Banks around the world tightened requirement for new bank account openings earlier this year as a result of intense pressure from regulators particularly from the perspective of anti-money laundering and terrorist financing.
After a flood of complaints from business owners and small and medium entities that were affected the most, Hong Kong’s Monetary Authority decided to take action and announces that it will roll out new guidelines to make Hong Kong, once again, one of the easiest and best places to bank. The guidelines should include simplified account opening procedure for foreigns, foreign business, and startups.
The requirements for a new bank account in Hong Kong should be appropriate with multiple factors and a small company should not be required to submit the same documentation as a big company with high revenue.
This approach will certainly strengthen Hong Kong as a world’s financial centre and will boost the SME business in Hong Kong.
The Small Business, Enterprise and Employment Act, announced changes to the information that is to be provided to Companies House annually.
The most significant change is that from the 30th of June, 2016 the Annual Return will be replaced by the Confirmation Statement.
Confirmation Statement is a report of certain company information at the made-up date. Limited company incorporated in the UK must file the Confirmation Statement. The Confirmation statement should be filed 12 months after incorporation and each year after.
Confirmation Statement vs. Annual Return
- With the Confirmation Statement the company does not have to deliver information that have been provided previously
- Grace period has been reduced to 14 days
- No set date when the confirmation statement must be made. Although the period must not exceed 12 months between each confirmation statement
- The company can file more confirmation statements in one year and will be charged only once
The Confirmation Statement can be filed either by paper or electronically which is quick and easy.
Do you want to open a bank account out of Hong Kong? It only takes a few steps!
Every company incorporated in Singapore must appoint a secretary within 6 months of the date of its incorporation and the position must not be left vacant for more than 6 months. The company secretary must be residing locally in Singapore and he/she must not be the sole director of the company.
A Private Company is not required to appoint secretary who is professionally qualified. However, it is the responsibility of the director to appoint someone with the necessary knowledge and experience to perform the functions required of a Company Secretary.
The key roles of the Company Secretary are as follows:
• Maintain the company statutory registers and records
• Lodge and file in time all necessary documents required by law
• Ensure that the company meets all its legal obligations
• Stay updated on relevant developments and changes in statutory and regulatory obligations
• Communicate adequately with shareholder
More information on the appointment of a company secretary may be obtained via www.acra.gov.sg
Startupr’s clients can now enjoy free PayPal Business services!
Free Paypal business account setup and consultancy
The package includes:
- Dedicated Business Consultant to support before, during and after paypal business account opening
- Express Paypal Business account setup
- Bank Account linking
- Paypal merchant welcome kit
- Paypal integration consultancy
- Application of discounted rate for Paypal transaction fee
Don’t hesitate and contact us to find out more information.
Happy Chinese New Year, from the team at Startupr Hong Kong Limited!
We would like to wish you and your family a prosperous, and joyful New Year.
Startupr’s office will be closed on the 8th, 9th, and 10th of February for the public holidays. We will return to normal business hours on Thursday February 11th.
Should you require any assistance over the holiday please email firstname.lastname@example.org
Again, from the team here at Startupr, wishing you all the best for the year ahead.
Any entity looking for an approval as an incubator fund or an approved fund is required to submit an application (Form IB-A2-IAF) and all necessary supporting documents to the Commission no less than two business days prior to the date the applicant intends to start business. More
It’s always exciting when we see our customers succeed and we would like to share these stories with you!
Whoolala is a recent fashion app that connects the users with designs and products that match their personal style. It incorporates state of the art technology with an easy to use interface that is going to have a profound impact on the fashion world. Whoolala has made shopping a convenient pass time that can be done from anywhere and even on the go. More
We would be happy to incorporate your German company for you.
Please find in here order form for a German limited liability company (a Unternehmergesellschaft (haftungsbeschränkt), abbreviated: UG); this order form also includes the costs for the foundation of such company which is in total USD 3,200 covering all foundation costs. The initial registered capital would be EUR 1,600 as this makes sure that all initial foundation costs for the company and the running costs for the first year (like bank fees, etc.) are covered and the company does not require funding immediately after foundation for the initial costs.
The process through which your company will be incorporated is as follows:
- You complete the order form and send it to Tomas at startupr (email@example.com); cc: to me (firstname.lastname@example.org).
- You will then receive the invoice for the incorporation
- After payment of the invoice has been made, we will start the incorporation process
- Once we have notarized the incorporation of the company, we – if you wish – open a bank account
- Once the company has been registered in the commercial register, we notarize the transfer of all shares to you
- You will in writing authorize the transfer of all shares to you
- We then provide you with the draft shareholders resolution to appoint yourself or a person determined by you as managing director (resolution in writing)
- You or the person determined by you will have to sign the filing of the new managing director in notarized form at a German notary
- I will withdraw as managing director of the company after you or the person appointed by you has been registered in the commercial register.
All in all, this process usually takes – depending on the quickness of the commercial register, the bank and you or the person determined by you notarizing the filing to the commercial register – up to three weeks.
Still the company is operational once the foundation deed has been notarized.
Alternatively, as you are in Berlin, you can complete the foundation process or certain parts of it – as you wish – yourself.
If so, we can consult you throughout this process. Please let us know if this would be your preferred option.
If you’re interested to get holding company for your German entity, you might be interested to set up your company in Hong Kong.
Kind regards, Startupr