Hong Kong is home to the world’s most open economy. This is a fact which is supported by the Index of Economic Freedom, which ranks Hong Kong first in the world in this regard. It is extremely simple for one to conduct business activities or establish a company in Hong Kong when compared to doing the same in almost any other country. The government has also done much to encourage investment in businesses based in Hong Kong so that such businesses may thrive and contribute to the economic development of Hong Kong. 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.
There is one major advantage from which foreign business owners who choose to start a company based in Hong Kong may benefit. 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 in order to start a company to be based there. Thus, the government of Hong Kong has provided a means by which this problem could be solved by allowing them to do so from anywhere in the world. Foreigners may even opt to use the e-Registry portal in order 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.
Although foreigners may start a Hong Kong company from abroad, such is not the case with regard to 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. Similarly, physical copies of all required documents must be presented to those in charge before the bank account may be opened.
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 possibly 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. During the registration of the company, all foreigners who are to either be directors or shareholders will be required to submit a copy of their passport as well as proof of their residential address abroad for the purposes of verification. 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. Such foreigners will thus be pleased to discover that there are no restrictions on how many companies in Hong Kong may be owned by a foreigner. As long as each company has been registered in the proper manner, the foreigner may own and run each company as desired.