Company registration in Hong Kong is considered a step towards establishing your own business. Besides, it provides you with a legal identity for your company and provides you with the necessary regulation and licensing for business activities in the region. There are many benefits to company registration in Hong Kong. These benefits include a professional and familiar environment, better regulation and supervision by the central authorities; taxation benefits; and improved access to global markets.
In Hong Kong, company registration is not an absolute requirement for starting a business. Many local business people choose to open a limited liability partnership or a limited company even without company registration Hong Kong. However, for doing so, they have to obtain a business license and comply with the rules and regulations of the business regulator in Hong Kong, the Securities and Exchange Commission. After receiving the license and registration needed, it is highly recommended that the entrepreneur seeks business advice from a lawyer before taking the next step towards company registration in Hong Kong.
When conducting a company-formation activity, it is necessary to understand the differences between the two processes. While companies in the same region can do company registration in Hong Kong, company formation in Hong Kong is performed under the Secretary of State’s authority. Therefore, it is not surprising that there are several differences between the two processes. However, these differences do not affect the overall operation of the system.
Company registration in Hong Kong is carried out under the Companies Ordinance. The Companies Ordinance regulates all matters relating to company formation, transfer of shares, etc. Company registration is one of the first business steps for any business, and company registration in Hong Kong is seen as an essential step in business registration. Therefore, companies in Hong Kong are required to obtain company registration before the start of the business. Once company registration in Hong Kong has been received, the entrepreneur will be required to submit annual company reports to the Registry of Companies for review and approval.
In company registration in Hong Kong, all the company documents need to be in the correct format. Failure to submit the documents correctly may lead to the automatic suspension of the company registration. Besides, even if the company does not obtain a registration, it will not be possible for the company to open an active account. Therefore, a high standard of company documentation is essential in the registration process.
The registration process has been designed so that entrepreneurs do not have difficulty in completing the tasks. The company’s nominee chooses a company name as its director, and the nominee carries out all the other necessary business activities. A nominee can be a person who holds the office of a company secretary or his/her equivalent. After the company registration in Hong Kong, the company needs to submit its latest company information, including the directors’ titles, the company’s designation, the nature of its trade, the registered office, and its trade registration number.
It is necessary to ensure that the company’s trades act is updated at regular intervals. One of the requirements for company registration in Hong Kong is submitting annual reports to the companies’ Registry. Yearly company reports are prepared after the company completes its annual submission to the Registry. These company reports cover the company’s financial and trade activities for the previous year and the plans for the upcoming year. Therefore, it is necessary to ensure that all the company’s objectives and goals are achieved and all its transactions and activities are recorded in the company annual report.
When it comes to company registration in Hong Kong, various documents need to be submitted to its Registration and Company Department. Among these documents are the statutory document known as the Memorandum and Articles of Association and the Articles of Association. These two documents form the backbone of company registration in Hong Kong. Other required documents for company registration in Hong Kong include the nominee’s letter, the nomination of directors, officers’ appointment, officers’ nomination, register of the company, the book of business, a director’s certificate, and its record of trade. Among these various documents, the Memorandum and Articles of Association are perhaps one of the most important as it forms the core around which the rest of the papers are designed. For this reason, it is always advisable that the complete content of the Memorandum and Articles of Association be submitted along with the company’s application for company registration in Hong Kong.