Business and company formation in Hong Kong is not that difficult. There are several requirements from the government requiring such registration, and there are several commercial activities that must be conducted by the company or the director and officers of the company. All these things make it easy for people to set up their own company in Hong Kong.
There are three types of companies: general, limited, and Hongkong company formation. A public company forms one which has no specific obligations. The shareholder is known as the promoter of the project, and the company secretary is the company secretary who performs the tasks required of him. The promoters or the shareholders have no say in the running of the company.
The limited company forms one which is under the jurisdiction of the offshore jurisdictions. In a limited company, the director and the shareholders are all foreigners. The company secretary is also a foreign national but a nominee of the shareholders. A nominee is an individual who holds the position of company secretary either temporarily or permanently. When the company is established, the shareholders’ nominee is also given the role of a company secretary.
The company secretary plays a vital role in any business. He makes sure that all the official procedures of the company are being carried out. The company secretary has all the necessary skills to perform the job correctly. Company secretaries also have the power to make decisions on behalf of the company. A good and experienced company secretary always can earn a lot of trust and confidence in the office. A company secretary performing all the tasks of a company secretary should be trustworthy and have a sound knowledge of computers.
If you are starting a limited liability company, then you may also opt for a nominee account. There are many benefits of choosing an offshore bank account like free offshore banking, no taxes, no rules, etc. All the activities related to your business can be very effectively managed through the offshore banking options available in Hong Kong.
One of the significant advantages of establishing an offshore company in Hong Kong is that there are no restrictions on transferring shares between the parent company and its associates or foreign nationals. With such attractive business opportunities available in Hong Kong, entrepreneurs have no reason to hesitate in opting for an offshore company formation service in Hong Kong.
The company formation process in Hong Kong can take three to five working days if the company formation has been initiated after the statutory period. The statutory period is usually one year from the date of issue of the register of corporations to the Companies Act’s effect. Companies can initiate the company formation process by applying to the Companies Registry Office either by using the online application form available at the Registry website or by sending the application by fax, postal order, or by personal post. The Companies Registry will provide advice on all the formalities and whether the company is fit to establish a registry office and, on the cost, and type of registration that needs to be done. The next step after the submission of the application is the assessment by the Registrar of Companies. After the Registrar’s review, if the company is eligible for registration, it will be issued the Companies House Registration.