Hong Kong is deemed to be the most liberal economy on the planet. Its tax guidelines permit foreigners to enlist business in Hong Kong, which can be lawfully excluded from corporate income tax.
Despite the fact that the nation doesn’t have a particular law that administers offshore business incorporation, it is one of the most predominant jurisdictions for setting up an offshore company inferable from its low tax system, nonexistence of foreign trade controls, monetary and political steadiness, simplicity of working together as an offshore company and so on.
Offshore business arrangement in Hong Kong is ideal for directing offshore banking exercises, investment exercises, global exchange, and asset insurance. This guide will help you understand the technique to set up an offshore company in Hong Kong as a foreigner.
Above all, let us know the points of interest that a company can get from offshore business incorporation.
Preferences of Offshore Company Setup in Hong Kong
The most notable explanations behind setting up an offshore business in Hong Kong are-
- Hong Kong is an ideal passage to enter the Chinese market as the city profits by preferable admittance to the Renminbi over Singapore and other Asian exchanging center points.
- Hong Kong has marked double taxation agreements with six nations that make the Hong Kong offshore company a superb holding vehicle.
- Business arrangement in Hong Kong is an alluring vehicle to limit global taxation lawfully. The company will be exempted from paying corporate income tax on foreign-sourced income. It will likewise get a bit of leeway from the nonexistence of capital gains tax and withholding tax on income transmitted overseas.
Qualities of Hong Kong Offshore Company
- It offers an elevated level of security and anonymity
- Planning of accounts is compulsory; however, they are not freely available
- No taxes on foreign benefits
- Bearer shares are not allowed
- Minimum one shareholder and director is required
- Appointing an auditor is fundamental
What is the Process of Starting an Offshore Company in Hong Kong?
The cycle to enlist your business in Hong Kong includes two particular advances. They are-
- Company name endorsement which can be finished by applying with the Companies Registry
- Presenting the reports needed to enroll in your business. It incorporates –
- Application form to incorporation
- Articles of Association
- Copy of passport
- Abroad proof for residential address
- Identity card of Hong Kong occupant directors or shareholders
- Bank reference letter for non-occupant directors or shareholders
- Parent company enrollment documents of corporate shareholders
The enrollment system incorporates less administrative work. Yet, recollect that there are a couple of customs to be finished after your business enrollment. They are –
- Submit reports to the company registry. It includes–
- Appointment notification of secretary and directors
- Agree to go about as a director
- Enrolled address notification
- Open a corporate offshore bank account. Hong Kong furnishes a few selections of banks with whom you can open a corporate bank account. The vast majority of the banks have prerequisites of being bodily present to open the account
- Registering with the Inland Revenue Department. This must be refined inside one month of business arrangement. Enrolling and getting the Business Registration Certificate
- Apply for a business permit. On the off chance that your business movement requires having a business permit, at that point, you should apply for a business permit by giving required documents.
For more information, read How Can Business Consultants Help to Start an Offshore Company in Hong Kong?
The most well-known approach to consolidate an offshore company in Hong Kong is by employing a consultant. We at Business Setup Worldwide can enlist an offshore company in Hong Kong for you.
Our advisors will gather the necessary data and records from you and guarantee to acquire company name endorsement for your offshore company in Hong Kong.
At that point, we will continue with recording the enlistment reports with the Companies Registry and document for enrollment with the Inland Revenue Department for your Hong Kong Company.
You will acquire a company incorporation pack that includes a company seal, share authentications, rubber stamp, company profile, a testament of incorporation, and so forth upon viable enrollment of the Hong Kong offshore company.
We can likewise uphold you by opening a bank account, getting business licenses, acquiring a migration visa, and taking care of ongoing company compliance and administration. Contact us today to learn more.