For a start, let’s recollect the past financial crisis in Cyprus. All banking activities came to a halt due to the government’s incompetence and the country’s dependence on the EU. Each entrepreneur experienced a painful stagnation of capital in bank accounts. Companies lost hundreds and thousands of euros as their business activities froze. Sea vessels dropped their anchors, and profits were slowly but steadily melting away like air…
Business does not tolerate financial delays. If they do occur, it’s time to reconsider your activities or the partners you work with. An offshore company registered in Hong Kong combined with a corporate account opened with a Swiss bank would be powerful instruments to support you under any circumstances.
An Offshore Company in Hong Kong + a Corporate Account in Switzerland
Those who want to minimize the chance of sustaining such losses are looking for a reliable option to diversify their funds. A great solution would be to register an offshore company in Hong Kong or re-domicile it to this thriving Asian destination.
The second part of our comprehensive service is a corporate bank account in Switzerland. This is a jurisdiction that actually created the financial service standards, which commands respect by itself. The option is particularly interesting, taking into account the extremely high level of security and the status/reputation of Swiss banks.
Let’s move on to the practical part of the procedure. At this stage, we will consider step by step how to register an offshore limited liability company in Hong Kong and open a corporate account with a Swiss bank for it. If you are 18 years of age or more, you have the right to register a full-fledged business that will allow you to conduct legal business activities in Hong Kong and outside.
Signs of an offshore company with registration in Hong Kong:
- a separate legal entity
- limited liability of owners
- a stable structure
- the procedure for raising capital and transferring ownership is easier in comparison with other business structures, such as private enterprises and partnerships
FREE EXPERT CONSULTATION
on which jurisdiction is best for
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on which jurisdiction is best for your business, preferred tax regime, company structure.
How to Register an Offshore Company in Hong Kong
The first and main step is your intention to register an offshore company (Ltd) in Hong Kong and open a corporate account in Switzerland (to replace Cyprus, for example) – and all that within one comprehensive service. If so, contact us at info@qwealthreport.com for professional advice on incorporating an offshore company in Hong Kong and opening a corporate account with a Swiss bank.
The next step is to sign an agreement with our company on the provision of consulting services for you to launch the company registration process and start collecting documents for a solid bank in Switzerland. Naturally, all services provided are confidential. If the client wishes so, we are ready to provide him with an opportunity to control every step of the procedure, but you may as well rely on our experienced experts and let them do the work for you.
Under the service agreement, you should pay a fee for the incorporation and account opening. See up-to-date payment options in the relevant section of our portal.
The cost of the service is 7090 USD. The prepaid service package includes:
- Execution of documents
- Government fees
- Production of seals
- Registration of the offshore company’s legal address in Hong Kong
- Secretary’s services
- Preparation of a notarized set of documents required to open an account with a Swiss bank
- Transferring a package of documents certified by a notary public from Hong Kong to the Swiss bank
Once you have paid the fee, we are off to prepare all the required documents. Our experts prepare a part of the official papers, and it’s up to you to collect the other one (make sure that you have signed the forms if it is required by the rules). When this stage is completed, you will send us your package required to register an offshore company, we will add the documents prepared by us and transfer the entire set to Hong Kong. Documents needed to open a corporate account with a Swiss bank will be required later.
Package of documents for company registration:
- Application for company registration
- Company name. We recommend preparing 2-3 spare options in case the main one is rejected.
- The registered office. By default, we offer registration at our Hong Kong office address (the mailbox option is prohibited under Hong Kong corporate law). If it does not suit you and you need a real substance, we will discuss options for further action.
- A brief description of the business activities that will be conducted by your offshore company in Hong Kong. You need to concisely describe your company’s activities. These may include trade (retail, wholesale), provision of services (specify which ones), investment, etc.
- Details of the shareholders, directors and secretary.
- Liabilities of members/participants.
- The amount of the company’s authorized capital at registration. The standard share capital for a Hong Kong company is HKD 10,000 (10,000 shares of HKD 1 each). You can pay for only one share, i.e. HKD 1.
- The number of shares owned by the founders. A Hong Kong company can only have registered shares. Bearer shares are prohibited.
Additionally, you will need:
- A copy of the Memorandum and Articles of Association. These documents will be prepared by our professional registrar who deals with the registration of companies in Hong Kong.
Personal documents for non-residents (shareholders and directors of an offshore company in Hong Kong):
- A notarized copy of a foreign passport (an internal passport is not accepted as proof of your identity)
You may come across a notary who says that he does not certify a copy of the passport. In this case, order a translation from a sworn translator and stitch it with a copy of the original, and then certify it with the notary. The notary himself can recommend the nearest sworn translator.
