Hong Kong business formation and bank account opening for an offshore company are becoming popular these days, especially for people who wish to establish offshore corporate entities. Hong Kong is a particular administrative region of the People’s Republic of China. It is ideal for setting up business in Hong Kong because it is an independent country and is free from legal constraints usually experienced by corporations in Western countries. The decision to open a company in Hong Kong is based on two main factors – the need for privacy and the need for a low taxation rate.
Hong Kong company formation and bank account opening are straightforward and affordable. Besides this, many other benefits attract people to establish an offshore company in this Special Administrative Region of the Chinese government. Moreover, Hong Kong’s economy is highly developed, and the island’s infrastructure is also very advanced. Thus, Hong Kong offers a lot of economic advantages to offshore corporations.
Companies’ formation in Hong Kong can be done by anyone qualified by meeting the following minimum requirements. The person should be a permanent resident of Hong Kong or any person having a permanent resident of the Chinese mainland over sixty-five years. An individual must have a running business for at least two years. He should be a non-smoker, and he should have a social security number to process the formation of an offshore corporation. The court will appoint a nominee director upon the request of the applicant. The applicant can also apply for a registered agent for his offshore corporations in Hong Kong.
There are numerous benefits of company formation in Hong Kong. The most obvious one is that there are no restrictions on the ownership of the shares. The main reason for that is that Hong Kong has kept up with the international standards by allowing free trade. Thus, it is easy to incorporate an offshore corporation, carry out beneficial trading with the offshore currencies, and enjoy all the benefits of a fully functional corporation without any hassles.
Another significant benefit of incorporation is that the corporation can conduct business in any currency it likes, including the dollar. Thus, you can enjoy the benefits of doing business in Canada, Italy, Sweden, Germany, and the United Kingdom if you want. You can also conduct business in currencies like the Japanese Yen, and the Australian dollar if you wish. It means that you have many options available to you when you want to incorporate a company in Hong Kong.
There are many reasons why people choose company formation in Hong KongThus. The directors usually have their bank accounts in different countries to make payments to them. The directors can transfer the money or dividends to their companies. Also, the company’s profits can be taxed in other countries as they are not liable to pay tax on them in the country where they have incorporated.
In addition, company formation in Hong Kong offers many other advantages. For example, once you open a business in the city, you will get a tax permit, which you cannot get from any other country. Another significant advantage is that there are no laws that restrict you to earn money. Thus, you can establish your business as long as you want and when you want.
If you wish to have more details about company formation in Hong Kong, you can consult a chartered accountant. He will be able to help you in registering your company and opening an account. However, it would be best if you remembered that you could also do it yourself. First, you have to gather all the necessary documents and then create a company agreement. Once that is done, you can hire a solicitor to open an account for you.