Registration of an offshore company in Hong Kong and opening a corporate account with an offshore bank in Belize is a great duo for those of our readers who are interested in the potential opportunities of a particular service, not only its cost. In other words, if the balance of characteristics is more important for you than individual parameters (cost, terms, conditions, special cases, etc.), incorporation of an offshore business in Hong Kong and opening a corporate account with a reliable bank in Belize is an option that should be considered first.
We strongly advise you to look at other relevant offers on foreign company formation with a ready-to-use bank account. The selection of an appropriate account and bank to meet your needs is a separate service that can be used by private entrepreneurs, wealthy people, and large corporations.
Why Hong Kong?
There are many countries where you can register an offshore company to conduct real business. These are tax-free jurisdictions, midshores, as well as classic onshores, provided that the current corporate law allows for some preferences in individual territories.
Why do we recommend Hong Kong as a good place to register an offshore company and do business? There are numerous reasons for that:
- There are almost no restrictions on the type of business to choose: all you need is to get additional permits and/or licenses in some cases to register an offshore company.
- Territorial principle of taxation. As a result, if an offshore company in Hong Kong earns profits outside Hong Kong, it is exempt from corporate tax.
- Tax rates are low, and new companies can take advantage of significant discounts and preferences.
- An offshore company in Hong Kong does not pay dividend tax, capital gains tax, sales tax, or value-added tax.
- There are no indirect taxes.
- Extremely high reputation. Thanks to this, you can theoretically open a corporate account for an offshore company in Hong Kong with a bank in almost any jurisdiction. In practice, you may face problems if the bank sees any indication of a high-risk business, confusing organizational schemes, sanctions lists, or signs that no real business is conducted and the structure was registered for aggressive tax optimization.
- No currency control.
- Absence of restrictions on the movement of income and capital, as well as foreign investment.
- Simplified procedure for offshore company registration in Hong Kong (and this is really easy if your interests are represented by our experts). Opening a corporate account with a bank is a more difficult and riskier project – but only if you decide to do it by yourself.
- You can register an offshore company in Hong Kong using just one person (who will be a shareholder and director at the same time).
- Absence of requirements for mandatory payment of the authorized capital.
- Prestige, reliability, and stability of the jurisdiction.
- Registration of an offshore company in Hong Kong is possible on a completely remote basis.
- Nominee service is allowed. It is impossible to ensure complete confidentiality when you register an offshore company in Hong Kong (and opening a corporate account for an anonymous business is impossible in principle), but a sufficient level of protection will surely be provided to you.
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Requirements for Offshore Company Incorporation in Hong Kong
The success of incorporating a business in Hong Kong relies on two components: you fully meet all organizational requirements and collect a complete package of documents. Errors are, unfortunately, quite frequent if you decide to venture on your own without competent assistance, so we strongly recommend hiring an expert. The do-it-yourself option often brings about expenses whose amount is far beyond an expert’s fee.
Requirements for Business Incorporation in Hong Kong
- Name. Choose a name that does not violate other people’s intellectual property rights. It should be original and compliant with restrictions on words/expressions that exist under Hong Kong legislation. We recommend that you prepare several alternatives (if the main one is blocked/rejected).
- Director. At least 1 person (a natural person or a legal entity), resident or non-resident. You can also use nominee services.
- Shareholders. At least 1 person (a natural person or a legal entity), resident or non-resident. You can also use nominee services. A foreigner can own 100% of the shares. A shareholder can also be a director.
- Secretary. The position is mandatory, and it can be held by a natural person or a legal entity who has a TCSP license (this is obligatory!). A sole director/shareholder cannot be a secretary at the same time.
- The registered office. The local commercial address is the only option used (the mailbox format is prohibited).
- The share capital. It should be deposited in the company’s account (there are no restrictions on the amount). Mind that bearer shares are not allowed.
