How much it cost to set up a company in Hong Kong?
Contributed by hongkongtaxfree.com
04 November, 2016
After being threatened by the insolvent fiscal systems in the west, more people are now shifting to offshore businesses in areas that are safer for their savings. One of the best places to set up and run a highly profitable business is Hong Kong. Because it operates as a separate administrative region of China, Hong Kong has made great strides in attracting investors.
Hong Kong is a major financial hub with tens of multinational financial institutions operating from there. Besides, the banking system is well capitalized and investors' money is not at any risk. To run business in this strategically positioned region, it is a requirement that you set up a company. Well, the main question that people keep asking is how much it cost to set up a company in Hong Kong?
Registering a new company in Hong Kong on your own
There are two methods of setting up a company in Hong Kong. If you decide to do the task on your own, you will be required to fly all the way to Hong Kong to file the required documents. It is these documents that the registration office will use to register your company.
- Photocopies of your national Identity card or personal passport
- The name you want the company to have.
- Your home address
It is advisable to take about 1-3 months preparing all the required documents before traveling to Hong Kong. Remember that if any document is wrong, it can be very costly going all the way to your home country and country and back. Thus the process can look very complicated especially for people who are visiting Hong Kong for the first time. A better method is using an agency to register the company.
Registering a company in Hong Kong using an agency
Using an agency is considered a better option because agencies have all the requisite knowledge and walk with you all along. In fact, agencies have made it possible to open and operate companies without having to step in Hong Kong.
To register the company using an agency, make sure to select a good agency, provide all the necessary documents, and clear the required fees. The agency will prepare the articles of association, memorandum of understanding, and all other documents to have the company register the company as fast as possible. Within a period of two weeks, you will have the company registered so that you can proceed with opening the bank account.
The agency provides more than registration
While every company is required to have a resident secretary (at least), getting one can be an uphill task. The agency will recruit a secretary for you, register an office, and run the company for a full year. This is very crucial especially for people who want to run their companies when abroad. The agency will factor all of these costs and come up with an appropriate figure friendly to your business. A company secretary in Hong-Kong is a must to keep focusing on your skills and not on the paperwork.
Opening a bank account
With a new company, you will find it easy to open a bank account by simply presenting the company's certificate of registration, shareholders names and signatures, and location. The bank might also require you to provide additional details of your business, know the director more, and ask for anything to assist you to operate smoothly. It is advisable to fly all the way to Hong Kong to open a bank account because most banks want to see and associate with you.
To know how much it cost to set up a company in Hong Kong, it is important to consider all the above contingencies. However, you can liaise with your agency for a quick assessment and quotation. Don't wait any longer, take the great opportunity that is Hong Kong and register your company right away.
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