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Basic requirements for
setting up Hong Kong Company
Company Name may be
expressed in both English and Chinese characters subject to the approval
of Companies Registry.
Although
Hong Kong has become a Special Administrative Region of the Peopleˇ¦s
Republic of China with effect from 1st July 1997, Companies
Ordinance is strongly based on British common law and Hong Kong continues
to have high autonomy in the running of its affairs under a one country,
two systems concept.
All companies must obtain a
Business Registration Certificate from the IRD and annual renewal is
required.
Each
company must have at least one shareholder as the initial subscribers to
the share capital of the company and the minimum share holding is one
Corporate shareholders are allowed and non-resident can
also act as shareholder of the company.
The minimum number
of personal director is one and corporate directors are allowed, preferable
minimum number of two. Non-resident can act as director of the company.
Details of the Memorandum
and Articles of the Association, shareholders, directors, company
secretary and registered office must be filed with Companies Registry and
are on public record.
Each year the company must submit an annual return
within defined period and penalties apply for late filing.
Taxes
are levied on profits, salaries and property with varying rates and annual
tax returns will be issued by Inland Revenue Department in April each
year. Filing of profit tax return must accompany by audited account
certified by local CPA firm. Penalty charges will be imposed due to late
filing.
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