Hong Kong is the most preferred offshore financial centre in the world. The ever-emerging global economic recession has attracted millions of people to Hong Kong to take advantage of the opportunities it offers for good jobs, higher salaries, and all the benefits of corporate citizenship. With more than twice the number of millionaires than any other place globally, it is no surprise that companies from all over the globe are lining up in Hong Kong to set up their businesses. The increasing demand for offshore incorporation in Hong Kong is made possible by the following factors: low cost of establishing an offshore company, the benefits of company formation in Hong Kong, the ease of doing business in this part of the world, and the increasing importance of the financial centres in the world. These factors must lead to a considerable increase in the number of people opting for offshore incorporation in Hong Kong.
The Hong Kong Government’s desire to promote offshore incorporation Hong Kong is a rational move. The number of multinational corporations keeps on increasing every year. Moreover, with the growing importance of international trade and the China market opening, more companies are looking at the local market. Thus, the competition in the global market is tough, and only the ability to establish an offshore corporation can help one survive in the fierce competition. The Hong Kong government has also worked out several schemes to attract international business in Hong Kong, thus facilitating the smooth entry of foreign capital into the country.
The new Companies Statute that includes 921 specified provisions and 11 timetables provides some essential information such as starting a brand-new offshore company, how to complete the process, the requirements for submitting the Articles of Association, etc. This statutory law has made the registration process much more transparent and simplified. In addition to that, it also makes the registration procedure more straightforward, faster, and less time-consuming. Additionally, there are several regulatory amendments and reforms taking place to facilitate economic growth and job creation. These are why the Hong Kong government has made it easier for people to incorporate a new company.
The Hong Kong government introduced several measures to facilitate the registration of international businesses in Hong Kong. First, they introduced a new and simplified Companies Registration Procedure to enable foreign companies to register in Hong Kong without any difficulty. Second, they made the procedure for filing the Articles of Association easier by removing some burdensome requirements. Third, they have also taken specific essential steps to ensure the best quote for foreign companies’ tax purposes.
As soon as a company is established in Hong Kong, it is bound to follow the law’s rules and regulations. Therefore, it is essential to know and understand the procedures required for establishing a brand-new company in Hong Kong, the supervisors’ obligations, and other relevant information that could be needed in the future. The leading information includes the nature of the business, its nature of business operations, registration of its name, the payment of its fees, and other relevant transactions. Hence, it is essential to establish a brand new company in Hong Kong and its corresponding requirements.
The most efficient method to achieve all these is to use a service specializing in company formation in Hong Kong, along with a wealth of information about the requirements of company registration. By hiring such a service, one gets access to essential documents relating to company registration, useful tips on company formation in Hong Kong, and the Companies House’s operation. Moreover, the service provider would also help ensure that the Companies House provides the applicant’s correct information. Thus, one has better chances of getting the desired registration.
Companies House in Hong Kong is the central registration office for offshore companies. Therefore, companies that wish to establish a business offshore will need to rely on an offshore business company formation service. By taking advantage of such companies, the entrepreneur can be assured of effective and efficient services, along with the necessary safeguards offered by the offshore jurisdiction.
For establishing a company in Hong Kong, a person needs to provide the Companies House with the name of the company, its authorized director, its date of birth, and its address. Apart from that, it should also be mentioned whether the directors will have personal liability for their debts or assets. The Companies House will then proceed to review the details provided by the applicant. The decision regarding the company’s registration will then be carried out by the Secretary to the Government of Hong Kong. The Companies House also ensures that the company formation Hong is done in line with the law’s rules and regulations. If these procedures are followed, the likelihood of obtaining a company registration in Hong Kong will be high.