JURISDICTIONS
Hong Kong
General Information
| Location | Situated in the southern China, about 140 km south east of Guangzhou |
| Population | About 7 million |
| Language |
Both English and Chinese are the official languages with Cantonese as the most commonly spoken language. Mandarin has become another key spoken language since the handover in 1997 |
| Legal System | English Common Law |
| Currency | Hong Kong dollar (approx. USD 1 : HKD 7.8) |
| Exchange Control | None |
| Economy | Hong Kong is a high ranking international financial centre and is one of the most open, externally orientated economies in the world. The economy of Hong Kong is widely believed to be the most economically free in the world |
| Time Zone | GMT +8 |
| Major Banks | HSBC, Standard Chartered Bank, CitiBank |
| Principal Corporate Legislation | Companies Ordinance (Cap. 32) |
| Number of companies incorporated in 2008 | 98,645 # |
| Total number of companies on register | 710,766 # |
Introduction
Hong Kong became a Special Administrative Region (SAR) of the People's Republic of China on 1st July 1997, after 156 years of British colonial rule. Hong Kong has a small and effective government structure. Its policy of a low and simple taxation structure allows maximum room for business initiatives and innovation. The HKSAR Government is well known for its efficiency, transparency and fairness.
Hong Kong's economy is considered a model of capitalism for its devotion to free trade, low taxes and government non-intervention. Hong Kong is the world's most liberal economy and is a major international financial centre. Today, Hong Kong is the world's 11th largest trading entity and one of the world's largest banking centres.
Hong Kong is the Asia World City with reliable legal system, well established infrastructure and first class professional support catering to the needs of the financial business sector.
Current Features & Benefits
- Well established English common law system with simple and easy-to-follow statutory requirements
- Official Chinese company names and M&As are allowed
- Hong Kong companies shall be subject to taxation for the source of income derived in Hong Kong only. Revenue generated from offshore business or activities are exempted from taxation
- No tax on capital gains and dividends
- No foreign exchange control or currency restrictions
- Corporate directors and shareholders allowed
- No requirements for disclosure of beneficial owners to the Companies Registry
# Statistics of Hong Kong Companies Registry
| General Information | |
|
Stability of Jurisdiction |
Good |
|
Legal System |
Common Law |
|
Type of Company |
Limited |
| Company Information | |
| Bearer Share | No |
|
Standard Authorised Capital / Shares |
HK$10,000 |
|
Chinese Name Permitted |
Yes |
| Official Bilingual M&A | No |
| Local Requirements | |
|
Minimum Number of Shareholders |
1 |
|
Minimum Number of Directors |
1 |
|
Company Secretary |
Yes (b) |
| President & Treasurer | Optional |
| Beneficial Owners | No |
| Public Filings | |
|
Shareholders |
Yes |
|
Directors |
Yes |
|
Company Secretary |
Yes |
| Other | |
|
Registered Agent / Resident Agent |
No |
|
Registered Office |
Yes |
|
Annual Return / Accounts Filing |
Yes |
|
Corporate Tax |
17.5% (a) |
|
Change of Domicile Permitted |
No |
| Shelf Companies Available | Yes |
|
Notes: |
|
| (a) |
Only on onshore profits, NO tax on offshore profits |
| (b) |
Resident company secretary required |