Past a few days, we have been receiving an emails in regards whether we are able to open up a bank account without yours present in Hong Kong HSBC.
The answer is yes/no. Our clients were referring to the other incorporation porviders which claim that they can do it. According to HK law there is no way to avoid a duty of being present once opening the business bank account with any bank in Hong Kong.
Here is the statement from HSBC commercial center: “Please be advised that face to face meeting with the director(s) or ultimate beneficiary owner(s) of the applicant company is/are required for HK account opening”.
you can open up a business bank account without being in Hong Kong however you need to visit the nearest HSBC business center in order to sign and verify documents. For that purpose please contact us and we will discuss this possibility with HSBC relationship manager who will provide us with relevant information.
In Asia is a lot of opportunities for Small and Medium Enterprises to expand a current business model. There are actually 2 locations where you can start your
business! Singapore and Hong Kong! A few reasons why you should start with your business model in Singapore:
There is no better choice to start your Asian company than in Singapore! One of the most business friendly climate in Asia. General information you can find here. Set up fee, government fee and the whole process is smooth! Company might be opened into a few days upon receiving the funds. You start invoicing your Asian partners or simply use our address as a branch office. There are not difficult yearly requirements e.g. monthly reporting or difficult business registration and burdens from Singapore government. Hong Kong and Singapore have been ranked past 3 years among 5 most efficient cities (countries) on the world by many internationals ranking agencies! Singapore is ranked 5th in the world and 1st in Asia for having the least corruption in its economy. Singapore is among the top 3 in foreign trade and investment.
Attractive tax regime
You can refer to SINGAPORE – Tax Exemption Compnay – Startup
Singapore lies at the center of a major sea route connecting the Far East to Asia, Europe, and the Middle East, which gives the country its strategic importance.
There is a lot of law firms offering the IPO ( Initial Public Offering) assistance, however once you decide to go public be aware that to be listed at the stock it doesn’t qualify you as a successful company admiring by thousands of investors and on the end efficiently traded! Before you go public pay attention to the company who will secure your marketing and awareness among investors. It’s totally the same what you do now in order to be successful in your business model you have to know how to sell with listed shares is the same! Yours company might be well known between competitors and customers using the particular service however between investors it’s just another company coming to raise a capital! Marketing, marketing and again marketing! The process of coming public it’s simple standard procedure how to gain public money and use it for further company development. Law firms are mostly rigid and don’t bring any innovative solution how to sell your shares, that’s why you should be concerned about the way how to let know to investors that your company is really the one who should get the attention! There is many regulations governing the release of information by the company or any of its advisers in connection with an IPO so called “Publicity restrictions” – the regulations governing the release of information in connection with an IPO are contained in the Companies Ordinace, the SFO, guidelines issued by the SFC (Securities and Futures Commission), and the Listing Rules.
Lear more on the webpage of Securities and Futures Commission. Click here for Advertising Guidelines Applicable to Collective Investment Schemes Authorized under the Product Codes.
Are you Unhappy with high fees or irresponsible service from your current incorporation / formation provider?
Here are a few examples of our pricing policy:
– formation fee – 89USD + government fee – 600USD (since 1st of August 2011)
– registered office fee – 150USD
– company secretary – 150 USD
– annual return (gov fees included) – 60 USD
Note: These fees are mandatory once you are about to open your office in HK.
Read our HK option.
– formation fee – 89USD + government fee – 100USD
– registered office fee – 389 USD
Note: Here is being consider a government fee as a yearly cost of 100 USD + our fee and registered office fee.
Read our Sey option.
– formation fee – 89USD + government fee – 270 USD
– registered office fee – 169USD
– company secretary – 550 USD
– local director 2000 USD
Note: SG address, local director and secretary are necessary in order to incorporate your company.
Read our SG option.
We do charge you for the service you order. NO hidden cost or additional charges. We are open with our pricing policy. Just open our order list where you want to incorporate and compare the structure and explanation text with our competitors. E.g. One of the typical hidden cost is an “annual return” or hire fees for next year of services. We will answer all your questions!
Hong Kong is ranked as one of the best city for doing business by many ranking agencies. it has one of the most flexible and supportive corporate governance regimes in the world – one of the most easiest way of company formation.
Advantages of entering China via HK
Double Tax Arrangement (DTA) – Comprehensive DTA between China and Hong Kong, entered in August 2006. Hong Kong has gained many benefits, as such reduced withholding tax rates on dividends, interest, royalties and exemption treatment for certain capital gain.