- Proof of residential address (utility bills)
Mind that the document must be no older than 3 months by the time the package of documents is submitted to incorporate an offshore company in Hong Kong, and it must also be translated into English and notarized. Or, it can be a notarized translation of the civil passport into English (the main page with the photo and your signature, as well as the page with the address).
- A letter of recommendation from the bank
Personal documents for residents (shareholders and directors of an offshore company in Hong Kong):
- A copy of the Hong Kong identity card
Personal documents on corporate shareholders and directors (copies of registration documents of the parent company):
- Certificate of Incorporation
- Memorandum & Articles of Association
- Other corporate documents of the company
Remember to provide notarized translations into English for each document!
Please note that an offshore company can be incorporated in Hong Kong on a remote basis. You do not have to waste your time on a visit to Hong Kong (unless you want to). But if you wish to personally control each stage of the registration process, we can give this opportunity to you!
When all the documents are collected, we will check them carefully. If no issues are identified, the stage of practical registration will begin.
Basic requirements for a company in Hong Kong:
- At least 1 (one) shareholder that can be a natural person or a legal entity, resident or non-resident
- At least 1 (one) director that can be a natural person or a legal entity, resident or non-resident
Please note that at least one director of an offshore company in Hong Kong must be a natural person!
- Company Secretary in Hong Kong (Hong Kong resident only)
Attention! The information about the directors, shareholders and the secretary of an offshore company in Hong Kong is provided to the Companies Registry and is publicly disclosed!
The process of incorporating an offshore company in Hong Kong takes only a few business days on average. At the final stage, you receive confirmation of successful registration. We will send you a set of documents issued by the Companies Registry and the Hong Kong Inland Revenue Department. These documents will ensure the legality of the company’s activities as a legal entity.
Confirmation documents that you will receive in paper copy:
- Certificate of Incorporation which is issued one time at the stage of incorporation
- Business Registration Certificate which is annually issued by the Hong Kong Inland Revenue Department
- Memorandum & Articles of Association
- Certificate of Shares, the most important document of an offshore company in Hong Kong that contains information on the number of company shares, their distribution among shareholders, and the names of shareholders
- Form NC1 (a Registration form with a Companies Registry mark), a confirmation document where company details are recorded (see below)
- Registered Office Agreement on the provision of a legal address signed by the director of an offshore company in Hong Kong, on the one hand, and the registering agent providing a legal address, on the other hand
- Minutes of the First Director Meeting – decisions on the appointment of the first director, secretary, acceptance of the company’s main seal, distribution of shares, the appointment of a secretary, and approval of the legal address
- Register of Directors
- Register of Members
The data contained in Form NC1:
- Name of the offshore company in Hong Kong
- Legal address
- Registered Secretary (name and address)
- The first director, his residential address, and passport details
- Share capital, distribution of shares among shareholders, details of shareholders (names, passport details, residential addresses)
You should also receive a set of company seals:
- The main one is a metal seal with a convex surface and the inscription “Common Seal” to be used on important documents (share certificate, real estate transactions, general power of attorney)
- A plastic seal is a stamp with the words “For and on Behalf of [company name]”
- The Authorized Signature is put on contracts, invoices, and other commercial documents. This seal bears the signature of the person acting on behalf of the company. It may be a director or other authorized person acting on the basis of a Resolution of the Board of Directors or a power of attorney.
- A small round plastic seal (contains the company name) has no legal force and is put on ordinary documents, for example, mail receipts. It is sometimes also put on invoices.
After we have registered your offshore company in Hong Kong, we will send you a package of original documents to the address you specified by courier mail or transfer them to you during your personal visit to Hong Kong (courier mail services are subject to a separate fee)!
The Cost of Incorporating an Offshore Company in Hong Kong
The exclusive status of service often becomes the justification for a significant price increase. But we do not consider this approach right since we expect long-term cooperation and prefer to form a friendly (loyal) client base. Therefore, do not be surprised that the amounts below are relatively modest.
Please note that the price provided does not take into account the risks of force majeure or the impact of other factors that will require an increase in the volume of legal work and, as a result, additional costs.
