Company registration in Hong Kong
There are many benefits if you register an offshore company in Hong Kong which is one of the biggest business centers in the world and the biggest financial center in Asia. The offshore companies that are registered in this country will not be completely dismissed from taxes, however, the amount of registered offshores there keeps increasing due to simple and transparent taxation scheme. Generally speaking, the economy of Hong Kong can be named one of the most liberal among others around the world which means the intervention of the government into the economy is minimal.
As well Hong Kong occupies a beneficial economic and geographical position and together with Singapore, it is considered the most prestigious place in the area. Officially Hong Kong is considered a special district of China, but actually it is a separate country with its own administration and legislation.
Advantages of registering offshore companies in Hong Kong
Low taxes and prestigious position on the world economy arena have partially influenced the growth of Hong Kong popularity as an offshore zone. Among other positive sides of registering offshore companies in this jurisdiction are the following:
- Short terms and simplicity of registration
- Lack of control of foreign exchange operations;
- Flexible and simple taxation system;
- Friendly legislation;
- High business reputation of Hong Kong as an offshore jurisdiction.
Offshore jurisdiction of Hong Kong is not included in so-called “black list” of international organizations, which take actions against money “laundering”. Tax on added value for the offshore companies in Hong Kong counts zero, the rate of the income tax for such companies may vary but in any case it is not too high, and in some cases it drops till zero. The last tax is levied only from foreign companies that lead activity in Hong Kong. Otherwise the company is dismissed from taxes. Such decision is carried out by the local tax authorities in accordance with the results of the given company activity.
While registering offshore company there is no minimal size for the charter capital, but recommended amount is around US 1300 which is not much at all. The offshore companies are allowed to lead any activity but some of them ought to be licensed, for example, insurance.
Requirements for registering offshore companies in Hong Kong
To achieve simple taxation system and transparency of business leading, the authorities of the country had to slightly tighten the rules of registration and leading activity for the offshore companies. Similar to other offshores, the company has to have an office, legal address and an agent, registered on the country’s territory. As well it has to have at least one director and shareholder, but they can be nominal, also it can be same person. Adding to this an offshore company has to have a secretary who is a Hong Kong resident.
A distinguishing requirement to offshore company in Hong Kong is a compulsory keeping of an accounting record and composition of an annual report. The register of the companies in Hong Kong is in free access and has information about shareholders and directors of the company. The offshore companies in Hong Kong may not issue shares without declaring the capital and bearer shares. Such conditions may seem not very attractive for many people, but if the offshore company is aimed at transparent and efficient activity in the area, it will not have any problems. Our company Goldblum and Partners will assist you in registering your offshore company abroad and solving any other corresponding questions.