Closer Economic Partnership Arrangement (CEPA) – Free trade agreement concluded between China and Hong Kong on trade and investment.
It provides big opportunity for Hong Kong companies to gain greater access to the Mainland market.
RMB offhshore centre – HK as a bridge between China and the rest of the world. RMB Trade Settlement Scheme adopted in April 2009 to allow eligible enterprises in Shanghai, Shenzhen, Guangzhou and Zhuhai to settle cross-border trade in RMB with trading partners in HK and ASEAN countries.
Startupr is here to help you make a first step. Incorporate with us!
Annual list or Annual return is required by local government every year in order to have an overview in regards to additional changes stated under the state ordinance during the year. For some jurisdiction it’s just only way how to keep database updated yearly ( e.g. State of Nevada). For some other jurisdiction it’s obligatory to report every changes rising during the year by some other forms (particularly for every changes you need to fill different form) and additionally the same change report in annual return . These changes are defined as change of address, director, shareholders, business name, business address, shares, company secretary etc.
– the Annual Return must be filed once in every calendar year (except in the year of its incorporation) within 42 days of the anniversary of the company’s incorporation date.
– the Initial List MUST be filed on or before the last day of the first month following incorporation/initial registration. The Annual List MUST be filed by the last day of the anniversary month of the original filing. Example: If the entity filed on Oct. 15, 2002, the list must be filed by Oct. 31 of each year. Postmark date is not accepted as receipt date in the Secretary of State’s office.
It is the responsibility of the directors of the company to ensure that the initial and ongoing compliance requirements are met with.
An annual return must contain the following information:
- the name of the company;
- its registered number;
- the date to which the annual return is made-up (the made-up date);
- the principal business activities of the company;
- the type of company it is, for example, private or public;
- the registered office address of the company;
- the address (single alternate inspection location – SAIL) where the company keeps certain company records if not at the registered office, and those records held there;
- the details of the company secretary (corporate or individual), where applicable; and
- the details of all the company’s directors (corporate or individual).
Order form in in here.
If you are interesting to open up a company in Hong Kong, please download and fill the document and sent to tomas[at]startupr.com. Should you have any question contact me either.
Once you open up a company in Hong Kong, there is a mandatory requirement to have a local bank account however e.g. in Singapore its not mandatory (that’s why many companies have a entity in Singapore while opening bank account in HK(as an offshore banking – how to open up a bank account as a overseas limited company click here) . In some countries it’s important/mandatory to have a bank account in the country where you have opened office and the whole process might be difficult and time consuming however in HK its just a matter of a few documents which might be easily issued by Company Registered ( 14th floor, High Block, Queensway Government Offices, 66 Queensway) as a certified true copies or you can print it in your office and certified it by a notary. Since you apply all required document, it will take five working days to get ready yours company bank account.
You need to submit following documents:
– Copy of Certificate of Incorporation
– Copy of Business Registration Certificate
– Copy of Memorandum and Articles of Association ( M & A) and any amending resolutions, or comparable documents
– Company Limited by Shares – NC1 or Company Not Limited by Shares – NC1G
After an incorporation, we can assist you to open up a bank account.
If you think about to open up a bank account overseas e.g. in Hong Kong, you have a chance with HSBC even you don’t have a company registered in HK.
Whether the company has been incorporated overseas and not registered in HK you are obliged to provide following documents in order to open up
your offshore bank account according to HSBC requirements:
– Copy of Certificate of Incorporation and subsequent certificate of change of name, if any.
– Copy of Business Licence (or comparable document), if any.
– Copy of Memorandum and Articles of Association (M&A) and any amending resolutions, or comparable document.
– To finish HSBC Application on-line.
– All directors should provide identification information (Name, ID number and ID type).
– Initial deposit (HK $ 5,000, or US $ 1,000 or equivalent to another currency)
– You will ask to pay some handling charge – please refer to HSBC latest commercial tariff
All copies of all documents submitted should be true copies certified by a certified public accountant, lawyer, banker or public notary. If document
is not in English, translation should be provided.
For establishing HK Limited Company please visit startupr.com
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
- 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
- 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.
- Business registration (Certificate of registration) – we will register your business with the Business Registration Office of the Inland Revenue Department
- 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
- 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