Hong Kong – Frequently asked questions

8 minute read

Incorporation

How do I incorporate my business in Hong Kong

In Hong Kong, you first have to decide on the type of your business entity and a company name. The minimum requirement of a company in Hong Kong has to have at least 1 shareholder, $1 HKD minimum of share capital, a company secretary and a local office address. After completing the name search, confirming the rest of the information, there is a list of incorporation forms and copies to submit along with your application through e-registry to the Hong Kong Companies Registry and Business Registration Office. The entire registration process, depending on the applicant’s experience and credentials, could take up to 7 to 14 working days to receive your certificate of incorporation.

How much does it cost to register companies?

The majority of the service providers in the industry will charge you for each step of the registration service. At Sleek, we charge 3000 HKD for business registration in Hong Kong with a system of services and all details included. The fee covers all registration requirements, such as the incorporation forms, reserving the company name, appointing director and distributing shares/capitals. We are happy to provide support throughout the registration process.

How long does it take to register companies?

The entire application, document preparation and business registration process can be completed in a week. The customer is not required to be in Hong Kong during the process, as all of our work can be done online or via email. After the application has been submitted using the e-registry widget, the Companies Registry CR will be within one to two working days to process. After the procedure, the firm will receive a certificate of incorporation by the Companies Registry.

Can a foreigner start a business in Hong Kong?

Yes! Anyone who has completed the Know Your Customer records checking process can register a business in Hong Kong and enjoy the financial benefits. However, the Companies Ordinance and Companies Registry CR require your firm to have a registered office address and a company secretary based in Hong Kong.

Can a foreigner open a bank account?

It is very important for each new company to have a business bank account. There are 2 approaches as to opening an account in Hong Kong and many choices – either with traditional banks such as HSBC and OCBC, or online financial services such as Payoneer and Worldfirst. Both approaches varies slightly as traditional banks value in-person meetings and more completed documents in the registering process. Both options have their own pros and cons.

Company Secretary

What is a company secretary? 

A company secretary is an officer responsible for the company. Some company secretaries are certified by the Institute of Chartered Secretaries in Hong Kong. The individual will be a gatekeeper for the firm and make sure that the company is full compliant from a corporate governance point of view under the statutory law of the Hong Kong Companies Ordinance. Although it can be often overlooked, the company secretary is a key role with important responsibilities.

What is corporate governance? 

Corporate governance in Hong Kong involves paying attention and respecting the interest of a company’s key s Frequently asked questions: Company Secretary stakeholders while achieving a company’s objectives. It is a body of rules and process determining the structure of a company. It is the company secretary’s role to make sure that structure is consistently carried out.

Why outsource company secretarial services?

Outsourcing your company’s secretarial duties is a great way to save time and money. Especially for foreign entrepreneurs living outside of Hong Kong, such as in Australia or China, the process of registering and up-keeping of a company in Hong Kong can be challenging and time consuming. Sleek’s services can help maintain the business and fulfil the mandatory law of a company under the Hong Kong Companies Ordinance, while saving cost on headcount and potential Hong Kong office address.

Why do I need a company secretary? 

The Company Ordinance requires every limited company to have a company secretary in Hong Kong. The appointed individual needs to reside in Hong Kong full time, with responsibilities such as preparing for general meetings, maintain the annual documents for the firm, as well as defining the duties of each shareholder and directors.

What are the duties of a company secretary? 

The designated company secretary’s duties include being responsible for regulating the company operations and corporate governance. Others include preparing for the First Board Resolution, Annual General Meeting, renewal of the Business Registration Certificate documents, as well as informing the directors and members of the listed company on any changes.

How to switch to Sleek’s services? 

It is not uncommon to change company secretary, and the process is simple. Before leaving your current service provider and moving to Sleek, you need first get in touch with us to carry out a series of KYC (Know Your Customer) process. After the approval, we will require you to notify you current service provider of the determination.

Accounting & Tax

What are Sleek’s accounting and bookkeeping services? 

Accounting and bookkeeping are essential to running a successful company anywhere. We help our clients with their bookkeeping, accounting and auditing requirements in coordination with the Hong Kong Inland Revenues Department. The specifics include day to day operations, financial reporting and record keeping.

How to outsource accounting services?

Outsource accounting services are a great alternative to save cost and headcount at small companies. At Sleek Hong Kong, we use Xero and ReceiptBank to help record your expenses and track your business transactions. Individual reports and annual tax returns submission will be filed during the filing dates to the Inland Revenues Department. Your designated accounting manager will be in constant communication for any financial reporting and important updates.

How is a statutory audit done in Hong Kong? 

Auditing for Hong Kong companies is a mandatory requirement before tax submission in accordance with the Inland Revenue Department. Sleek is experienced in offering auditing services for companies of various sizes and status. Subscribe to the accounting and bookkeeping plan to prepare for an easy and organised audit later on.