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STARTING AN OFFSHORE BUSINESS IN HONG KONG: THINGS YOU SHOULD KNOW

Updated on March 2017

Are you aware that Hong Kong is the best country to start your offshore business or expand? Know this now! During the past decade, Hong Kong has experienced an exponential growth in infrastructural development, technology, real estate and businesses.

It is, therefore, not surprising that half of the entrepreneurs in the world have business structures in Hong Kong. Having a business structure in Hong Kong is a sure way to launch your new business or expand an already existing one.

Setting up your business in Hong Kong makes sense in many ways.

Starting or expanding your business in other countries opens up new opportunities to compete with others who are already making names in the industry.

An offshore company in Hong Kong guarantees that you have an excellent long-term investment. It allows you enjoy a sense of freedom that is unavailable when you choose to invest in most other countries. Having freedom when you do business will certainly boost your productivity.

It is understandable if words like business taxation, registration, auditing, compliance laws and other technical commercial jargons that you get to hear when trying to set up a company in a foreign country give you the chills.

You should not worry too much about this when planning to establish your business in Hong Kong. There are a few reliable and professional agencies that can help you manage the complexities involved in setting up your company in Hong Kong.

Our experience (14 years in Hong Kong) and our Swiss Management is a plus for your business setup.

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Advantages of having an offshore company in Hong Kong…

  1. Foreigners can own 100% of the company (a person can be the director and shareholder, although you need to have a Hong Kong company address and an individual as a company secretary)
  2. Hong Kong has world-wide recognition as a business centre and promotes economic and political stability in comparison with neighboring countries
  3. Hong Kong has an English legal system which promotes democratic and fair values
  4. Hong Kong is home to many large finance, services and shopping centers in the world
  5. There are no restrictions on foreign companies in Hong Kong
  6. In many Western countries, Hong Kong is often described as the best gateway to doing business in China
  7. The directors or shareholders of your new company don’t have to be resident in Hong Kong (although at least one director must visit to open the bank account)
  8. Having a company in Hong Kong allows you to open a multi-currency bank account
  9. Hong Kong adopts a territorial principle of taxation meaning that all profits generated outside Hong Kong is tax-free (income made in Hong Kong and income tax over 120,000HKD is around 17%))
  10. It is not even necessary to have a physical address or be physically present to establish your own business
  11. There is an availability of highly qualified personnel that you can bring on board your new business. You don’t even have to physically come to Hong Kong in order to recruit.
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Steps to setting up your offshore business in Hong Kong

As mentioned above, establishing your business in Hong Kong is relatively simple. It is advisable that you apply to get your business registration certificate and company incorporation certificate together.

You must also submit the following documents with your application: form of incorporation (form NNC1 for limited company); a copy of your company statutes; and a formal application to the Registrar of Companies (IRBR1)

If you send down your application in hard copy, you should expect to get your business registration certificate and incorporation certificate within 4 working days.

Why you should choose us?

But paperwork must be perfectly filled…So, let us help you. Setting up an offshore business in Hong Kong is best done by hiring a firm that specializes on rendering services to foreign companies doing business in Hong Kong. These agencies make launching or expanding your business in Hong Kong so much easier.

It may cost you a little bit higher than doing it yourself but at least you have the peace of mind, allowing you to concentrate on growing your business. We can help you handle your offshore business formation from start to finish.

Furthermore, for smooth operation of your new business, you will need to write a business plan. The business plan may not necessarily be too detailed, but you certainly have to have a guide for your new company (the services you want to offer, your scale of operation etc). Again, we can help you prepare it if you do not have previous experience.

Also, we can be very useful to open your bank account. Compliance is getting harder and you will NOT be able to apply again if your FIRST application is refused

Doing business has never been easier, and getting an offshore establishment and a corporate bank account in Hong Kong can make it easier for you to pursue your business and expand more easily in the future.

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