HK Co Maintenance

Co-working space or virtual office is gaining popular as startups /businessmen realize its flexibility and cost-effectiveness during the pandemic time. However, you have to ensure your business registration certificate be displayed properly by the business centre or the secretarial/accountancy practice to avoid failure to comply with the Business Registration Ordinance which may result in a maximum fine of HK$5,000 and imprisonment for one (1) year. According to The Business Registration Ordinance, all persons who run a business in Hong Kong, whether as a sole proprietor, partnership or limited company, are required to register with the Inland Revenue Department (IRD) within one...

Number of local companies that has remained registered on the Hong Kong Companies Register as of June 2023 No. of Public Companies No. of Private Companies No. of Guarantee Companies Total No. of Companies that has remained registered on the Companies Register 932 1,399,017 16,694 1,416,643 Number of Local Companies Incorporated in Hong Kong 2023 No. of Public Companies No. of Private Companies No. of Guarantee Companies Total No. of Companies Incorporated 14 72,006 568 72,588 Registered Non-Hong Kong Companies in 2023 No. of Companies Newly...

In order to strengthen the position as a global business and financial hub, the HKSAR Government has already put into place user-friendly fund redomiciliation mechanisms for Open-Ended Fund Companies and Limited Partnership Funds to attract existing foreign funds to establish and operate in Hong Kong. In order to strengthen the position as a global business and financial hub, the HKSAR Government has already put into place user-friendly fund redomiciliation mechanisms for Open-Ended Fund Companies and Limited Partnership Funds to attract existing foreign funds to establish and operate in Hong Kong. As a further step, a company re-domiciliation regime, enabling a company domiciled...

Background 1. Currently, the Companies Register (the Register) maintained by the Hong Kong Companies Registry (the Registry) contains personal information available for public inspection. Such personal information includes, among other data, the usual residential addresses and full identification numbers (IDNs) of directors of companies, and full IDNs of company secretaries and some other individuals (such as liquidators and provisional liquidators) (Protected Information). Similar personal information is also contained in the registers kept by companies which are open for public inspection. 2. To enhance protection of sensitive personal information, while keeping up the...

Setting up a company in Hong Kong is straightforward and can be completed within one day or a week. However in order to keep your Hong Kong company in good standing, you are required to meet 3 compulsory legal requirements. In the event you are unable to meet these requirements, the company may be struck off by the Hong Kong Companies Registry. Secure a local registered address Hong Kong Companies Registry requires every business, local or offshore, to have a local registered office address before it can be duly registered. The local registered address serves as an avenue for correspondence between you and the government authorities. All mails from the government will be sent to...

According to the Companies (Amendment) Ordinance 2018, a Register of Significant Controllers (“SCR”) has to be maintained in Hong Kong (either in the registered office or at a designated location of which a Form NR2 has to be filed with the Companies Registry within 15 days after the SCR is first kept at that place) with effective from 1 March 2018. What are the new requirements on the keeping of Significant Controllers Register 1. Under the Companies (Amendment) Ordinance 2018, a company incorporated in Hong Kong is required : i. to identify persons who have significant control over the company (“significant controllers”). ii. to maintain a...

Having a virtual office in Hong Kong to operate overseas is used to be a preferable and popular arrangement of overseas clients. As time goes by, this model has to be modified with substance in light of the changing regulatory environment. Non-HK residents who do not want to relocate to Hong Kong for business but operate the company overseas should consider the following to claim offshore status: 1. Non-HK residents are free to be the sole directors and shareholders of a Hong Kong company but you should appoint a professional practice as their company's administrator to supervise its company’s affairs without making decision for the company. 2. You do not need to rent a...

Under the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), there must be at least one (1) individual director who can be a Hong Kong resident or a non-HK resident with age over 18 at the time when a Hong Kong private limited company is registered. A director can be an individual director or a body corporate. As a director of the company, the general principles of its duties are outlined in the Guide on Directors’ Duties per Companies Registry in Hong Kong: 1. To act in good faith for the benefit of the company as a whole. 2. To use powers for a proper purpose for the benefit of members as a whole. 3. Not to delegate powers except with proper...

Under the Companies Ordinance (Chapter 622 of the Laws of Hong Kong), there must be at least one (1) individual or body corporate shareholder. For individual shareholder, he/she can be a Hong Kong resident or a non-Hong Kong resident aged over 18. A shareholder is the person/entity owns the company but does not necessarily run the company’s business like the director. The shareholder has a financial stake in the company, the amount of share capital he/she contributes and his/her liability is also limited to the amount of share capital invested. Usually, the shareholder receives dividend in return for his/her investment. As the owner of the company, a shareholder can: 1....