Hong Kong is one of the most favourable destinations for setting up a business venture. The local administration, world-class infrastructure, abundant talented professionals make it extremely easy to set up a company. Moreover, the simple process of company incorporation lets owners set up their organization in a matter of days.
In order to incorporate an organization, the owner needs to decide on a name and type of the company. In most cases, owners choose to incorporate their organization as a “limited company”, which exposes them to a lot of tax benefits and concessions. After a name for the limited company has been decided, one needs to apply for incorporation with the “Hong Kong Companies Registry” (CR).
In order to attract international business, the Hong Kong administration has simplified the process of setting up business ventures. The process of incorporating an organization also includes the process of business registration. When the processing of a company incorporation application starts, a business registration application also gets processed simultaneously. The owner is free from the hassles of triggering two different applications for the same cause.
In order to submit a company incorporation, one needs to submit certain documents. The Incorporate Form NC1 needs to be completely filled up and a copy of the organization’s Articles of Association and Memorandum of Association needs to be submitted along with the application. These documents, along with a notice to the Business Registration Office needs to be submitted online at the CR e-Registry website.
The online application needs to be completed by submitting the correct fees associated with the type of the company. In order to set up a private company incorporation that is limited by shares, the Company Registration fee is HK$ 1720, out of which one can claim a refund up to HK$1425 in case of an unsuccessful application. The Business Registration fee is HK$ 2000, which was waved off in the financial year of 2012-13. A separate amount of HK$ 450 needs to be paid on account of the levy to the protection of wages on Insolvency Fund.
The online applications for company incorporation and business registrations are generally processed within an hour of receiving it. On the other hand, if owners decide to apply for Hong Kong company incorporation on paper, the processing takes a little longer. In most cases, the Certificate of Incorporation and Business Registration certificate are issued within four business days of receiving the application.