Blog Startupr - incorporate, register and form your company online

Hong Kong and new e-registry system – easy incorporation of Ltd

 

Hong Kong and new e-registry system - easy incorporation of Ltd

Hong Kong is a Special Administrative Region (SAR) of People’s Republic of China (PRC), serious about attracting business from around the world focused on business development of Small and Medium Enterprises (SMEs). Hong Kong has a developed financial system ranked as a top leading international financial center and it is mature in term of e-registration (incorporation) service. Local government softened registration system by providing formation of a company in 24 hours – efficient and not demanding legislation once you form a business in. Fast company formation and lots of tax incentives are provided once you decide to run your business in HK. It is a top destination for trading purposes – mostly used as a black box for trading, modern and advanced banking system will escalate your business whether you are an entrepreneur or an investor. This is exactly the kind of region and business environment you want to operate your Asian business in – HK is the most improved region for doing business and in 2011 it was ranked as a second in the Ease of Doing Business Index.

Business and Company registration – process

  1. Company name avaibility & registration – choose your name (we might help you to do so) with the Companies Registry, you can conduct a free company name search at the Companies Registry’s –  Cyber Search Centre
  2. Business incorporation (Incorporation certificate) We will submit the following incorporation documents with the requried fees (1740 HK$+2450 HK$) to the Companies Registry; NC1 ( company limited by shares) or NC1G ( company not limited by shares),  IRBR 2 –  a notice to Business Registration Office, data of shareholders, the next documet is a copy of the Memorandum and Articles of Association certified as a true document by a founder member of the company – more information on Comapnies Registry.
  3. Business registration (Certificate of registration) – we will register your business with the Business Registration Office of the Inland Revenue Department
  4. Licensing and permits – for specific government licences, certificates, permits and approvals please visite business requirements in HK on webistes – Support and Consultation Centre for SMEs
  5. Intellectual Property – Trademakr, desings, name, patent, please visite websites of the Intellectual Property Services Centre of the Hong Kong Productivity Council

More info on startupr.com

Incorporation process as a way of being fully integrated in Chinese business environment – What documents do I need?

Incorporation process as a way of being fully integrated in Chinese business environment - What documents do I need?

This article is a follow up of the previous one strengthening the necessity of incorporation process in PRC (People Republic of China). The whole process is time consuming however you need to follow up the strict rules given by Chinese government. One of the most important part is a submit of document to local government in order to incorporate your Chinese company. Below, you can find more about the paper work during the registration process it’s understandable and if you pay more attention to each of them then you realize that it’s quite simple and all required documents are just in your office. We have divided documents into tow parts. One of them is focus on the part before launching the application process and the second part covers mostly required documents by government.

Documents list for setting up foreign owned enterprise

1)    The copies and translation versions should be the same as original ones.  

2)    All the documents should be printed out one A4 paper, and the signature must be black writing-ink.

3)       The documents with foreign language must be translated into Chinese.

4)       All the documents bellow are required by the government.

1. Documents prepared by investor

No.Name of the DocumentsOriginal/copyAmountNotice
1.           Credit Letter from bankOriginaloneIt should be issued by the account opening bank of the investor. This letter briefly introduces the credit of the foreign investor. 
2.           Lease agreement (in China)OriginaloneWith the stamp tax
3.           Property right of office location (in China) Copy oneWith the stamp of the landlord. 
4.           Passport or ID card of the Legal representative of the new companyCopy oneForeign people just provide the passport (certified by notary)
5.           ID card or passport of the secretaryCopy oneSame as the No. 4
6.           Photo of the legal representative of the new companyOriginal one1 inches without with white background
7.           Resume of legal representative after 18 years oldOriginal oneSimple one 
8.           ID card or passport of the supervisor Copy oneSame as the No.4 
9.           Audit report of the investor of last yearOriginaloneOnly for trading company. It is ignored if the foreign investor existed less than one year. Copy certified by notary

 

2. Documents prepared by our company which should be signed by the foreign investor

No.Name of the DocumentsOriginal/copyAmountNotice
1.           New preapproval application OriginalOne
2.           Promise letter for setting up the foreign companyOriginalOneSigned by the General Manager of the foreign investor
3.           Power of attorney for setting up the foreign companyOriginalOneSigned by the General Manager of the foreign investor
4.           Application for approving the foreign enterprise OriginalOneSigned by the General Manager of the foreign investor
5.           Article association of the new company OriginalThreeSigned by the General Manager of the foreign investor
6.           Application for setting up the foreign company for Industry and Commerce Administration OriginalOneIncluding “Application Form”, “list foreign investor ”, “form of legal representative”, “name list of the director, manager and supervisor” and the “certificate of office location”, these forms should be signed by the General Manager of the foreign investor
7.           Appointment attorney OriginalOneShould be signed by the General Manager of the foreign investor, and will be submitted to the Industry and Commerce Administration
8.           Power of attorney to our agencyOriginalOneShould be signed by the General Manager of the foreign investor, and will be submitted to the Industry and Commerce Administration
9.           Application form of the secretaryOriginalOneShould be signed by the legal representative of the new company
10.        Appointment letter for the chief director and the supervisor OriginalTwoShould be signed by the General Manager of the foreign investor
11.        Hire letter of the manager OriginalTwoShould be signed by the legal representative 
12.        Power of attorney for receiving the legal documents OriginalTwoShould be signed by the General Manager of the foreign investor and the legal representative of the new company
13.        Other application formsOriginalEach oneShould be signed by the legal representative of the new company, and with the stamp of the new company 

