Hong Kong Overview
Hong Kong’s official name is the Hong Kong Special Administrative Region, or Hong Kong SAR. It can be geographically divided into three territories: Kowloon, Hong Kong Island and the New Territories. Hong Kong is a coastal city and major port in Southern China bordering Guangdong province through city of Shenzhen to the north and the South China Sea to the West, East and South. Hong Kong and its 260 territorial islands and peninsulas are located at the mouth of the Pearl River Delta. The area of Hong Kong is distinct from Mainland China, but is considered part of “Greater China”. Hong Kong was once part od the British Overseas Territory therefore Hong Kong’s corporate law is strongly based on British Law.
The office languages of Hong Kong are Chinese and English, however you may find that many most of the locals speak Cantonese and Mandarin.
Hong Kong Companies are one of the most sought after trading entities as entry point into Asian markets. They are widely used for both international and local business trading operations. All non Hong Kong source income is zero taxed and therefore provides a great platform for international trade from one of the most recognised financial centres of Asia.
Hong Kong Company Key Facts;
- It takes approximately14 to 21 days to incorporate a company with a requested name.
- Zero profit tax for companies operating business outside of Hong Kong.
- There is no withholding tax on dividends and interest.
- There is no capital gains tax.
- A minimum of one shareholder who can be an individual or a company
- The minimum share capital is HKD$1
- A minimum of one director who can be the same individual as the shareholder.
- A Hong Kong resident company secretary must be appointed who will act as the company’s liaison with the Hong Kong authorities
- All HK companies must apply and hold a Business Registration Certificate annually
- Bearer Shares are not allowed.
- An annual return must be filed for all Hong Kong Companies annually
- Annual audited accounts are required and must be submitted even for non-trading companies.
- All companies must obtain and maintain up-to-date beneficial ownership information by way of keeping a Significant Controllers Register. The Register should be open for inspection by law enforcement officers upon demand.
- Company documents are to be retained at the Registered Office.
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