Hong Kong

Apr 17 2013

What is the dormant status?

A dormant company is one that does not carry on business and has no income for the whole of the preceding year.

Benefit of Dormant status?
It allows an inactive company (company incorporated in Hong Kong) to be retained at a minimum maintenance cost since a dormant company under Section 344A of the Ordinance is Exempt from complying with the following requirements as laid down in the Company Ordinance.

When is a company deemed to be a dormant company?
If a company passed a special resolution (pdf Format) declaring the company would become dormant, the company will be deemed to be dormant as from:
(i) the date of delivery of the special resolution to the Registrar of Companies

You can download Specimens of the special resolutions in here.

Where a company becomes dormant, it will not be necessary for the company to comply with these annual obligations. A company is still required to submit an annual return for the year in which it declares itself to be dormant.

By Jakub Vele • Hong Kong, Incorporation rules • 0 • Tags: Hong Kong, Incorporation rules

Mar 17 2013

How to de-register Hong Kong Limited company ?

If you want to deregister Hong Kong Limited company, you need to follow these 2 steps (the company must be incorporated under the Companies Ordinance, other than those companies specified in section 291AA(16) or registered under Part XI of the Companies Ordinance) :

1) Contact IRD (Inland Revenue Department) to obtain a written notice of no objection
2) Once you receive a written notice of no objection from IRD, you have to notify CR ( Company Registry)

Process with Inland Revenue Department

Applicant Form (IR 1263) is required to submit to the Commissioner of Inland Revenue with a fee of $270 which is non-refundable regardless of the result of the application.

All the members of the company agree to the deregistration;
The company has never commenced business or operation, or has ceased to carry on business or ceased operation for more than 3 months immediately before the application
The company has no outstanding liabilities; and
It has obtained a written notice of no objection from the Commissioner of Inland Revenue.

Fees: 270 HKD

How do I deal with CR (Company Registry)

Once you obtain a written notice from IRD, an application for deregistration can be made to the Registrar of Companies in the specified form (Form DR1).

Fees: 420 HKD

for further request or help with Deregistration of Hong Kong Limited Company please contact us at: info@startupr.com

By Jakub Vele • Hong Kong, Startupr • 1 • Tags: Hong Kong, Startupr

Feb 19 2013

Wealth Management Forum 2013 – Hong Kong

Wealth Management Forum 2013 – Hong Kong” – hosted by Hubbis.

This one-day forum will provide you unique insights from many of the industry’s leading practitioners – to help you differentiate your offering and meet the new requirements of doing business profitably in Asia.

It will be held from 9.00am to 5.00pm on:

Tuesday 26th February
Conrad, Hong Kong

Registration begins at 8.40am.

http://www.hubbis.com/forum/wmf2013_hk/

By Jakub Vele • Hong Kong • 0 • Tags: Hong Kong

Feb 17 2013

The Belgian-Chinese Chamber of Commerce (BCECC) and the Belgium-Hong Kong Society

IF you are interesting on event of the Belgian-Chinese Chamber of Commerce (BCECC) and the Belgium-Hong Kong Society. Please let us know.

Dear Mr. Milar,

In light of the Business of Design Week (BoDW) that will take place from December 2 to December 7, 2013 in Hong Kong, the Belgian-Chinese Chamber of Commerce (BCECC) and the Belgium-Hong Kong Society (BHKS) are pleased to invite you to a networking event with a business delegation from, amongst others, the HK-SAR Government, HK Trade Development Council, HK Design Center, HK Design Institute, Polytech Institute and HK Ambassadors of Design on March 5, 2013 in Brussels.
Belgium being elected “Partner country” to the BoDW 2013 is an acknowledgement of our importance in the global world of creativity. This event promises a valuable platform for Belgian design-related business. This prestigious project, under the name of Belgian Spirit, is an organization of our 3 regional governments and related partners.

Who Should Attend?
– Champions and connoisseurs of design
– Start-ups and SMEs looking for inspiration
– Entrepreneurs, innovators, highly-motivated business leaders
– CEOs and senior management interested in unleashing the power of design
– Policy makers and influencers, trade association leaders
– Academics and design educators
– Students and all creative individuals

Please find attached a list of the coming delegation.

Program:
16.00-16.30: Registration

Welcome words by Bernard Dewit, Chairman of BCECC

Welcome words by Mr Piet Steel, Chairman of BHKS

Welcome words by Victor Lo, Chairman of the Hong Kong Design Centre

17:00-17:15: Presentation Belgian Spirit Project
17.15-18.30: Networking reception/cocktail

Venue:
Sheraton Brussels Airport Hotel
Brussels National Airport
1930 Brussels
Located across the departure halls of the airport.

Interested in joining us? Subscription fee for BCECC and BHKS members is 35€/person and 70 €/person for non-members. Please register before the 1^st of March by sending the filled in registration form to events@bcecc.be or by faxing it to 02 649 04 39.

Looking forward to meeting you there!

Best regards,

By Jakub Vele • Hong Kong • 0 • Tags: Hong Kong

Jan 7 2013

HSBC – deposit interest rate

IF you have a bank account in HSBC, you can ask your bank account manager to get better interest rate, startupr has asked HSBC for response in case our customers have positive balance at their bank account.

Dear Tomas,

Thanks for your information.

For the time deposit interest rate, there is no any difference between stand-alone USD saving and Business Direct Integrated Account.
But for Business Direct account, we are also providing investment account for customer to enhance the revenue from their business. We have difference kinds of products which can tailor-made for our commercial customer.

For this case, customer need to arrange the meeting to come HK to open the integrated account. And also, you need prepare ALL the update business documents for account opening as usual.

If you have any enquiry, please feel free to contact us.