Documents for Offshore Company Incorporation in Hong Kong
- Articles of Association*
- Registration form (see below)
- Non-resident shareholders and directors should provide a passport*
- Resident shareholders and directors can provide a Hong Kong ID* and documentary proof of the actual residence address*
- Corporate shareholders and directors should provide registration documents of the parent company (legal entity)*
Information to be provided in the registration form for offshore company incorporation in Hong Kong:
- Name of the offshore company
- Registered address
- Brief description of the business
- Details of the shareholders, directors, and secretary of the offshore company in Hong Kong
- Liability of members
- Share capital (data at registration)
- Number of shares provided to subscribers
* – copy
The Cost of Incorporating an Offshore Company in Hong Kong
The data we provide below refers to a more or less standard case (where no further legal action is required). If there are circumstances that require additional steps or an extended package of services, our experts will immediately contact you and discuss the situation.
Costs of incorporating an offshore company in Hong Kong, standard case (from USD 2,640):
- Company registration in Hong Kong (+all state fees, +execution of documents) – USD 1,200
- Registered secretary – USD 350 per year
- Registered (legal) address – USD 350 per year
- Significant Controllers Register – USD 350
- A representative authorized to keep and update the Significant Controllers Register – USD 390 per year
Annual costs for business renewal (USD 1,625):
- The state fee for the company license renewal is USD 300
- Submission of the annual report on the company’s corporate structure – USD 235
- Registered secretary of the company – USD 350 (per year)
- Legal (registered) address – USD 350 per year
- A representative authorized to keep and update the Significant Controllers Register – USD 390 per year
Other services in Hong Kong that you can order from the experts of our portal in 2023:
Opening a Corporate Account for your Hong Kong Company in Belize
A reliable financial partner for offshore business is essential, and its importance is difficult to overestimate. There are not so many noteworthy options that we could recommend without reservation, but opening a corporate account for your Hong Kong company with a bank of Belize is one of them.
Advantages of Belize as an Offshore Financial and Business Center
What are the benefits of opting for Belize as a jurisdiction for foreign companies, entrepreneurs, and wealthy people in 2023?
- Flexible trust laws that make it possible not only to form an offshore company but also to hand over the business assets to trust management to enjoy the maximum level of protection from foreign courts and third persons.
- Affordable cost of company registration and account opening in the banks of Belize.
- Exemption from taxes (subject to a number of conditions).
In addition to opening an account with a bank in Belize, you can use the assistance of our experts and register an offshore company in this jurisdiction.
if you live in a jurisdiction blacklisted by FATF/OECD, it will be impossible to open an account for you with an offshore bank in Belize.
Corporate Account in Belize: Rates and Terms
- Minimum balance required to open a deposit account – USD 1,000
- Monthly corporate account maintenance fee – USD 14.5
- Entrance fee – USD 100
- FATCA commission – USD 250
- Online banking – free
- Outgoing payments – USD 100
- Incoming transfers – USD 10
- Internal transactions between accounts – USD 5
- Transfer tracking payment – USD 35 + foreign bank commission
- Deposits in cash (charging and withdrawal) (subject to a 2-day notice) – 3% of the deposit amount
- Withdrawal of funds from the initial deposit before the expiration of 30 days – 1.8% from the amount (at least USD 25)
- International delivery of documents by courier – from USD 50
- Instant statement (original or copy) – USD 5
- Copies and bank certification of original documents – USD 50
- Reference letter – USD 25 per each document
Account inactivity is penalized by annual commissions and fines: USD 10 for inactivity within 24 months, USD 20 for inactivity within 36 months, and USD 25 for early account closing within 6 months after opening.
The offshore bank in Belize that we recommend can also be used to open a corporate account for another business or get access to a prepaid personal card and an account for travel and asset diversification.
Documents Required to Open a Corporate Account with an Offshore Bank in Belize
- Filled, printed and signed bank forms to open a corporate account with a bank in Belize
- A notarized color copy of a foreign passport or other acceptable ID (pages with a photo and signature)
- A notarized copy of proof of residential address (utility bill). This document must be no older than 2 months by the time you submit the package of documents to the bank, and it should also be translated into English and notarized.
