1. Applicable Company legislation?
Companies Ordinance (Cap. 32)
2. What types of Company are available in this jurisdiction?
A Limited Liability Company can be limited by either shares or guarantee
3. What is the annual Government fee payable?
A Business Registration Certificate fee presently equivalent to US$298 must be paid annually. The Hong Kong Revenue Service impose stringent fines for late payment
4. Is a Registered Office required?
Yes - in Hong Kong
5. Is it possible to reserve the name in the Company Registry?
No
6. How long is needed to incorporate in a name of your choice?
Between 3 and 4 weeks
7. Are ready made companies usually available?
Yes
8. Where and when must board meetings be held?
Board meetings can be held anywhere. There is a statutory requirement for an Annual General Meeting to be held to consider the accounts of the Company and to re-elect officers
9. Is an annual return required?
Yes - additionally an auditors report must be attached to a copy of the Annual Accounts of the Company
10.Are audited accounts required by authorities, and if so is a copy kept on public record?
Yes - the tax liability and status of a Hong Kong Company is assessed on the profits earned from business within Hong Kong against that earned from the business outside the Territory. Currently only net profits on business conducted within the Territory will be charged against tax at a rate of 16.5%
11.How many companies were on the Companies Register at the end of 1995?
Approximately 429,000
12.Minimum number of subscribers?
Two
13.Minimum subscribed capital requirements?
None
14.Standard authorised share capital?
HK$1,000
15.Minimum number of shareholders?
Two - who may be Corporations or Individuals
16.Are the details of shareholders filed on public record?
Yes
17.Are trustee shareholders permitted?
Yes
18.Is it possible to increase the authorised share capital?
Yes - by payment of extra duty to the Government
19.Is a Company Secretary required?
Yes - the Company Secretary must be a resident of Hong Kong or a Corporate Body whose place of business is in Hong Kong
20.Is a local registered/or resident agent required?
No
21.Minimum number of directors?
Two - who may be Corporations or Individuals
22.Are the details of directors filed on public record?
Yes
23.Are nominee third party directors permitted?
Yes
24.What is the principle use for this type(s) of company?
International Trade normally involving China or countries within the Asia Pacific Region. Please note that a Hong Kong Company trading within Hong Kong will be taxed as resident in the Territory
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
ARTICLE
5 November 1998