Hong Kong is the financial hub of China and one of the most developed cities in Asia. Companies in Hong Kong benefit from the city’s incredible business opportunities and high standard of living. Foreigners can set up an offshore company in Hong Kong and reap the benefits of a low-tax regime and cheap labor. 

Offshore companies can be a great way to protect your assets or tap a market in another part of the world. Today we will be discussing why and how you can set up your own offshore company in Hong Kong.

Why Choose Hong Kong

Offshore companies can be a great resource to diversify your assets, start a new business or boost your company’s growth. Hong Kong is one of the most tempting cities for businesses. The city has competitive tax rates and charges no taxes on income earned outside the cities. 

Companies also enjoy a central position in China offering great trade opportunities. It is also a great way to launch your goods and services into the Asian market. With one of the easiest procedures of registering a company, Hong Kong attracts thousands of businesses each year.

Key Points and Requirements

Hong Kong allows you to open a company without being physically present. The process can be completed remotely and take just a few hours. The register company process can assist you with registering your business, obtain a business address, and even get a personal secretary.

You will need to fill out the Incorporation form and submit the company’s Articles form if you choose to go through the process manually. You will also need a secretary and director to launch the company. 

If you are setting up offices for an existing company, you may also be asked to submit documents of the parent company. 

Procedure

Hong Kong has one of the most straightforward and cheap company registration procedures. Below are the steps to set up your offshore company now:

1. File an application to obtain your required company name by the Companies Registry.
2. Hire a licensed team to automate the process or manually submit the documents mentioned in the previous paragraph.
3. You will also need to submit additional documents as requested. These may include consent to act as director; registered address notification, etc.
4. Open a corporate Hong Kong bank account. If you are applying with a licensed team, they may automate this step for you. 
5. Register with the Inland Revenue Department. This process must be followed within one month of incorporation to obtain a Business Registration Certificate. 
6. If required, apply for a business license. For specific types of companies, a business license is required to partake in business activities that are not otherwise covered. 

Conclusion

With just a few simple steps, you can become the owner of an offshore company in the financial hub known as Hong Kong. Once your company is set up you can enjoy a tax-free environment and even hire local talents to run your company remotely. Depending on the type of company you have opted for you may also be eligible for attractive government incentives.