Requirements to open a business

An offshore company opened in Hong Kong must appoint at least one director, but their number can be unlimited. They are not required to be Hong Kong residents.

A minimum of one shareholder and a maximum of fifty are required. Shareholders can be individuals or companies.

A company created in Hong Kong must also designate a local resident natural or legal person to act as company secretary.

Procedure to start your business in Hong Kong

Foreign investors have two options when incorporating an offshore company in Hong Kong. They can register a new company or buy an already registered one.

Companies that are only registered but do not represent liabilities or assets are called shelf companies and can be bought by investors who do not have time to wait until a new company is incorporated. After purchasing it, investors can invest directors and secretaries of the company, increase the share capital and change the name and registered address.

Investors who want to register a new company should know some facts. First, the desired company name must be verified in the Business Register. If it is not a duplicate or looks a lot like another, it can be reserved.

After that, the following documents must be sent to the Registry:

• the registration application form,

• the Memorandum of Association and Articles of Incorporation,

• the copy of the founders’ passport,

• bank reference letter for non-resident shareholders or directors,

• copy of Hong Kong identity card for Hong Kong resident shareholders or directors and copy of parent company registration

• documents (only for corporate shareholders).

After 14 days from registration, the established offshore company must also deposit the following documents:

• notification about the registered address,

• the decision to appoint the director (s) and the secretary and their consent to act in that position

• other documents requested by the Commercial Registry Office, depending on the nature of the business.

A bank account must be opened and within a month of registration, the company must be registered with the Internal Revenue Department.

Special requirements to operate a business

Operating a commercial company, a retail store, a travel agency, a restaurant, an employment agency, an educational business, a financial services agency, an event management agency are activities that require receiving a license, so it is It is important to request it from the competent authorities. The type and quantity of permits and licenses required vary greatly from company to company. We recommend seeking the help of a qualified Hong Kong lawyer or business consultant for professional advice, which will undoubtedly help you to be sure that you will start your business correctly and within the legal framework of this city-state.

Only if the above steps are completed, foreign investors can start operating businesses and enjoy the benefits of having an offshore company open in Hong Kong.