- Hong Kong is placed at the intersection of East and West; this position serves as a pivotal jurisdiction that acts like a gateway to global markets. Hong Kong has the simple and lowest tax requirements to be complied with, that attracts the business entrepreneurs the most. The strategic location in Asia makes it the hub of attraction for the budding entrepreneurs.
- Even if you are a startup founder who aspires to build their dream company or a corporate investor looking for the stable ecosystem, Hong Kong will serve the best purpose for incorporation.
- To Register company in Hong Kong you need to go through the process that is laid down under the Companies Ordinance (Cap. 622). The procedure for getting the company registered is straightforward and simplified, and it requires simple steps to be completed by the entrepreneurs. The documents required to register a company in Hong Kong are highly detailed and provided under the code, which needs to be mandatorily provided by the company.
- The process of registration is simple, but the list of documents is extensive. If any kind of incorrect information is given by the entrepreneurs in the documents, this may imply serious penalties on the company. For this seamless procedure, expert guidance can be of utmost help and will aid in avoiding serious consequences with effective registration.
- Here is the complete list of documents along with a company structure that will help in getting the practical insights for the incorporation process of the company.
Types of Company for Registration in Hongkong
Private company limited by shares
- Most of the startups and SMEs focus on opening this type of company. In this company type the shareholders share the limited liability, and the liability is limited to the unpaid amount of the share they hold. The core assurance that is offered by this company is flexibility and protection of limited liability.
Public company limited by shares
- If you want to get your company registered at the stock exchange, then this company is the best. In this company type you can raise capital through the public. Although, comparing it to private companies, these public companies are under heavy scrutiny and stricter legal compliances.
Company limited by guarantee
- These companies come up with a structure where they do not raise share capitals. These types of companies have a fixed amount of guarantee levied on the members and at the time of winding up, only that amount is paid by the members. This company is mostly preferred by nonprofit profit organizations, charities, and professional bodies.
Non -Hong Kong company (Branch Office)
- The foreign companies that intend to only open a place of business in Hong Kong opt for this type of branch office. Within the first month of incorporation, they have to get themselves registered as a “registered non-Hong Kong company.”
- For all of these companies, the basic procedure of registration remains the same, although the statutory compliances for each one of them vary as per the rules mentioned under Companies Ordinance (Cap. 622).
Documents Required for registering a company
- There are several documents that will be required to be submitted at Companies Registry. All the rules regarding the submission of the documents are being provided under the Companies Ordinance (Cap. 622). It is also a notable point to keep in mind that if there is any incorrect information or any kind of document that is not complete, it may welcome rejection of the application. Here is the list of documents that are required for getting the company registered in Hong Kong.
Incorporation form
- The company needs to be registered first and that there are several incorporation forms. Form NNC1 is required to be filled with the information for the companies that are limited by shares. Form NNC1G is required to comply with all the necessary requisite information where the company is not limited by shares.
- In this form the details of the company, the name of the company, its registered office address, the share capital structure it follows, and details about the directors, shareholders, and about the company secretary will be mentioned. This is the first and foremost compulsory requirement laid down in the Companies Ordinance (Cap. 622).
Article of Association
- It is very important for a company to have the Articles of Association. This acts as the core rulebook for seamless operations of the company. It is a detailed memo where the rights and duties of shareholders are mentioned. This is also inclusive of details regarding the procedure of meetings and also contains the rules that are required for appointing the directors.
- The AOA needs to be submitted before the registry along with the Incorporation forms.
Notice to Business Registration Office (BRO)
- The documents also need to be submitted along with the registry to BRO. The business registration office comes under the authority of the Inland Revenue Department.
- In Hong Kong, a one-stop registration system is followed, this means that you don’t have to follow different process for incorporation and registration, they can be done simultaneously.
Identity proofs
- In the application it is necessarily required to provide the Identity proof of the directors, shareholders and the secretary of the company. The most common ID proof that are valid are passport copies, if the person is foreign national, for the residents of Hong Kong the valid id proof will be a Hong Kong ID and proof of residential address will also be counted as valid ID proof.
- These compliance needs to be adhered to because it helps the government to track the progress in Anti- money laundering matters.
Registered Address
- Every company which wants to get registered in Hong Kong needs to have a local registered address. It is also mandatory that the address needs to be physical and no Post Office boxes are permitted to be written as registered address. For adhering to regulatory compliances and official communication, this address serves the purpose and is legally recognised.
Consent to Act
- It is very important to get the consent of the directors prior to the registration of the company. This consent should be formal, and it can be included in the incorporation form itself.
- If the consent is not included in the incorporation form, then it must be submitted in Form NNC3 within the given timeline for that.
Conclusion
- It is very important for the business entrepreneurs to get the knowledge of minute details of the documents that are required to file the registration. Although the process of registration in Hong Kong is simplified and straightforward, checking each and every document and complying with each requirement can be a hefty task.
- Hiring a professional team of experts can help with these detailed document requirements. This will allow you to get safely away from the penalties and delays that can occur if any kind of misinterpretation or mistake is provided in the forms and documents.
- For staying away from penalties, contact us and our team will revert in 24 hours.