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INTERSHORES I Roaring of Life HSBC HK allows you to open account without coming to Hong Kong
HSBC lions, Stephen and Stitt, weighted 1230kg each have been standing guard for nearly a century. The lions symbolise success and prosperity which protect the family, the entrance of homes and public buildings. This positive energy can certainly assist your business venture.
Most of bank in Hong Kong (except offshore bank’s representative office in Hong Kong) requires physical presence for commercial bank account opening. HSBC Hong Kong has no exception. If, however, you are in China, HSBC HK is able to open a Hong Kong commercial bank account without coming to Hong Kong. This special KYC conference arrangement is available at designated branch in Shenzhen, Beijing,...
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INTERSHORES I Offshore Financial Services (Investment Funds)
International Offshore Financial Centres (IOFCs) often provide a welcoming environment for investment companies. Offshore investment vehicles may take a variety of forms: unit trust, mutual fund or investment company, and may be open-ended or closed. They will be referred to generically as 'offshore funds'. In all cases the key reasons for being offshore are that the gains from investment are untaxed or very lightly taxed in the IOFC concerned, and that the regulatory regime in the IOFC is lighter than in the high-tax countries where the investors and often the promoters (owners) of the fund are to be found.
IOFCs vary greatly in the legal and fiscal regimes they provide for offshore...
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INTERSHORES I Hong Kong's Startup Ecosystem
Hong Kong is one of the fastest growing startup ecosystems and one of the world’s top startup hubs. It not only is a fast growing tech startup ecosystems, at the activation stage but also one with great potential for acceleration driven by the city's supportive incubators and accelerators, the strong funding support for startups and a pool of angels/venture capitalists. Plus, all the enduring business advantages that Hong Kong provides such its world-class financial industry and its prime strategic location next to the hardware manufacturing cluster of the Pearl River Delta providing timely strategic opportunities growth for FinTechs and IoTs.
It is, however, still lagging...
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INTERSHORES I Hong Kong Visa
After setting up your Hong Kong company or operating the business via the Hong Kong entity overseas, you may want to apply for a visa in Hong Kong. As an entrepreneur, you can either apply an investment visa or employment visa:
Investment Visa - Eligibility
1. No criminal records nor pose a security threat.
2. The applicant has a good education background, preferably with a first degree in the relevant field, but in special circumstances, good technical qualifications, proven professional abilities and/or relevant experience and achievements supported by documentary evidence may also be considered.
3. The applicant is in a position to make substantial contribution to the...
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INTERSHORES I Visa Requirements for visitors to Hong Kong
Who Need a Visa to Visit Hong Kong?
Nationals of about 170 countries and territories may visit Hong Kong without a visa/entry permit from 7 days to 180 days depending on nationality.
Nationals of the US, Europe, Australia, Canada and New Zealand don't require a visa to enter Hong Kong for stays of 90 days, 180 days for UK nationals.
All visitors to Hong Kong must have a passport that is valid for at least one (1) month to six (6) months (depending on nationality) after the period of their intended stay in Hong Kong. If the visitor want to travel from Hong Kong to China mainland, he/she may need to apply for a China visa.
How to Apply for a Hong Kong Visa?
Eligibility...
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INTERSHORES I HK Accounting, Auditing & Tax Filing
Hong Kong companies will receive the first profits tax return issued by the Inland Revenue Department (IRD) within 18 months of their establishment. The first tax return has to be filed together with the audited accounts within 3 months from its issuance date. Thereafter, year by year within 1 month from the return issuance date. It is a legal requirement for the director to prepare audited accounts regardless of whether the company has profits or not.
In order to prepare the financial statements for auditing, the following information is needed:
1. Government documents: articles of association (only needed for the new company in the first year), business registration...
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INTERSHORES I Features, Pros and Cons of HK Tax System
Hong Kong's tax system is reputable for its simplicity, transparency, and low cost, coupled with the free flow of funds and legitimate legal system etc. Hong Kong attracts many foreigners to do business in Hong Kong. This article briefly describes the features, advantages and problems of Hong Kong's tax system.
Introduction of Hong Kong Tax System
Hong Kong's tax system is divided into direct tax and indirect tax. Direct taxes are levied directly on taxpayers, while indirect taxes are levied on services or goods.
There are three direct taxes in Hong Kong: profits tax, salaries tax and stamp duty. Indirect taxes include stamp duty, gambling tax, rates, business registration fees,...
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INTERSHORES I Offshore Exemption In Hong Kong
Hong Kong adopts the territorial source of principle for taxation, that is, only profits derived from Hong Kong are taxable in Hong Kong, while profits derived from other places are not subject to profits tax. In short, even if a limited company is established in Hong Kong, it can apply to the Inland Revenue Department (IRD) for those "offshore income" not derived from Hong Kong to be exempt from Hong Kong profits tax when it submits its Hong Kong profits tax return.
The IRD has not clearly stipulated the rulings for exemption of offshore income. The source of profits must be determined based on the facts of the relevant case, so there is no general rule that can be applied to all...
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INTERSHORES I Registered Address Requirements In Hong Kong And Procedures for Change of Address
Requirements of registered address in Hong Kong
There must be a physical address for a Hong Kong company which must be able to receive government mail. P.O. Box is not acceptable.
Can a residential address be a company's registered address ?
Can. Depending on the industry, many entrepreneurs do not necessarily rent an office at the start of his business venture. He can use his home address as the company's address. However, the Registry's system is transparent. People can at any time search his address at the Companies Registry (limited company) or at the Business Registration Office (sole proprietor or partnership). It is highly recommend to engage a virtual office provider in view...
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INTERSHORES I Seychelles 2021 Accounting Record Keeping Requirements
Seychelles’s compliance assessment rating has dropped from “basic compliance” to “partial compliance” during OECD's 2020 review. In response to this, the Seychelles authority has promulgated the International Business Companies (Amendment) Act 2021 this August.
We outline below some key highlights:
1. Clause 175 amendment stipulated that companies have to keep their financial records in Seychelles which allow inspection by Financial Services Authorities (FSA).
2. Clause 169 (a) requires companies to keep information about all transactions for at least seven years, even if the company has been dissolved or revoked.
New accounting record...
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INTERSHORES I Uses & Advantages of a Marshall Company
Marshall's advantages
Offshore operations do not need to pay taxes and are not subject to foreign exchange regulations
Shareholders and directors' information remains confidential
No need to declare annual profits and financial status
No need to submit annual statements or audited accounts
Marshall company can be listed on the U.S. stock exchange
The "Marshall Islands Commercial Company Act" 1991 which governs companies registration belongs to the common law system. It is hybrid between British and American company law.
The Marshall Islands Commercial Company Act of the Republic of Marshall Islands (RMI) is similar to the corporate legal system of the State of...
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INTERSHORES I Asian Banks Which Accept Offshore Company
Tax free in most of the offshore jurisdiction attracts many entrepreneurs to register their entities. However, the increasingly stringent of account opening for offshore companies has created much headache. As an example, HSBC/Hang Seng Bank/Bank of Communications/Public/Chong Hing Bank in Hong Kong refuse to open an account for an offshore company nowadays.
Can an offshore company open a bank account in Asia?
You can consider the following bank:
1. Hong Kong OCBC Wing Hang Bank
2. Hong Kong UOB
3. Hong Kong DBS Bank
4. ABC Banking Corporation Limited, representative office in Hong Kong
5. OCBC Bank Singapore
6. UOB Singapore
7. DBS Singapore
8. Chouzhou...
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