If you are considering establishing a limited company in Hong Kong, then the most critical decision will be approaching the issue of company registration. It is an integral part of the business development process in any country. A company needs to be registered to ensure that it meets all the required criteria for being deemed a genuine business. Moreover, to enjoy all the benefits of company formation in Hong Kong, registration is essential.
The benefits of Hong Kong limited company formation for the ultimate holder of the shares are the eligibility to own the shares. The first decision that needs to be made regarding the number of directors is the number of shareholders. Two types of shareholders are allowed in Hong Kong: the “open book” and the “limited company”. An “open book” is when the shareholder has the right to meet or get to know the directors, the company secretary, and the company’s management. On the other hand, a “limited company” has only one director – the “sole proprietor”. To open a limited company in Hong Kong, you must have an appointed company director.
Another critical requirement for company formation in Hong Kong is the provision of a certificate of incorporation. This document is essential and plays a vital role in company registration in Hong Kong. You need this certificate to obtain the corporation’s license to trade. The certificate also acts as proof of identity for any monetary transactions during the initial registration period.
Next, you must submit your annual return to the corporation. To comply with the Companies, Act requirements, you must submit the annual return along with your statutory declaration that the income and assets owned by you are more than twenty-five million dollars. The annual return must also include the shareholders and the board of directors of the limited company.
After receiving approval from the bank, the next step is to choose the directors of the company. You can select three directors who will act as the company’s officers. These three members are referred to as the directors of record. It also includes the secretary and accountant of the company. The general manager and the company’s chief executive officer are known as the board of directors.
The last step in company formation in Hong Kong is to choose the statutory schemes under which it operates. One day company formation in Hong Kong allows you to select the system under which you run your business. Two-day company formation will enable you to choose the basic scheme under which your company operates. One day company formation in Hong Kong also allows you to incorporate a limited liability partnership. One day company formation in Hong Kong also will enable you to include a corporation.
Company formation in Hong Kong is simple. It can be completed within one day. If you have already decided on the company name and have registered the company’s office and directors, you can complete the next stage of the process in one day. On the same day, the documentations that comprise the company’s Articles of Association will be delivered to the statutory clerk for verification and further processing. Once this is completed, you will be authorized to operate the company.