Guide to Doing Business in Hong Kong Industry News

Hong Kong's simple, low-rate tax system    < 2012-10-10 >

Hong Kong practises a simple, low-rate tax system and its financial management system is also relatively simple and clear. Tax is levied on the territorial source principle, i.e. no matter whether the taxpayer resides in Hong Kong or not, all incomes generated in Hong Kong are taxable. Meanwhile, profits generated outside of Hong Kong are not taxable in Hong Kong. Many accounting firms and law firms in Hong Kong provide tax return filing or account management services for clients; mainlan

Relevant ordinances    < 2012-10-10 >

Companies Ordinance Any commercial organisations wishing to operate in Hong Kong in the form of a registered limited company must complete registration in accordance with Hong Kong’s Companies Ordinance. New companies applying for registration must apply to the New Companies Section of the Companies Registry for a Certificate of Incorporation. A company name search will be conducted by the authority concerned to ensure that the company name is not the same as any name appearing in the

How to establish a company - documents and procedures    < 2012-10-10 >

Limited company Under Hong Kong laws, any group or individual (not necessarily a Hong Kong resident) may incorporate a limited company or purchase a shell company in Hong Kong (see chart below) provided that the following conditions and procedures are met. After completing business registration, the company can commence business in Hong Kong. Establishing a new limited company The applicant may visit the Companies Registry and Inland Revenue Department in Hong Kong or use e-

Classification by type of business entity    < 2012-10-10 >

Company Based on the level of liability of the shareholders, companies can generally be classified into three types: Company limited by shares: there are private companies and public companies (listed companies). Given below is information on private limited companies: Maximum liability of shareholders: their unpaid share capital. In other words, when a company is being wound up, the shareholders are not required to make further contribution to pay the company’s debts Scope and a

Establishing a company in Hong Kong    < 2012-10-10 >

Investors may establish companies limited by shares, companies limited by guarantees and unlimited companies in Hong Kong. The procedures involved are simple. Provided that the documents required are complete, a company can be set up within six working days at the earliest. For investors who wish to engage the services of professionals, there are many accounting firms and law firms in Hong Kong providing such services. There are various ways for investors from the Chinese mainland to op

Classification by shareholding structure    < 2012-12-18 >

Sole proprietorship : only one shareholder and one operator. Characteristics: The operator solely owns the business; The operator is entitled to all the revenues and assets of the business; The operator bears all liabilities for the business; The existence of a solely-owned business has no sustainability; Procedures for establishment are simple, the applicant is only required to register with the Business Registration Office. Scope of application: Bu

Company dissolution    < 2012-12-20 >

Deregistration Deregistration of a defunct (limited liability) company The company concerned must be a solvent private company incorporated in accordance with the Companies Ordinance, other than those companies specified in section 291AA(16), or registered in accordance with Part XI of the Companies Ordinance, and meet the following requirements: All members of the company agree to the deregistration; The company has never commenced business or operation, or has ceased b

Points to note in import and export    < 2012-12-21 >

Import/export control Although Hong Kong is a free port where general goods can enter and leave Hong Kong freely, for safety, environmental protection and intellectual property rights purposes, certain types of products are classified as controlled items which can only be imported or exported after obtaining the relevant import/export licences, permits and/or certificates from the competent departments. Prohibited articles Description Scope Licences/certificates requ

Procedures and formalities of goods import and export    < 2012-12-21 >

Hong Kong is a free port with no restrictions on the right of operating the import and export of goods. Any Hong Kong company or individual has the right to handle goods import and export, and is not required to apply for or register such right with the Hong Kong Special Administrative Region government. But still, the import and export of goods must comply with certain regulations. Companies set up by mainland enterprises in Hong Kong can also enjoy the same right. For goods entering H

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