- A reference letter from the bank on professional relations lasting at least a year
- A reference letter from an expert (lawyer, notary, etc.) on professional relations lasting at least a year
- A notarized copy of the share certificate (if the offshore company in Hong Kong has registered shares), and Deed of Trust if the company has a corporate shareholder(s)
- A notarized power of attorney giving the right to open and manage a corporate account
- A notarized copy of the Minutes of the General Meeting and the Articles of Association of an offshore company in Hong Kong
- A notarized copy of the company’s Certificate of Incorporation
- A notarized copy of the Certificate of Good Standing (if the offshore company has been operating in Hong Kong for more than 1 year)
- A notarized copy of the company’s Memorandum and Articles of Association / Bylaws / Operating Agreement
- Certificate of Shareholders/Subscribers
- Description of the company’s business (turnovers, partners, regions of work, a system of mutual settlements, the scheme of work, etc.)
An account is opened within two weeks from the date you submit a full package of documents and bank forms to the bank by mail. You will also need to file personal documents for beneficiaries, signatories, directors, nominees, and officers of your offshore company.
Procedure for Offshore Company Registration in Hong Kong and the Opening of a Corporate Account with a Bank in Belize
Let’s talk a little about how the comprehensive service of business registration in Hong Kong and opening an account with a bank in Belize is actually carried out. Given the fact that Hong Kong actively supports new companies and Belize is considered the “last stronghold” of offshore banking, you might think that the service is easy to provide.
On the whole, this is true if you rely on our experts’ support. But it does not mean that you will automatically get an offshore company registered in Hong Kong and an account opened with a Belize bank. The stage of preliminary planning and preparation of documents should be given as much attention as possible, otherwise, the risk of failure at any stage will increase considerably.
Recommended procedure:
- Submission of an application letter (e-mail us at info@qwealthreport.com or use alternative communication channels).
- The first acquaintance with you, discussion of project details, an additional package of services, desired options, and your minimum requirements. This way we will prepare the case in total and set an approximate range of tasks. You will be able to ask us any questions and decide on further plans and goals (tactical and strategic ones).
- Payment for our services. If you are satisfied with our terms and conditions and we understand that we will be able to fulfill your order (to register an offshore company and open an account with an offshore bank in Belize) in full, you will pay the invoice (options).
- Preparation of a package of documents on your part. This is the last stage whose outcome depends for the most part on the client. You will be able to ask us any questions and get additional advice, which will significantly reduce the risk of failure. Then you send the documents to us, we check them and, if everything is in order, launch the procedure of offshore company registration in Hong Kong and open an account with an offshore bank in Belize.
Minimum package of services included in the basic price:
- Execution/verification of documents
- Government fees
- Production of seals
- Registration of an office address
- Secretary’s services
- Preparation of a package of notarized documents required to open an account with a Belize bank
- Sending a package of notarized documents from Hong Kong to the selected Belize bank
The documents you get after successful incorporation of an offshore company in Hong Kong and opening a corporate account for it with a Belize bank:
- Certificate of Incorporation
- Memorandum & Articles of Association
- Business Registration Certificate
- Certificate of Shares
- Registered Office Agreement
- Form NC1 (Incorporation form with a Companies Registry mark)
- Minutes of the First Director Meeting (Resolutions on the appointment of the first director, secretary, approval of the main company seal and legal address, distribution of shares)
- Register of Members
- Register of Directors
- Set of seals
All the troubles and worries are now over. The incorporation of an offshore company in Hong Kong and the opening of a corporate account with a Belize bank were successful. You have become the owner of a promising business in a classic midshore jurisdiction and secured the support of a respected bank. Sounds great?
If you want to find more information and start the process of company registration and opening an account, please email us at info@qwealthreport.com at any time.
Fill in the form to register a company in Hong Kong with an account in an offshore bank in Belize
