HONG
KONG
General
In July 1997 Hong
Kong became a
Special
Administration
Region (SAR) within
the People Republic
of China.
Corporate and trust
laws are similar to
those of the UK.
Businesses can be
limited companies or
partnerships or sole
traders.
Law
Companies Ordinance
(Ch 32, Laws of Hong
Kong)
Companies
(Amendment)
Ordinance 2000
Business
Registration
Ordinance (Ch 310,
Laws of Hong Kong)
It should be noted
that the Hong Kong
government are
undertaking a
complete review of
the law. It is
expected that a
white paper will be
released in 2009.
Incorporation
Incorporation
normally takes up to
7 working days
though an “off the
shelf/ready made
company” could be
quicker.
Documents Required
Memorandum of
Association
including company
name, registered
office, authorised
share capital and
share type
Articles of
Association – the
internal rules for
the company. Can be
like the UK Table A.
Declaration of
Compliance
Company Name
The limited company
name must end in
Limited or Public
Limited (Ltd or
Plc)
There are
restrictions on the
use of certain words
or business
descriptions such as
chamber of commerce,
assurance, mass
transit, and
references to the
government.
Directors
The minimum number
of directors is two
The directors do not
have to be resident
Corporate directors
can be appointed
Secretary
A secretary is
mandatory
The secretary must
be resident
Share Capital
There is no minimum
or authorised share
capital
No par value shares
or bearer shares are
not permitted.
Normal share capital
HK$10,000
The minimum number
of shareholders is
two with a maximum
of 50 for a private
company.
Shares do not have
to be held by
residents
Meetings
An AGM must be held
within 18 months of
formation. Further
AGMs may be
dispensed with
subject to certain
formalities.
Director and AGM
meetings can be held
anywhere
Seal
A company seal is
not mandatory
Accounts/Financial
Statements
Annual accounts have
to be prepared,
audited and filed
with the Companies
registrar for
private companies.
Records to be kept
Statutory records
and registers to be
kept in Hong Kong
Registered Office
/Registered Agent
The registered
office must be in
the jurisdiction
Annual return
An annual return is
required
Tax
Accounting year is 1
April – 31 March
Hong Kong tax is
charged on every
“company” carrying
on a trade,
profession or
business.
Corporate tax is 16%
for corporations
Dividends are exempt
Price
Incorporation, with
local
nominees, £3100.
This includes a
£1000 security
deposit, which is
refundable when the
company
ceases trading
assuming it is in
good standing.
Renewal, with local
nominees £1500
