Registering Your Company In Hong Kong With The Four Tips
Tip 1: When registering a Hong Kong company, you are always required to have a company secretary. The company secretary can be a physical person who must be locally based in Hong Kong, or an HK based entity. However, you (the owner) and any director or shareholder of your registered business cannot act as this company secretary role.
Tip 2: When you do it through a professional and reputable company incorporation agency/consultant, your company’s Significant Controllers Register (“SCR”) will be kept at the agency’s office until the anniversary date of your company. This is to fulfill the compliance of the SCR obligations. When a company fails to comply, or makes a false statement, it is considered a criminal offence. The company needs to designate a person as its representative who provides assistance relating to the company’s SCR to the law enforcement officer. This agency you used must be locally based in Hong Kong.
Tip 3: To receive payment, you may be tempted to use your personal web wallet such as PayPal account. But to make it formal and be able to comply with the tax laws, you should eventually open a company bank account. When you choose to do it yourself, it may take a month or longer to make an appointment with a HK bank for bank account opening. Through your agency/consultant, you will get the assistance necessary in arranging the bank account opening meeting with the bank of your choice. For example, HSBC, Citibank, etc are good choices of international banks when your business will eventually involve in a lot of transactions that are in multiple currencies (besides Hong Kong dollar).
Tip 4: Besides a secretary, a registered office address is compulsory. Usually many entrepreneurs and/or startup owners are reluctant to provide or fund a physical office right from the beginning of their business. Cost at the initial stage of any business is a bigger concern than other factors. But there is an easy way out. The agency you use would usually be able to provide a business address along with your company registration. Some agencies would even have addresses (for you to choose) which are in prime districts in HK. If an address in a prime financial district such as Central or Admiralty would give your business a good boost, then you should go for the option. Additionally, you would need an address (as a correspondence address) to receive letters from all government departments, banks, and more. Make sure the address of the agency you are using is able to either notify you on any received letters (and/or documents), or arrange delivery of the letters to you.