Best type of offshore companies to form in Hong Kong
Formation of a new offshore company
Incorporating a new offshore company in Hong Kong gives the flexibility to begin a business with a particular name. Widely preferred type of business of this form is a Private Limited Liability Company (LLC).
Essentials to incorporating an offshore company in Hong Kong?
Anyone who intends to incorporate an offshore company should know these few simple facts that serve as a guide to incorporating an offshore company;
The Hong Kong Companies Registry needs to approve the suggested name of your company before initiating the incorporation process.
An offshore company need to have:
- A minimum of one director with an unlimited maximum number of directors.
- Directors can either be a Hong Kong natural person or even a company.
- Directors can either be residents or non-residents of Hong Kong.
- Offshore company directors can be from any country.
- Nominee directors are permitted.
- The number of shareholders ranges from 1 to 50.
- Shareholders can either be persons of majority age or companies
- They can either be Hong Kong residents or non-Hong Kong residents.
- Shareholders can be persons of any nationality.
- 100% local or foreign shareholding is allowed.
- A sole director can act as a shareholder.
All Hong Kong Companies are mandated by law to appoint a company secretary. A company secretary can either be a local individual or a corporate resident. There is no professional qualification that is required. A company with a sole director or shareholder cannot double as a company secretary.
Any amount of share capital needs to be injected into the company’s bank account.
A simple guide to the incorporation process
- Conduct a name search. It is the initial step before submitting the companies’ registration documents.
- Submit incorporation documents that include the application form, the company’s Memorandum and Articles of association, and statutory declaration form.
- Apply for the business registration certificate. The business Registration Ordinance requires that an incorporated company should apply for a business registration certificate from the Business Registration office.
Purchasing a Hong Kong Shelf Company
If you are not much interested in a name of a company and you do not have the time to wait for the incorporation process, then purchasing one becomes a better alternative. A Hong Kong shelf company is one that is already incorporated and placed for sale at a later date. Generally, such companies are only incorporated in prior but do not have any assets, liabilities, and or indulge in any activity or business before thus making them safe for doing business. Once you have purchased an offshore company in Hong Kong, you are free to alter its operations that include such things as its directors, shareholders, change its name, appoint a new Company Secretary, or even increase its share capital.
In conclusion, there are numerous benefits to owning an offshore company as this article discusses. However, what is even more essential is how to become an owner of one. Paul Hype Page is a consultation company that has experienced and qualified staff to help you incorporate a business of your choice.