This month we sat down with Startupr, our member company with 17 years in business, an expert in setting up and registering new companies in Hong Kong. Over the past decade, they’ve helped many clients from all over the world to create successful start-ups and off-shore firms.
Many business owners and investors are choosing to set up their companies overseas, with Hong Kong being one of the most sought destinations. Apart from Hong Kong being a tax-friendly jurisdiction, another main reason is a getaway for entering the international market. As the world’s 9th largest economy, Hong Kong offers a very efficient and stable environment with modern telecommunications and infrastructure, as well as a sound legal and administrative framework.
So how does it work?
The process is quite straightforward. Upon your decision to incorporate your company in Hong Kong, you can choose the company’s name to check if it is available. Startupr then can proceed with the incorporation of your company in the Hong Kong Companies Registry within 24 hours.
- First, contact Startupr via email or through an online form.
- After proceeding with the payment, the new company is incorporated.
- All necessary documents are sent to the client.
- The client becomes the owner of the new company.
For a detailed description of the step-by-step procedure, click here.
What are the options for opening a bank account after successful incorporation?
After the successful incorporation of your Hong Kong company, you need to open a corporate bank account. Business banking account requirements have recently grown more strict in HK, whether you choose to open a bank account in one of the Hong Kongese banks, an account out of Hong Kong, or an account in a foreign bank in HK, Startupr has extensive experience in bank account opening and liaising, so they can assist in this regard as well.
What type of company can I register as my new company?
The most common kind of Hong Kong business entities are limited companies, partnerships, and sole proprietorships. To choose the one that best suits your needs, and to learn about the advantages and disadvantages of each, have a look here.
What are the biggest misconceptions when opening a company in HK?
Most people find it hard to understand how to start a Hong Kong company, and do not have a company secretary or the business address registration. Some even do not have time to go through the hassle of reading all the regulations and requirements. They are unaware if the company’s name they want to use is available or not. Moreover, they need an assistant to open an HK bank account, as they do not have time to queue in the banks themselves.
So, it’s best to use professionals who support your business all the way from inception and registration to annual maintenance. Many agencies can help you with the entire process of starting a business in Hong Kong, but it is important to go with an established and reliable one, which makes the process not only easy for you but also an affordable one.
Why is it convenient to open a company in Hong Kong and not in China?
Even though Hong Kong is a special administrative region of China, Hong Kong has a different and welcoming business environment. Hong Kong favours foreign investors, who are allowed full foreign ownership, regardless of company type. That said, in China, foreigners are allowed full ownership of selected types of companies only.
The business registration process is by far simple and affordable and this makes Hong Kong a preferred place to start a business for new entrepreneurs. Hong Kong is also considered a tax haven for investors and entrepreneurs due to its attractive tax regimes. According to a recent report by PricewaterhouseCoopers (PWC), the World Bank ranked Hong Kong as the country with the friendliest tax system.
Can everything be done online? Under which circumstances would you need me to be present in Hong Kong?
You can incorporate and register your Hong Kongese company 100% online without visiting HK. But to open a bank account for your business, it is required that the person physically meets the bank officials in HK. Startupr can assist in arranging such meetings. Due to the current pandemic situation, some banks in Hong Kong can allow remote account opening using video conferences. To know more about that contact the Startupr support team.
What post-incorporation (maintaining) services Startupr offer to clients?
Startupr is a one-stop service provider for company formation and other company services in Hong Kong. In order to incorporate your Hong Kongese company, you must have a company secretary. Startupr provides a wide range of company secretarial services to assist clients to comply with the requirement of Hong Kong’s company law. Along with that, they offer additional services including bookkeeping and accounting, obtaining Hong Kongese office addresses, mail forwarding, filing of annual returns, filing of employer’s return, etc.
In addition to the above mentioned, Startupr also offers to register Hong Kong company trademark, notarizing documents, CPA certified documents, company screening (Know your partner), and many more. You can check the full list of Startupr services here.
Why choose Startupr when registering a company in HK?
Startupr is always keen on giving the best service to customers and to help them in starting and growing their business. Below are a few reasons that make them different from other service providers:
- Transparent Pricing: All their prices are clear and transparent. Every detail about the pricing is explained clearly. Due to their efficient system, Startupr rates are lower when compared to other companies providing the same services. There are no hidden fees throughout the process.
- 100% Online: Their efficient online system ensures that all the procedures are fast and prompt. The entered information is checked on the same day. After that, this system sends your data automatically to the Hong Kong Registry Forms and is submitted to the government.
- Creative and Flexible Approach: Startupr approach towards company registration in Hong Kong is creative and flexible. They assist you in case of any unexpected difficulties. They can deal with any kind of challenge along the way. Also, they easily adapt to changing situations.
Don’t forget to check out Startupr’s blog, loaded with useful information for anyone who is considering setting up a company in HK online.
Cover photo by freepik
English