Forming a company abroad provides a better launch pad to growing a business and becoming a great multinational. When you decide to go offshore, the first thing should be identifying the ideal place that will give the business better exposure and present huge potential through stable political systems, great financial systems, and administrative support.
One state that has stood out because of its unique location and an enthralling business environment is Hong Kong. In this article; US Citizens: All about company formation in Hong Kong, we bring you comprehensive details to assist you incorporate and start running a company in Hong Kong.
Benefits of forming a company in Hong Kong
For many years, World Bank has ranked Hong Kong among the best places that are easiest to do business in the world. This means that investors are sure of incorporating their businesses faster, getting requisite support from relevant departments, and growing rapidly.
Hong Kong is classified with other top nations in doing business such as Singapore and New Zealand.
Hong Kong, unlike other states such as India and Japan in the neighbourhood, lacks land for agricultural or mining activities. So small is the island that it is the most densely populated area in the world. Because of this, Hong Kong administration has adopted a business approach to sustaining its economy. To operate at par with other administrations, Hong Kong has created a unique business environment to attract, support, and leverage growth of new businesses.
The Hong Kong regulatory environment is geared towards creating the best environment for businesses to thrive. Because Hong Kong operates as a separate region of China, it maintains independence that makes it easy to derive and drive business agenda at all levels. Most of the laws are derivatives of the British Common Laws that are highly pro-business in every aspect.
Registering a business is very easy compared to other states. When you apply for company incorporation, it will only be a few weeks to have it registered and running. In fact, you can even register a company in Hong Kong without having to travel there.
Requirements of forming a company in Hong Kong
To have your company registered in Hong Kong, you are required to gather all the required documents and present them to the company registry (non resident in Hong-Kong). These documents include;
- Shareholders and directors’ passports
- Proof of residence for company shareholders and directors
- The company’s article of association
- The minutes that authorized the formation of the company, registration, .and operations.
- The structure of the company that defines its operation. This could be a simple company structure or a complex formation depending on the nature of the business under consideration.
- The address (physical) of the company where all operations will be based.
- The company secretary, his/her residence, and personal details.
Using an agency to incorporate a company in Hong Kong
Hong Kong stands out from other countries because it makes company registration even easier because you do need to be physically present in order to complete the incorporation. Whether you are busy with daily business chores, looking for additional finances, or simply want to cut associated costs, the best method is using agency services.
Agencies have been established to assist foreign nationals with business incorporations. They make the work easier, faster, and raise your chances of success incorporating a company in Hong Kong. Here are additional benefits of using expert agency services.
- They help you craft the required documents so that they are in line with the requirements of the Hong Kong registry requirements.
- If your office will not be very busy or mainly involves export and import business, they assist you to get a physical address that can be shared. This is a great cost-cutting effort.
- Just like the office address, the agency will also assist you to get a company secretary. This makes it very easy because you will not have to start advertising for the position in the Hong Kong dailies.
- They provide you with additional information about the business environment in Hong Kong.
- They assist you understand the regulatory environment, tax regimes, and ensuring that your company operates within the precincts of the established legislative framework.
- If your company is a start-up, they assist you to frame it and align its application in line with various government supported programs for extra support and preferential treatment.
As a US citizen, Hong Kong presents the best opportunity for you to grow or start a company. As a special administrative region of China, Hong Kong maintains great autonomy that has enabled it to build a business economy that anchors business growth in all ways.
Note that the process of registering a company in Hong Kong is easy and requires little documentation to allow investors settle as fast as possible. Besides, US citizens can also use agency services to incorporate their companies without travelling to Hong Kong.