Hong Kong limited liability companies have a separate legal personality, and limited liability for the owners. This type of company allows raising capital and transfer of ownership, and for long years has the reputation of an enduring structure type, when comparing to sole proprietorship or partnership. This private limited liability company has been the most common type when entrepreneurs/founders are to go through Hong Kong company incorporation.
The Companies Ordinance of Hong Kong states that any person who is above 18 years old is eligible to set up a HK company, whether you are a local person (with a HK permanent residence or citizenship, or a foreigner without the PR status). The article reveals the details on registering a private limited liability company that includes the basic incorporation requirements, preparation procedure, timeline, post-incorporation procedures, and more.
Foreigners who wish to incorporate in Hong Kong should take into consideration the items below: A foreign person is free to be assigned as the sole director and shareholder of the HK company. The local resident requirement does not actually apply in this case. It is not required that the company owner does not have to be presented at the time of the company registration. But when opening a bank account for the business through a local bank, the owner must physically be presented. Most foreigners live outside of HK, and after they have incorporated the HK company, they can continue to live outside of Hong Kong.
It is the mandatory to file details of the company officers with the Hong Kong Registrar of Companies. Information about the company officers i.e. directors, shareholders and company secretary is regarded as public information which is stated in Hong Kong Company Laws. It is possible to maintain confidentiality, but in this case you will have to appoint an entity shareholder and nominee individual director. This can be achieved through using some paid services/agencies who can deal with company incorporation and secretary.
A registered address is required for a company incorporated in HK. It does not mean the staffs/employees must operate on a daily basis at the address. The address must be a local HK address, and it cannot be a postal office box address.
The company is always required to appoint a secretary. The company secretary may be an individual. As an individual person, the secretary person must reside in Hong Kong. The company secretary may be a body corporate. When it is a body corporate, it must have a registered office address that is in HK. The shareholder or director cannot be appointed as the company secretary. The main responsibility of the secretary (as a person or as an entity) is to maintain the statutory books and records of the company and to ensure the company complies with all statutory requirements. Another alternative to this is the owner can appoint a nominee secretary.