How to register a company in Hong Kong as a foreigner?
It is relatively easy for a foreigner to set up a business in Hong Kong, even if they are the only director and sole shareholder. A local director is not required and shareholders can be from anywhere. The company secretary would normally be our office as we take care of annual returns and similar.
One of the significant benefits is that Hong Kong is not generally considered an offshore jurisdiction which means, while you can do business with mainland China, you can also trade with areas such as the EU and USA.
Three steps in opening a Hong Kong company
This is a relatively straight forward process:
- First, you need to choose a company name and ensure that it is not already being used in Hong Kong. We will check this for you.
- Each member of the company, including shareholders and directors, will need a copy of their passport and proof of their address.
- We will then prepare the relevant documentation, e.g. a form NNC1 for incorporation, a form IRBR1 for the Business Registration and file it with the Hong Kong Companies Registry.
Assuming the information provided is complete, incorporation will normally be complete in a few days.
How easy is it to open a bank account in Hong Kong?
Formerly, companies incorporated in Hong Kong were able to open accounts at a number of major local banks. However, in recent years, opening a conventional bank account in Hong Kong has become far more complicated and time consuming. Currently, only local and/or known customers can easily open a conventional Hong Kong bank account.
As an alternative, we recommend opening an e-wallet account.
Which e-Wallet account do we recommend?
It is rare for one provider to offer ALL the required services and we would often recommend to open two accounts with different providers to get the best combination of services. In terms of costs, it is almost always free to open a basic e-Wallet account, although some services e.g. a prepaid card will incur a modest fee. Although no minimum balance is required it is necessary to use the account periodically to avoid dormant accoutn charges.
For companies formed by us we can advise you on the various e-Wallets which will be suitable for Hong Kong company.