Company formation in Hong Kong is not difficult if you know what you are doing. There are two ways to go about it: one is using an attorney or company formation service and the other is going through the process on your own. The latter is easier said than done and may require a significant amount of research and homework. If you choose the latter, please be aware that the law firm representing you most likely won’t be the last to help you out. As you may already know, the rules in Hong Kong regarding company formation and the registration of business names are extremely complicated and changing laws constantly make the task even more difficult for businesses that are looking to establish themselves in this Chinese-dominated economic powerhouse.
In order to succeed in your company formation in Hong Kong, it is essential that you hire the services of an expert to help you register your business name and its corresponding address correctly. As mentioned, Hong Kong companies are required to follow the yearly filing and reporting requirements by the Office of the Secretary of State. These entail maintaining all the necessary documents and records in the company’s registered office (a local address which must be maintained throughout the company’s existence) and undergoing the annual review and inspections. Failure to comply with these requirements results in heavy penalties which are in turn enforced through the courts.
The reason why companies filing in Hong Kong are required to adhere to these elaborate procedures is due to the excessive complexity of the system. Every aspect of the business is covered – from the formation of the company, its directors and shareholders, the names of its registered office and its branch offices, its business licenses and permit to operate. In addition, each of the aforementioned mentioned aspects is covered in detail and in a comprehensive manner. Moreover, companies are also required to submit their annual reports to the statutory bodies responsible for auditing. The purpose of this report is to provide the relevant information on the company’s status, assets, liabilities and gains, among others. Due to the heavy demand for the service of an accountant in Hong Kong, several agencies have come into existence to deal with such requirements for companies filing in the city.
Many of these organizations have been established specifically to deal with all the tasks associated with incorporating a business in Hong Kong. One such agency is the Company Registration Hong Kong Limited. This organization is solely authorized and qualified to provide all the necessary services and advice to companies in regard to incorporating in Hong Kong. It is a member of the Professional and Commercial Register of Hong Kong (PCRH). The Company Registration Hong Kong Limited can also provide assistance to individuals who wish to incorporate a company in Hong Kong.
If you are an entrepreneur who wishes to establish a company in Hong Kong, the Company Formation Hong Kong Corporation (popularly known as the “CCCL”) is a good option. This corporation is a non-orporated legal entity that is recognized by the Securities and Exchange Commission of Hong Kong. The company formation process is undertaken by the Legal Secretary to the government of Hong Kong. Upon completion of all the formalities, the new company will be registered in the Companies Registry with its original address and name.
There are many other options available for an individual looking to incorporate a business in Hong Kong. However, the most convenient one for most businessmen is to avail the services of a Company Formation Hong Kong. The company formation service will guide them through the entire process. Thus, they can avoid any difficulties that may arise due to the complexity of incorporating in Hong Kong and enable foreign investors to incorporate a company in Hong Kong without any difficulty whatsoever.