Hong Kong has rapidly become a favourite destination for international businesses. Several multinational companies are establishing offices in this bustling Chinese metropolis. It is because of its taxation system, which is far less complicated than that of the mainland. Thus, companies in Hong Kong enjoy many corporate benefits, such as the right to operate within a framework that the Chinese government has created, including simplified tax procedures. However, it is essential to understand Hong Kong company formation’s benefits before applying for the same.
How to Apply for a Hong Kong Limited Company Registration? This registration’s main requirements include owning a fully functional office or rooms in a business building. The company secretary also plays an important role here. The company secretary is responsible for approving all documents, such as the Articles of Association, the Memorandum and Articles of Association, and the Operating Agreement. He is also responsible for preparing the register of companies at the end of each year and undertaking annual and at least quarterly inspections for compliance with the country’s laws.
What are the Benefits of Company Registration in Hong Kong? The most obvious benefit of having a registered office address in Hong Kong is conducting global businesses. A company secretary who works from his office can handle documents, communications, appointments, and meetings worldwide. Therefore, his contact details are available to all concerned, even if he is not in the same office as the company secretary. If, for example, there is an import or export-related issue, the company secretary will be able to arrange everything on behalf of his company, thus making him a key player in the whole transaction.
Who are the Companies? There are two categories of people who can become the directors of a Hong Kong company: members and non-members. A member is someone who has access to the shares of the company. Non-members have no stake in the company. The company secretary must inform the relevant authorities if any of the mentioned persons are non-members.
What are the Requirements? There are two requirements for Hong Kong company secretaries to be appointed as company secretaries. The first is that they should have a graduate degree in business administration from a Chinese University or an accredited university of foreign origin. They must also attain the consent of the Hong Kong Board of Trade. Other formalities may be applicable, including submission of documents, financial accounting and reporting requirements, completion of employment contracts, and so on.
Who are the Jurors? To be appointed as the company secretary, the person must be a qualified person having the necessary skills to manage the duties involved. These include planning, organizing, and managing the workings of the company. Apart from that, the person must also have the capacity to handle the company’s business affairs through effective communication.
How do I Register Company? Once the company name is registered, all the shareholders must complete the process by sending the application to the Secretary of State’s Office. After the application has been approved, the company secretary will verify the shareholders’ details and contact them to confirm whether they agree with the company’s terms and conditions and its Articles of Association. The next step is for the shareholders to transfer their shares to the company. Once the shareholders have transferred the claims, the office will deliver the notice of transfer to the registered agent.