Hong Kong may be a good decision for registering a company in Asia, opening an account with a bank in Hong Kong. No wonder this jurisdiction is considered a world leader in business and banking. A choice to open a company in Hong Kong has many advantages, because today a rating of this FZ is higher, than the United States, Britain and Japan. According to YB Case experts’ latest data, Hong Kong is a least corrupt country.
If you intend to establish a company in Hong Kong, open an account with a Hong Kong bank, the main advantage is a cost-effective solution.
According to YB Case professional team, a fact, that you are introducing your business in China or other Asian countries, is of particular interest in opening a company in Hong Kong.
YB Case reference: a local company decree (a chapter 622 of Hong Kong laws) and its subsidiary legislation entered into force on March 3, 2014. This new regulation provides for a modernized legal framework for a company registration in Hong Kong and their activities, and also strengthens Hong Kong’s position as an international trade financial center.
- Limited Liability Company (LLC)
It is the most common form. It is also beneficial for a non-resident to register an LLC in Hong Kong, because it officially has all the same opportunities as resident firms, including a free trade agreement with China.
This type has a number of restrictions, such as the mandatory presence of a Hong Kong authorized resident.
- Representative Office (RO)
RO cannot engage in any commercial activity, so you cannot sell goods/services in Hong Kong.
Why should you set up a company in Hong Kong?
- A gateway to explore business opportunities in Mainland China and Asia;
- A business-friendly tax system, that allows maximizing profits;
- An income tax exemption;
- No tax on imports, property, dividends/interest, VAT;
- A business transparency;
- A trustworthy political environment and a stable economy;
- A world-class infrastructure;
- A protection of customer personal data.
Starting a business in Hong Kong is quite simple:
- An application for registration online is submitted:
- a registration form/NNC1;
- a no
- tification at the Registration Office/IRBR1 form;
- a copy of a Charter.
- To apply for a business registration:
- a fee for registering a business is about $255/year; $665/three years;
- a provision of wage protection in an insolvency fund is $32/year; $96/three years.
Online registration requires 1 day, if all documents are in order. A submission of documents will take up to 4-5 days.
Local taxes in Hong Kong:
- a corporate tax is 16,5%;
- an income tax is from 2 to 17%;
- a tax for real estate is 15%;
If your business is not conducted in Hong Kong, you will need to submit reports, however, a company is exempt from taxes.
A prerequisite in order to open a bank account in Hong Kong, you must set up a company in Hong Kong. In the past few years, the issue of opening a personal account in Hong Kong for citizens of the CIS countries is quite difficult. However, at the same time, YB Case specialists will always offer you a full-fledged alternative.
All questions, regarding registering an enterprise in Hong Kong, opening an account in Hong Kong will be settled by qualified YB Case experts. We will assist you in buying an existing Hong Kong enterprise or establishing a company in Hong Kong remotely.