The approximate level of costs (USD 2,640 in total):
- Registration of an offshore company in Hong Kong (including state fees, preparation of company documents and production of seals) – USD 1,200
- Registered secretary services (documentation transfer is charged additionally) – USD 350 per year
- Registered (legal) address – USD 350 per year
- Creation of the company’s Significant Controllers Register – USD 350
- A representative who keeps and updates the Significant Controllers Register – USD 390 per year
State fees and mandatory services a year later (USD 1,635 in total):
- The state fee for the Business Registration renewal – USD 300
- Submission of an annual report on the corporate structure of an offshore company in Hong Kong – USD 235.
- Services of the company’s registered secretary – USD 350 per year
- Providing a legal (registered) address (the cost of mailing services is not included) – USD 350 per year
- A representative who keeps and updates the Significant Controllers Register – USD 390 per year
Discuss the details with an expert
Check the list of required documents, and get the details of the process, terms, and costs.
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Opening a Corporate Account with CIM Bank (Switzerland)
This is the second part of the comprehensive service whose provision begins immediately after the offshore company has been successfully incorporated in Hong Kong. We send a set of notarized copies of the offshore company’s original documents to CIM Bank (Switzerland).
Please note that you will need additional documents in order to successfully open a corporate account with the bank:
- Documents proving that you have the right to sign on behalf of your offshore company registered in Hong Kong (Articles of Association, power of attorney)
- Personal documents for all beneficiaries and signatories. If you are the only natural person who puts a signature on the account application form and you are the only beneficial owner as well, you will only need one set of documents.
The process of opening a corporate account for an offshore company in Hong Kong at CIM Bank (Switzerland) is very simple. The procedure takes no more than 12 business days on average, which is a good indicator for a solid bank in Switzerland. But it is important to understand that CIM Bank is not a “random” bank in any offshore jurisdiction but a solid financial institution. Therefore, the documents for opening an account should be prepared as responsibly as possible.
CIM Bank (Switzerland)
In this package of services (related to offshore company incorporation in Hong Kong and opening an account for it with the Bank of Switzerland), we want to offer you the services of CIM Bank, a private financial institution headquartered in Geneva. The bank’s principal activities include financial asset management, international payments and transfers, opening current accounts, trading stocks and bonds, foreign exchange, online trading, credit cards, market research and analysis.
We recommend paying attention to:
- Home banking service. The CIM Bank uses it to ensure communication with customers 24/7 non-stop from anywhere in the world. The service allows you to control current accounts, conduct international transactions and monitor all operations on your accounts.
- Each client of CIM Bank in Switzerland receives a personal manager (Private Banker).
- Multi-currency accounts are supported.
Main Stages of Opening a Corporate Account for an Offshore Company in Hong Kong with CIM Bank (Switzerland)
The most important stage is the registration of an offshore company in Hong Kong which should be over by now – with our help. If so, it is time to think about opening a corporate account with CIM Bank (Switzerland). The package of corporate documents is on our hands now, so we will completely shift our focus on account opening.
Key stages:
- Preparation of an extended package of documents, filling out forms
- Checking and certification of documents by the client
- Sending a full package of documents required to open a corporate account to CIM Bank (Switzerland)
And now it is the time for us to have patience and wait a little. A corporate account is normally opened within approximately 2 weeks (if we count only business days).
Mind that if you are interested in opening a multi-currency account, you will need a videoconference with the manager of CIM Bank (Switzerland) who is considering your case (if you choose a remote opening format)!
As soon as you receive confirmation that a multi-currency account has been opened for your offshore company in Hong Kong, an initial deposit must be made:
- The minimum standard amount is EUR 20,000
- If you pay a bank fee to open a corporate account for a company in Hong Kong (EUR 150), the amount of the minimum deposit will be reduced to EUR 10,000
The rules of CIM Bank (Switzerland) do not provide for a deposit freeze. It is only the amount of the insurance policy (USD 1,000) that may be blocked, but it will be returned to you after you close the account.
Prices for opening and maintaining a corporate account for an offshore company with CIM Bank (Switzerland):
- Opening a corporate account is free of charge (or EUR 150, see above)
- Account maintenance – CHF 120 on a quarterly basis
- Mail service maintenance – CHF 100 per year
- Correspondence – CHF 100 per year (if applicable)
- Electronic banking services are free of charge
- 1 debit card – free of charge
- Compliance with fees – CHF 400 per year (if applicable)
- Administrative fees – CHF 500 per year
- Account closure – CHF 300
- The registration of an offshore company in Hong Kong and the opening of a corporate account for it with CIM Bank (Switzerland) are notable instruments for conducting international business. For more information, please contact us by e-mail (info@qwealthreport.com).
Open a Corporate Investment Account in Hong Kong
