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Wednesday, September 22, 2021

Company Formation in Hong Kong

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Hong Kong is one of the most desirable places to set up a company due to its place as one of the top 3 of the international financial centres around the world. It has a financial and legal system and infrastructure that is stable and a lot of very large financial institutions, international banks and companies have chosen to set up either their headquarters or their Asian hub. When you deal with a Hong Kong business you are dealing with highly reputable and well-known companies, regarded well internationally.

There is a strict framework a company must follow to comply with the rules, tax filings and annual return filing. Companies that are thriving in Hong Kong have to be efficient and above reproach. But how do you go about taking advantage of the great communication networks, efficient transportation, and strong legal system if you have a company you want to register there? That is where top company formation agents Hong Kong based come in.

Why invest in Hong Kong company formation cost

It is well worth investing in experienced and skilled company formation agents Hong Kong. They can help any business whatever the industry or structure. Even if you are not yet in Hong Kong skilled agents can help. Just look for a service that offers options online and remotely. When you find the right agents they can help your business get started in HK and help it grow. When looking at formation costs, look for companies that offer a free consultation and then you can compare costs before you decide.

Conditions a Hong Kong company must meet

For having a company in Hong Kong there are certain terms or conditions you need to meet. An agency will go through these with you and help you meet them but they include;

  1. Your company name can be Chinese, English or both but you need to check availability and make sure it is not already taken.
  2. Having financial liability that is limited.
  3. All information about your shareholders and the directors should be made public and easy to access.
  4. Earning the tax benefits. Businesses only pay tax on the income they earn in Hong Kong itself. Income earned anywhere else is not subject to income taxes. This is one of its big draws for companies. Plus there are other tax benefits like no VAT, interest, Capital Gain or Dividend taxes.
  5. A Limited Company can carry out any business actions and activities with no restrictions.
  6. At least one director of the business needs to be a natural person of Hong Kong, there needs to be at least one director but they do not have to be residents.
  7. A company must have at least one adult shareholder, and that can be an individual or a corporation. The most shareholders you can have is 50.
  8. Whether you have a loss or profit, each year you must submit your audited file and accounts to the tax department. This is another area company formation agents, Hong Kong can help you with.

Conclusion

Hong Kong company formation cost is something you should view as a necessary investment to get the best results when you recognize the huge advantages of having a place in Hong Kong can offer your business. Just make sure you find reputable and professional agents.

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