The simplicity of the procedure for Registration of new companies, as well as the formation of new companies, in Hong Kong used to be one of the most attractive features of the wonderful ease of doing business here. But the recent return back of the great City to the PRC (Peoples Republic of China) by the United Kingdom (according to the original agreement) has created lacunae in the once smooth business atmosphere of the City, while the Mainland seeks to establish full control on the business activities of Hong Kong. At the same time, Business has been booming here, like never before. In this somewhat uncertain atmosphere, new entrants may need guidance and support to make the best of one of the business heartlands of the world. The Hong Kong Companies Registry understands the situation very well, and has instituted several actions to normalize it. The first step involves ease of company registration in hong kong, while the second step allows professional expert Agencies to represent the company, and render company formation services.
The main steps taken by the Hong Kong Companies Registry to smoothen the Registration requirements are:
- Online registration is available to the suitable and qualified applicants and their duly authorized representatives.
- The payment of all fees for registration can also be online.
- Applications for exemptions can also be made online.
- The use of Virtual Addresses is permitted as location, but the Address must have prior sanction.
- The authorized representatives may be Registry-approved professional Agents entrusted for the purpose.
- 15 days allowance has been provided as leeway to the new companies for application for registration. After this period, fines are levied by the Registry at a minimum rate of HK$1,000 per day for each person responsible in the company.
- The Registry provides free online search information on Registration Numbers and salient data on the new and existing companies that have applied for company registration in hong kong.
Formation of Company
The Agents also provide company formation services in hong kong. Some Hong Kong Agents provide services that start from initial market study to the final commencement and guidance of business. These services include:
- Three-step completion of all formalities of Registration, and acquiring of certificate, within 12 hours if required.
- The first step of this completely worry-free procedure to help first-time companies start their business in Hong Kong is to provide evidence of first written resolution, company stamp etc.
- The second basic necessity for registration is to appoint a company secretary and a registered business address.
- Thirdly, a corporate bank account is required, for official transactions.
- All three steps can be provided by the authorized Hong Kong Agents.