Foreign Companies registered as non-Hong Kong Companies
It is possible for overseas companies that intend to set up their business in Hong Kong to do so by setting an office in the country without necessarily creating Hong Kong incorporated subsidiary as spelt out in the Companies Ordinance Part 16. Within the first month after setting up a space for the Oversea company, in Hong Kong, the company will be required to obtain a business registration certificate that is obtained from the Inland Revenue Department as stipulated by Companies Ordinance Part 16.
A non-Hong Kong company that is registered under Part 16 of the Companies Ordinance is expected to report to the Registrar of companies if the company makes any changes to its name, directors, secretaries, memorandum and articles of association, change in the office address among other major changes within the company. Every non-Hong Kong company is expected to submit their annual return and a copy of its annual accounts to the Registrar of companies.
Another option is for the overseas company to incorporate a subsidiary company in Hong Kong. Using Paul Hype Page services, you can incorporate from anywhere in the world, at your convenience. This means you can start operating in Hong Kong, before you have even touched down in the airport.
The Rights of Shareholders
The Hong Kong company Ordinance reserves specific decisions to the shareholders.
The shareholders of a company are expected to accomplish the following tasks:
- The shareholders are expected to appoint the auditors at the annual general meeting.
- It is the responsibility of the shareholders to alter the company’s articles of association.
- Name change of a company is s responsibility of the shareholders.
- Removing the director of a company from the office.
- Reducing the amount of capital of a company
- Purchasing the shares of a company
These are some of the basic roles that the shareholders have in a Hong Kong company.
Several laws govern the general operation of Hong Kong companies and other businesses. Thus, it is advisable that all investors, whether a local or foreign investment, seek professional consultation before setting up a company and if they face difficulties with the requirements or procedure of obtaining relevant legal documents to enable them to work smoothly. Besides, these will allow the business owners to be aligned with the Hong Kong authorities and business regulations.
Are you starting a business in Hong Kong? The potential choices available are varied and it can be difficult to know which option is best for your specific needs. Paul Hype Page is a trusted advisor, and we are able to help you in incorporating as the business type most suitable for you.