Every time that top brands such as Apple, Alibaba or Toyota are mentioned, budding entrepreneurs are left wondering about the best roadmap to follow for such growth trajectories. But you will be surprised to realize that it is not as difficult as it appears. You only need to identify a great jurisdiction abroad to register an offshore company and use it as a springboard to where you want to go.
One jurisdiction whose name is embedded in the history of most companies is Hong Kong. Hong Kong is an investors’ paradise because the economy is business based. Here are some of the top benefits of taking your business to Hong Kong.
- Hong Kong has a very straightforward tax regime.
- You can qualify for zero percent tax if the business deals are completed outside Hong Kong.
- The infrastructure at the island is very advanced.
- It serves as the primary gateway to the mainland China and the Far East
- The administration has entered into many DTAs that your enterprise can use to grow rapidly.
To take advantage of this great jurisdiction, you need to start by registering a company. There are two main methods that you can utilize to register a company in Hong-Kong.
Register a Hong Kong company on your own
The process of registering a company in Hong Kong is described in the Companies Ordinance. You are required to prepare all the documents and present them to the Companies Registry. Here is the process for registering own company in Hong Kong.
- Decide the name of the company to register and carry the name search. This is very crucial to avoid taking a name that has already been taken by another person.
- Get the company directors, shareholders, and employ a resident Company Secretary. You are also required to get the company address.
Other requirements that should be met and document submitted to the Companies Registry include the Articles of Association, Memorandum of Understanding, and copies of passports for the directors and shareholders. You should also include their proof of address and contacts.
All the above details should be submitted to the Companies Registry together with the appropriate fees. It will take about 14 days to get the company registration processed.
Register a company with the assistance of an agency
The process of registering a company on your own has proven to be an uphill task for many. Though it is highly simplified, users are still required to prepare complex documents such as Articles of Association and company structures. This coupled with the requirement to fly all the way to Hong Kong can be highly limiting. To make the process simple and direct, consider registering the Hong Kong Company using an agency.
Agencies are expert firms allowed by the Companies Ordinances to assist investors to register their companies. With an agency, you will only need to communicate the details. Then, the agency will prepare all the documentation, carry name search, and file the documents at the registry. Note that agency can also serve as the company secretary and address.
The good thing about agencies is that they do not stop after helping clients register their organization. Rather, they go ahead and assist with bank account introduction. Remember that though you can get a Hong Kong company with a bank account, the process rarely ends well. Most banks will decline to change the details of such accounts while others will terminate them raising the risk of being left with a company that cannot work. The best method is registering a Hong Kong company with help of an agency to make subsequent procedures direct and easy.