Global Business Service Agency: legal services for business

The growth of Hong Kong's economy in 2017 exceeded all expectations: the GDP of the special administrative region increased by 3.8%, which is the highest indicator for the last 6 years. To visit is surprising that Hong Kong is the leader in the list of offshore jurisdictions by the number of registered non-resident companies as of the beginning of 2018.

Company registration in Hong Kong: advantages and benefits of jurisdiction

Stable economic situation.

Hong Kong is considered to be the largest transnational center of Asia, where the most influential financial and human resources of the continent are concentrated.

Advantageous conditions for the conduct of the port business.

The territory of Hong Kong belongs to Porto-Franco, which means that there is no duty for the owner to transport goods.

Free currency conversion.

The Hong Kong Dollar (HKD) is freely exchangeable for any available currency and there is no control of such transactions by the administrative region. This allows the business to operate in any convenient monetary unit.

This simplifies the conduct of business on the territory of the beneficiary's resident state.

Special conditions of tax-free regime.

We can get tax benefits companies that actually visit business in Hong Kong: Visit indicate the territory of the place of contract, visit receive income from cooperation with resident companies, visit Have open accounts in Hong Kong. If the same source of income of the company is recognized by Hong Kong, the amount of profit is taxed on a progressive scale: up to 2 mln. In national currency – 8, 25%, and any amount of profit from above – 16.5%.

For individuals the tax rate is fixed – 15%.

There is no tax on repatriation, VAT and duty in the territory of the jurisdiction, but there is a government fee in the amount of 2 250 Hong Kong dollars.

Offshore registration in Hong Kong: some peculiarities of doing business

Data privacy

Since the information about the founders of the company has free access through the register, the beneficiary better to work through the nominee representatives.

Moreover, since 2018, the company is required to register the beneficiaries and the presence of an authorized person in the staff of the company, which will be responsible for Designated Representative (Register of controlling persons).

Financial statements

Business jurisdiction is obliged to submit annually the declaration to the Tax Service and the reporting documents to the Register of companies, to conduct accounting and keep financial documentation for at least 7 years. Although access to the company's accounts is closed, every year the company undergoes a tax audit. The constituent documentation may be kept outside the zone of the Special Administrative Region.

Authorized capital

There are no requirements to the currency and size of the authorized capital in Hong Kong, but the increase in its size is taxed at the rate of 0.1%. The company is required to issue a minimum of 2 shares, where, when they are handed over to the new owner, it is necessary to pay stamp duty.

Founders and staff

To open a company requires at least one shareholder and two directors, who can have any form of management and residence of any country. Unlike the founders, the agent or the Secretary of the company must be a resident of the jurisdiction, regardless of the form of management.

What do you need to open a company in Hong Kong

Minimum package of documents for opening a new company:

• Notarized copies of the internal and/or foreign passport of the founders with English translation;
• Notarized copies of corporate documents, in case one of the founders is a legal entity;
• A clear description of the company activities within the framework of the law (for insurance, investment and banking activities requires a license);
• Information on the origin of capital for the beneficiary;
• Certified forms for registration.

The cost of opening the company – from $1 545, the package of apostilled documents-from $445, services of nominal service – from $595, annual renewal (including reporting) – from $1 195.

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