Hong Kong is now considered as the best business place for many businesses, and businessmen are moving more towards opening their own company in Hong Kong for a better business prospect. On an average, usually it will not take more than 4 to 7 business days to complete the processes and procedures to open a company in Hong Kong. Sometimes, it may take some extra time if any overseas company is going to open its business entity in Hong Kong. One this is very important to keep in mind that, no bearer share is allowed when any such company is going to open its office in Hong Kong.
Incorporating a company in Hong Kong is followed by some easy and simple steps, and even the owner of the business or his/her representative are not necessarily present in Hong Kong physically during the process. The banking part of the company involve with any local Bank of Hong Kong, and it may require to contact and communicate with the bankers regarding the financial transaction process in order to open a company in Hong Kong.
Business owners need to submit a set of documentation for processing the incorporation of the business in Hong Kong. A recent copy of the passport, residential address (with proof), reference letter from the bank, and other incorporation details are required to be submitted for this purpose. Business are not allowed to open a bank account in any local bank of Hong Kong and it may take from 2 to 10 days to open a bank account, which also varies from bank to bank. Another compulsory part of incorporating a business in Hong Kong is to submit an audited account mentioning profit tax return and inland revenue. It is not mandatory to file accounts while opening a company in Hong Kong.
Small corporation and dormant companies may not necessarily submit the audited accounts only if the annual income of the company is less than 500,000 Hong Kong Dollar. Again, the dormant companies having no annual transaction over a certain fiscal year also enjoy the same facility, as well. There are some common laws which are strictly followed when someone is going to open a company in Hong Kong. There are many agencies and company law years, available at Hong Kong who can help these businesses to open and continue their business in Hong Kong.