Steps lead to incorporate your WFOE in People Republic of China

Steps lead to incorporate your WFOE in People Republic of China

 

Business and Company registration process Wholy Foreign Owned Enterprise (WFOE)

1.       Name submission   

a.        The application to Beijing Administration for Industry and Commerce – 5 working days to get the approval on the company name

b.       The application to Chaoyang Bureau of Commerce – 21 working days to get the Certificate of Approval

2.       Registration with Beijing Administration for Industry and Commerce to obtain temporary Business License – 9 working days (here you can possibly start your business)

3.       Registration with Public Security Bureau and ordering of official rubber stamps – 6 working days

4.       Organizing initial Corporate Code License including IC Card – 5 working days

5.       Registration with Foreign Exchange Administration – 20 working days*

6.       Registration with Local Tax Bureau and obtain Taxation License – 7 working days*

7.       Registration with State Tax Bureau – 2 working days*

8.       Registration with Statistic Bureau – 2 working days*

* 5 – 8 can be applied at the same time, the rest have to be done step by step

9.       Opening of basic account and capital account including the application for relevant official administration documents, among others. (vary with different banks)

10.   Confirmation with bank about the capital amount – 1 working day**

11.   Confirmation with Foreign Exchange Administration about the capital amount – 5 working days**

12.   Capital Inspection Report arrangement – 2 working days (you can also get a help from accounting firm which is recommended)**

13.   Obtain Business License – 7 working days**

14.   Obtain the formal Corporate Code License including IC Card – 4 working days

**10-14 have to be done in order

15.   Registration with  Financial Bureau – 10 working days ***

16.   Registration with Customs Administration – 5 working days ***

***15-16 can be applied at the same time

Whole process of registration might take up to 3-4 months however once you receive “Business License”, you might start your business.

Think about the company name before you start

A company name is generally made up of THREE parts:

  • distinctive element
  • descriptive element
  • legal ending

Distinctive element is a must it might be even a number. Next part of the name is descriptive element which might help customer to recognize the product or service providing by the company however some companies choose not to have descriptive element.
In the name ” Cheops mineral water, Inc.”, the word “Cheops” is distinctive element; the word(s) “mineral water” refers to descriptive elements and the “Inc.” is the legal ending. The legal ending recognize the type of entity. Incorporation, Corporation and limited are abbreviated as follow; Inc., Corp., Ltd.

 

Now, you know how to come up with distinguishable name for your customers.

 

Each jurisdiction has another type of abbreviation. If you want to check out the type of companies which you might incorporate, please visit Startupr.com and find out more for each location.

Guide on Incorporating a Company Limited by Shares in British Virgin Island

Business and Company registration – process

 

1. Name – think about a name of your company and we will reserve it for you

  •     Propose us 3 different names, find more in “User Guide No.2 – Company Names.“  You can use even foreign character (Latin alphabet).
  •     If you don’t chose a name, the Registry will automatically give you its BVI company number which will have a format “BVI company number 111111”.
  •     Chose appropriate ending “Limited” or “Ltd.”
  •     You can change a name anytime you want for 50 USD of Government fees.
  •     Due to the territorial limit of access in on-line registration (search) platform we have to do it for you.

2. Decide where the company’s registered office will be

  •     Every company has to have the registered office in the BVI.
  •     You can use your own address or use ours.

3. The Memorandum and Articles

  • The memorandum of association – records the agreement of the first subscribers to form a company under the 2004 Act. The founders of the Company must fill our form and the memorandum of association and state the number of shares they want.
  • The Article of association – is a must in order to comply with the 2004 Act. The articles specify the more detailed rules for the company internal management.
  • Before we incorporate, we have to have prepared the memorandum and articles. We will do all for you once you provide us all necessary information.

4. Decide who is going to be the directors and shareholders

  • Every company has to have at least one shareholder and one director (it might be the same person)

5. Now we are able to incorporate

  • We will take responsibility to form a company on your behalf.
  • Application forms need to be submitted:

o    The memorandum of association
o    The articles of association
o    A certificate from the registered agent (from us)

 

Government FEES:

 

The fees for incorporation of company (limited by shares – most common):

 

Where the company is authorized to issue less than 50,000 shares   350 US$
Where the company is authorized to issue more than 50,000 shares 1,100 US$

 

contact us on startupr.com

 

 

 

Startupr is officialy open in the U.S.A.

Startupr incorporation service is officially open in several U.S. locations.

Currently we are able to offer incorporation service in:

Delaware and Oregon are coming soon!

If you are missing some U.S. State please let us know!