Company Formation and Bank Account Methods in Hong Kong

Hong Kong company registration and open bank account open for international business have become quite popular among people who wish to establish offshore corporations. Hong Kong is a particular administrative region of the People’s Republic of China. It is located on the southernmost tip of China. This location is the need for an international business to have offices and outlets in places outside China. Moreover, many multinational companies prefer to establish offices in Hong Kong because of low property rental and corporate registration fees.
Nowadays, Hong Kong has emerged as one of the most preferred locations for Hong Kong company formation and bank account, open offshore corporations, and offshore banking. It is because it offers some exceptional benefits for its international business. First, there is a free market for business registration and open offshore corporation. Companies can operate freely without paying any taxes or income tax to the government.
Besides, Hong Kong has a highly desirable tax status. Companies are exempted from paying income tax to Hong Kong jurisdiction and exempt from paying capital gains tax to the corporation’s resident office. Companies are also entitled to avail of the “special economic zone” designation. This designation means that the profits of offshore corporations will not be subject to double taxation. However, all these benefits are subject to the condition that the corporation complies with its home country’s applicable laws and regulations.
Company formation and open bank account in Hong Kong are also available to corporations with no permanent business place in the city. Under this option, a nominee director or an initial director will act as the company’s head until the Board of Directors certifies the appointment. Only the nominee may exercise the powers and enjoy the benefits mentioned in the offshore corporation’s by-laws. Nominees can be anyone, not necessarily a Chinese national. It could be a nominee director or even a non-UK citizen.
Another advantage of Hong Kong formation is that it can be conducted very conveniently by a qualified chartered accountant. The corporation needs to choose among licensed representatives of the offshore corporations. They need to make sure that they are registered with the Companies Office under the Companies Act. Only a chartered accountant can conduct business in this regard.
Forming an offshore company in Hong Kong can be a lot cheaper than conducting business at home. It is the perfect place to work business as the corporate laws of Hong Kong are significantly less. For instance, the Companies Registry can be accessed online from any computer. Companies have to give the Companies Office a business address and some other personal information to access the vital information regarding the corporate structure. Thus, it is the best option for busy people and does not have time to go to different Hong Kong offices.
Company formation in Hong Kong is easy to accomplish, thanks to the well-designed legal scheme of things. A simple application form is to be filled in by the individual or by an authorized representative. After this, an appointed authority will be given the power to conduct business. The established authority will provide a date for the public for a company formation meeting. This meeting will be held at the designated place and time, and the entire proceedings of the company formation will be recorded in the minutes of the meeting.