Best regards,

company formation in Hong Kong and bank account opening in HSBC Hong Kong

By Jakub Vele • Hong Kong, Offshore Banking • 0 • Tags: Hong Kong, Offshore Banking

Nov 27 2012

How to Open a Hong Kong Offshore Bank Account

We are always happy to response to all of your questions. One of our customer is requesting whether it’s possible to open up the bank account in Hong Kong if you are not resident of Hong Kong.

Question:
Can a foreigner open bank account in Hong Kong? (From our e-mail box).

Answer:
Almost every person/entity can open bank account in HK, there is no restriction from the Financial Secretary (Hong Kong) on bank account opening for foreigners. We might illustrate a typical example where customer from US (or EU, Egypt, Russia, India etc.) incorporate company in HK and than will open bank account with Hang Send bank, HSBC or Standard Chartered Bank.

One of the most important issue is to be prepared well before you have a meeting with local bank. Most of the time, the bank asks for following documents (this is prepared by us):
– M&A
– Business certificate
– Incorporation Certificate
– NC1 certificate

Further
– DD – Declaration of Directors (if any)
– COI – Certificate of Incumbency (if any)

Business Nature (this section doesn’t make any sense to me how can you invoice some company if you just started, any way you should follow what is required):
– business description
– invoices
– agreements (if any)
– bank reference letter (example here)

Should you have any questions, please let us know.

HONG KONG Company formation and bank account opening click here.

Starupr

By Jakub Vele • Hong Kong, Incorporation rules, Offshore Banking, Startupr • 0 • Tags: Hong Kong, Incorporation rules, Offshore Banking, Startupr

Nov 21 2012

Hong Kong – Tax on Holding Company

Holding – tax on holding company Tax in Hong Kong

XYZ Limited owns (holding):

1) ABC Limited
2) DEF Limited

Conditions:

XYZ Limited – 0 HKD income

ABC Limited – 1mil HKD
DEF Limited – 0,5mil HKD

income will be taxed only on the company’s level, right, meaning:

ABC Limited – 1mil HKD
DEF Limited – 0,5mil HKD

NO for:
XYZ Limited – 0 HKD income

For:

– Company formation in Hong Kong

– company formation in BVI

By Jakub Vele • Hong Kong, Incorporation rules, Tax • 0 • Tags: Hong Kong, Incorporation rules, Tax

Oct 23 2012

Hong Kong Company Incorporation Requirement

Minimum 1 Shareholder and Director is required – Directors & Shareholders can be same person;
shareholders and directors – No nationality restriction;
Minimum subscribed share capital is share 1 (e.g. 1share = 1 usd) However, shares might be nominated in any currency;

Corporate shareholder (any legal known entity) and director is allowed and documents required include :
Corporate Certificate of Incorporation;
Corporate Memorandum & Articles;
Certificate of Incumbency (If any);
Business certificate (if any)

Registered address in Hong Kong;
One Company Secretary and should either be Hong Kong resident or Hong Kong limited company;
Company name should not be same as those already taken.

Startupr

By Jakub Vele • Hong Kong, Incorporation rules, Startupr • 0 • Tags: Hong Kong, Incorporation rules, Startupr

Oct 4 2012

What is an annual return ?

A private company – Limited (Ltd.) having a share capital should, except in the year of its incorporation, file its annual return once in every calendar year. In Hong Kong it’s within 42 days after the anniversary of its date of incorporation, in United Kingdom it’s within 28 days after the anniversary of its date of incorporation.

• the name of the company;
• its registered number;
• the type of company it is, e.g. Limited;
• the registered office address of the company;
• the address where the company keeps certain company registers if not at the
registered office;
• the company secretary
• the name and address of the company secretary, where applicable;
• the name, usual residential address, date of birth, nationality and business
occupation of all the company’s directors;
• the date to which the annual return is made-up

Register company in Hong Kong or in United Kingdom

By Jakub Vele • Hong Kong, Incorporation rules, Ireland, Singapore, United Kingdom, USA • 0 • Tags: Hong Kong, Incorporation rules, Ireland, Singapore, United Kingdom, USA

Jul 16 2012

Renewal of Business Certificate in Hong Kong

One of the most exciting thing in regards to Hong Kon, it’s the fact that almost all government requirements and payments might be done online.
We are going to talk about the fees and levy of the Business Registration certificate.

According to Inland Revenue Department:
“For registered business, a business registration renewal demand note will be sent by the Business Registration Office approximately 1 month before the current Business Registration Certificate expires. Upon payment, the demand note will become a valid Business Registration Certificate. If you do not receive such a demand note, you should inform the Commissioner in writing within 1 month of the expiry of your current Business Registration Certificate.”

Payment by wire transfer – T/T

How to pay the Business Registration fees via Internet banking?

1. visit: http://www.ird.gov.hk
2. Tax Information – Others
3. Business Registration
4. Payment Methods
5. Payment via Internet
6. “Follow the instruction”

In the e-banking (for our example we use HSBC)

1. Bill Payments
2. Register bills
3. add – Inland Revenue Department
4. than go to – Bill Payments
5. chose as a merchant – Inland Revenue Department
6. Bill Payee Account No. – add – the Business Registration Certificate number
7 in Bill Type chose Business Registration Fee

This might be one of the way how you cut. You will not need to have it done by your company secretary on your behalf. Pay that by yourself!

Bear in mind that it’s mandatory to renew you Hong Kong business certificate every year. You don’t need anyone to do it on your behalf however in order to maintain your company in the order with HK legislation, please keep eye on that.

For new HK company formation click here.

Hope, it helps! If you still need any help, please let me know on: info@startupr.com

By Jakub Vele • Hong Kong, Startupr • 0 • Tags: Hong Kong, Startupr

Blog Startupr - incorporate, register and form your company online