Hong Kong
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General
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Type of entity | Private Limited
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Type of law | Common
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Shelf company availability | Yes
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Our time to establish a new company | 7 days
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Minimum government fees (excluding taxation) | US$450
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Corporate Taxation | Nil on Foreign Profits
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Double taxation treaty access | China – Corporate and Personal Income Tax. Belgium, Thailand, Luxembourg – dividends, interest and royalties. Some other Countries – for shipping and aviation.
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Share Capital or Equivalent
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Standard currency | HK$
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Permitted currencies | Any
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Minimum paid up | HK$1
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Usual authorised | HK$1,000
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Directors or Managers
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Minimum number | 1
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Local required | No
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Publicly accessible records | Yes
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Location of meetings | Anywhere
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Members
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Minimum number | 1
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Publicly accessible records | Yes
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Location of meetings | Anywhere
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Company Secretary
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Required | Yes
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Local or qualified | Local
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Accounts
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Requirement to prepare | Yes
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Audit requirements | Yes
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Requirement to file accounts | Yes
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Publicly accessible accounts | No
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Other
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Requirement to file annual return | Yes
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Change in domicile permitted | No
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Introduction
Hong Kong is on the south east coast of China and consists of a large number of islands and a part of the mainland totalling approximately 1,064 sq km. On 1 July 1997 all of Hong Kong reverted from British Control back to China and became a Special Administration Region "SAR" within the People's Republic of China (PRC).
Population
Approximately 7 million.
Political Structure
Hong Kong elects its own legislature and maintains its own court structure.
The Future of Hong Kong
Under the "one country - two systems" philosophy, the SAR has executive, legislative and independent judicial power. The capitalist system, legal structure and lifestyle remain unchanged. Hong Kong remains a free port with a free flow of capital and a freely convertible Hong Kong dollar.
With China pushing forward with the modernisation of its own economy, the PRC has expressed the wish that Hong Kong should assist in this endeavour. It has stated that its future development will be based on market led reforms with socialist characteristics and this has led to the opening up of its economy to foreign investments. It is widely recognised that Hong Kong is and will continue to be a significant gateway to China.
Following the signing of the main parts of the Closer Economic Partnership Arrangement (CEPA), Hong Kong and the Mainland signed the Arrangement on 29th September 2003. Starting from 1st January 2004, the Arrangement is to ensure Hong Kong is "economically interlocked" with the Mainland and that smaller Hong Kong companies will benefit from the opening-up and liberalisation on the Mainland beyond China's commitments in its WTO accession. CEPA has come into the third phase, called CEPA III. After implementation of 3 phrases, CEPA provides tariff-free access for 100% products of Hong Kong origin (except prohibited articles) imported into the Mainland upon applications by local manufacturers and upon the CEPA rules of origin being agreed and met. On trade in services, the Mainland has agreed to provide preferential treatment to Hong Kong service suppliers in 27 service areas by taking various forms, including relaxation in equity share restrictions, reduction in the entry thresholds such as registered capital and business turnover, as well as relaxation in restrictions over geographical location and business scope. Looking further ahead, CEPA will be an open and developing platform; Hong Kong will continue to engage the mainland authorities on further liberalisation of trade in goods and services in the future.
Infrastructure and Economy
Hong Kong has excellent communication facilities and a major international airport.
Hong Kong is the leading South East Asian centre for both finance and commerce and ranks as the world's fifth largest financial centre.
The Hong Kong Stock Exchange is the most active in Asia outside Japan.
Language
The official languages are English and Chinese, with English being used in the commercial and political context and Cantonese Chinese used widely in industry and domestic trade.
Currency
The Hong Kong Dollar, which is officially pegged to the US Dollar. (Approx: US$1 = HK$ 7.74 to HK$ 7.82)
Exchange Control
None.
Type of Law
Common Law based on English Common Law.
Principal Corporate Legislation
Companies Ordinance (Cap 32).
Information