Hong Kong is home to the world’s most open economy. This is a fact that is supported by the Index of Economic Freedom, which ranks Hong Kong first in the world in this regard. Conducting business or establishing a company in Hong Kong is much simpler compared to most other countries.
The government actively promotes investment in Hong Kong businesses to boost economic growth and business success.
The country’s business environment has long been open to entry by anyone, whether local or foreign, who is interested in starting a company there. Business owners from all over the world consider Hong Kong to be a location which suits many different business ventures.
Hong Kong Company Incorporation for Foreigners: Start Your Business Remotely
Foreign business owners starting a Hong Kong company benefit from one major advantage. This advantage is the fact that any foreigner is permitted to start a company in Hong Kong without having to go there in person.
Not all foreigners are either willing or able to leave their home country for Hong Kong to start a company to be based there. The Hong Kong government allows foreigners to address this issue by starting companies from anywhere in the world. Foreigners may even opt to use the e-Registry portal for their company to be registered. By using this portal, the registration process can be fully completed online.
Incidentally, if you would like any assistance with the establishment of a company based in Hong Kong, we at Paul Hype Page & Co. will play our role in ensuring that such will be completed in due time. Our incorporation experts have much understanding and knowledge about the setup of a Hong Kong company. We are always ready and willing to work with anyone who has taken an interest in the incorporation of a Hong Kong-based company.
Key Considerations for Foreigners: Corporate Bank Accounts, Directorship, and Multiple Company Ownership in Hong Kong
Although foreigners may start a Hong Kong company from abroad, such is not the case with the opening of a corporate bank account. When such an account is opened, the foreigner is required to go to Hong Kong in person because all of Hong Kong’s banks require all applications to be made in person. Physical copies of all required documents must be submitted before opening the bank account.
Foreign Ownership, Directorship, and Multiple Company Setup in Hong Kong: Key Guidelines for Entrepreneurs
Any foreigner who starts a Hong Kong company may use the services provided by InvestHK to do so. InvestHK is the Hong Kong government’s department which oversees foreign direct investment. It also assists foreign business owners with company setup in Hong Kong. InvestHK does much to make startups owned by foreigners as successful as they can become.
Foreigners are also allowed to serve as directors or shareholders of Hong Kong companies. Hong Kong does not have any laws which forbid foreigners from doing so. Foreign directors or shareholders must provide a passport copy and proof of residential address abroad during company registration. These are to be submitted alongside all of the other documents which are usually required during the company registration process in Hong Kong.
Some foreign business owners might be considering owning more than one company based in Hong Kong at the same time. However, they might sometimes be unsure if such a move is permissible according to the business laws of Hong Kong. Foreigners can own multiple Hong Kong companies without restrictions, which is a pleasing discovery for many. As long as each company has been registered properly, the foreigner may own and run each company as desired.
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