/service - here

Phone       (852) 1830 668

Email         hktdc@hktdc.org / www.hktdc.com/contact-us    

 

Hong Kong Science and Technology Parks Corporation – The central hub in Hong Kong in promoting innovation and technology development, with R&D laboratories, incubator programs, investors connection services … etc.

Phone       (852) 2629 1818

Email         enquiry.marketing@hkstp.org     

 

Hong Kong Monetary Authority – Government Authority to regulate the banking industry in Hong Kong, therefore, any complaint in relation to banking issues, this is the place to seek relevant assistance.

Phone       (852) 2878 8196

Email         publicenquiry@hkma.gov.hk

     

Customs and Excise Department – Cargo Clearance, Customs Declaration, and other import-export matters, all information and related controls are available here, must save the link if you are in trading (import-export) business

Phone       (852) 2815 7711

Email         customsenquiry@customs.gov.hk

 

Department of Justice – all information in relation to the legal system of Hong Kong could be found here.  For Apostille Service and other Court Services - here 

Phone       (852) 3902 8637

Email         dojinfo@doj.gov.hk 

 

Securities and Futures Commission (SFC) - regulate Hong Kong's securities and futures markets, including the Listed Stock Market in Hong Kong and all licensing matters on futures and securities (licensing requirement)

Phone       (852) 2231 1222

Email         enquiry@sfc.hk  

 

Food and Environmental Hygiene Department – if your business is in relation to restaurant, CAFÉ, food or beverage trading, this is the department you need to visit.  For licensing relation matters – here

Phone       (852) 2868 0000

Email         enquiries@fehd.gov.hk    

 

Hong Kong Productivity Council – An organization that provides different resources and supports to Hong Kong industries and enterprises, often provides free or low-cost seminars or programme for management

Phone       (852) 2788 5678

Email         hkpcenq@hkpc.org 

 

Labour Department – provide employment services, promote labour relations, occupational safety and health, and employee rights & benefits in Hong Kong.  For posting free job advertisements on local hiring - here

Phone       (852) 2544 3271

Email         enquiry@labour.gov.hk  

 

Mandatory Provident Fund Schemes Authority (MPF) – MPF is the basic retirement protection for Hong Kong local workforce.  5% of the salary will be contributed to the MPF on a monthly basis under a dedicated MPF account

Phone       (852) 2918 0102

Email         mpfa@mpfa.org.hk   

 

Official Receiver's Office - provides insolvency service to creditors and the public, in short, bankruptcy cases, no matter individual or corporate, all are handled under this office

Phone       (852) 2867 2448

Email         oroadmin@oro.gov.hk   

 

Below are the other government authorities on general affairs.

 

Fire Services Department

Phone       (852) 2723 8787

Email         hkfsdenq@hkfsd.gov.hk    

 

Hong Kong Police Force – For emergency or to report a crime, please call (852) 999

Phone       (852) 2527 7177

Email         Online enquiry portal    

 

Hospital Authority

Link of Contact information of each hospital is here    

 

Transport Department – For overseas driving licence holder driving in Hong Kong - here

Phone       (852) 2804 2600

Email         tdenq@td.gov.hk     

 

Post Office

Phone       (852) 2921 2222

Email         hkpo@hkpo.gov.hk     

 

Hong Kong Tourism Board – For Hong Kong tourist attractions - here

Phone       (852) 2810 2770

Email         tcenq@cedb.gov.hk       

 

Office of the Ombudsman – This is the city’s independent watchdog of public administration, investigate complaints about maladministration by the governments’ departments and agencies

Phone        (852) 2629 0555 

Email         complaints@ombudsman.hk(Complaint) / enquiry@ombudsman.hk(Enquiry)

 

For any other government authorities that you need contact information or you think it is good to put other contact information here, please do not hesitate to let us know at catcherbiz@outlook.com, your comment is highly appreciated.

 

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