Hong Kong Companies: Special Classes

Some companies that are carrying on business in Hong Kong  are required to be registered with the Securities & Future Commission:

• Companies trading in commodity/futures contracts
• Companies dealitng in securities
• Companies giving advice on investment in securities
• Companies giving advice on trading in commodity/futures contracts
• Credit rating companies

Other special categories:

• Banks – companies carrying on a banking business or a business of taking deposits in Hong Kong must obtain a licence from the Hong Kong Monetary Authority
• Charitable organisations – companies formed for the purpose of providing recreation or amusement or promoting commerce, industry, art, science, religion or charity. The “charity” status is granted by the Inland Revenue Repartment. An existing company as well as a company to be incporporated can apply for the status. The articles of association containing the objects of the company together with a list of activities for the past 12 months – for an existing company, or the coming 12 months – for a company to be incorporated, have to be submitted to the Inladn Revenue Department. Additional information and documents may be requested by IRD to support the application. Once the company obtains the charity status, the company becomes exempted from payment of the business registration fee. Furthemore, donors can claim tax exemption for donation made to the company.
• Trustee corporations – are regulated by the Trustee Ordinance.