1. Choose the type of company
A subsidiary is not the same as the parent company. The person who is setting up a subsidiary should choose the type of business. However, a subsidiary is often set up as a private limited company. You will then proceed to choose the name of the business or decide to retain the parent name. Nonetheless, in either case, the chooses name must be approved by the Hong Kong Companies Registry.
A name search of a company should first be conducted and the name must meet all the required company naming processes in Hong Kong. When you are choosing a name for your Hong Kong business, you can either use an English name, a Chinese name, or both.
2. File Articles of Incorporation
The incorporation of a Hong Kong company is made with the Companies Registries (CR). When registering a limited company, you may choose to deliver the following documents via the online platform, e-Registry. The documents include:
- Incorporation Form: this is often done by the companies that are limited by shares.
- A copy of the company’s Articles of Association
- Issue a notice to the business registration office
Once you obtain the incorporation certificate, you should then visit the Trade and Industry Department for other relevant permits and licenses that will depend on the industry within which your company lies.
3. Application for the business registration certificate
The third step during the incorporation process is to register with the business registration office of the IRD. The process is often done together with the company incorporation. If it was not done during incorporation, then it must be done within the first month of the business operation at the Hong Kong Companies Register by submitting a notice to the Business Registration Office.
4. Open a corporate Bank Account
The process of opening a corporate bank account in Hong Kong is simple and required minimal paperwork. Depending on the type of bank that you choose to have an account with, you will be required to show the proof of residence plus additional documents as per the bank requirements.