Set Up a Company in Hong Kong with a Hong Kong Account Remotely

Register a company in Hong Kong and open a corporate account for it with the payment system. The procedure is carried out completely remotely. The account can be opened within a few days.

Company Registration in Hong Kong

The Hong Kong Special Administrative Region carries out company registrations for local and foreign business persons.

In 2019, it was ranked first in the world’s freest economies for the 25th time in a row (Starting from 2021 it has not been assessed since it is now considered part of the PRC). According to the World Economic Forum, it ranks 3rd as the most competitive economy in the world.

Business registration in Hong Kong is chosen by large companies, medium- and small-sized businesses.

The authorities have not only created the right business environment. They are continuously pouring billions of dollars into infrastructure development and company support.

Businesses are fascinated by the tax system of Hong Kong:

• 16.5% corporate income tax
• No taxation for the first 20,000 HKD of profit
• 8.25% tax on first 2 million HKD of profit
• Territorial tax system, i.e. profits generated outside Hong Kong are not taxable
• No VAT or capital gains tax

Hong Kong is a respected jurisdiction that protects its interests and complies with international rules. Any company is required to be domiciled in the country, employ a local secretary, file accounts and be audited annually.

Company registration takes at least 2 days and can be done completely remotely.

Requirements for Investors

Non-residents, individuals and legal entities can be the owner and director of a business company. A minimum of 1 individual director is required. 

A local secretary is also required. This can be an individual or a legal entity. We recommend hiring a corporate secretary, especially if you have no proven local professional.

It is possible to set up a company remotely. You will need to provide the following papers:

• Filled out and signed Hong Kong company incorporation form (Form NNC1)
• Certified copies of the directors’ and owners’ documents
• Proof of address for directors and owners. It is usually a utility bill or a bank statement
• Articles of Incorporation

The business must have a physical legal address (not a post office box) in Hong Kong. This matter is solved by hiring a corporate secretary.

Filing one’s documents and incorporating a business is allowed remotely via the Internet. It is also allowed to obtain the incorporation documents via the Internet. Such documents are:

• Certificate of Incorporation which is issued once for the whole period of company existence
• Certificate of business registration which is issued for one year and requires renewal

State fees will have to be paid.

In 2020-2021, due to the Coronavirus, the Hong Kong authorities decided to abolish the duty.

Company Registration Costs in Hong Kong

The cost of our assistance in company registration starts from 2,640 USD. This cost includes:

• Company incorporation
• State duty for the first year
• Secretarial services
• Registry of Controlling Persons
• Services of a representative for keeping and updating the Registry of Controlling Persons

Maintaining the company will cost 1,626 USD per year, starting the second year. 

It is necessary to keep accounts, and undergo an annual audit.

Bookkeeping will cost from 700 USD per year, and audit is from 1,200 USD per report.

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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The Only Difficulty in Hong Kong

Opening a bank account in Hong Kong is a task for patient and rather wealthy companies. It is possible to open an account, but this will require:

• A personal visit
• Thorough and lengthy preparation of documents
• Months of waiting time
• High rejection risks, especially for small and medium-sized businesses

We offer an alternative solution which is a corporate account in Hong Kong with the payment system.

Open a Corporate Account in Hong Kong with the Payment System

As it was mentioned above, opening an account in Hong Kong is important but rather difficult. The requirements of local banks have increased not only because of increased international requirements. Hong Kong is a trading hub with huge flows of funds passing through it. Protection against crime is a crucial step in keeping a high reputation.

At the same time, the costs of customer due diligence and security systems go up along with the time required for verification.

Large businesses are willing to wait and invest their resources in Hong Kong accounts. Small and medium-sized businesses would like to do the same, but they cannot afford to. Opening an account outside of Hong Kong is possible, but it is more convenient to have everything in one place.

We would like to offer you opening a corporate account with a modern payment system. It works with companies registered in Hong Kong, Singapore, and BVI.

Here are the opportunities offered by the payment system:

• Multi currency accounts for Hong Kong companies: USD, HKD, EUR, GBP, CHF, a total o f11 currencies
• Remote account opening, no personal visit required
• Fast-track procedure. Our representatives will contact you within several days after your application
• Single currency accounts get a unique number
• Advantageous currency exchange
• No minimum deposit
• No minimum balance requirement

The company offers multi-language support.

How Do I Open an Account in the Hong Kong Payment System?

Please be ready to prepare the following papers:

• Certificate of Incorporation in Hong Kong
• Certificate of Business Registration
• Copies of owners’ passports
• Copies of directors’ passports
• Resolution of the Board of Directors on account opening
• Company structure
• Proof of address for directors and owners

Should it be necessary, the payment system will request additional documents.

It is prohibited to transfer money to the following countries and territories: Afghanistan; Belarus; Bosnia and Herzegovina; Burundi; Central African Republic; Crimea; Eritrea; Cuba; Guinea; Guinea-Bissau; Iran; Iraq; Lebanon; Libya; Mali; North Korea; North Sudan; Russia; Somalia; South Sudan; Syria; Ukraine; Venezuela; Yemen; Zimbabwe.

Please check the up-to-date list with our experts.

The payment system does not work with the following types of business:

• Cryptocurrency trading;
• Anonymous accounts, Shell banking;
• Check cashing;
• Money transfers;
• Debt restructuring;
• Financial pyramids;
• Gambling business;
• Payment systems without prior approval;
• Any activity deemed illegal in Hong Kong or the UK;
• Sale of illegal medicines and substances;
• Trade in stolen goods, counterfeit goods;
• Trade in dangerous goods (cigarettes, e-cigarettes, etc.);
• Businesses that require a license and are operating without one;
• Creation of adult or violent content;
• Manufacture and distribution weapons, ammunition, etc;
• Trafficking in human organs;
• Work with sanctioned individuals.

Payment System Fees

The cost of our assistance in opening an account with the payment system in Hong Kong is 2,999 EUR.

Service fees depend on the type of account.

Multi-currency account:

Monthly fee is from 88 HKD.

HKD acceptance/transfer is free of charge.

Transfer of other currencies is 115 HKD.

Acceptance of other currencies is 70 HKD.

Single currency account (EUR|GBP):

Monthly fee is from 148 HKD.

Incoming transfers are free of charge for SEPA, UK; via SWIFT it is 35 EUR|GBP.

Outgoing transfers are free of charge for SEPA, UK; via SWIFT it is 35 EUR|GBP.

How Do I Register a Company in Hong Kong with a Hong Kong Payment System Account?

Please feel free to email us and apply for the service: info@qwealthreport.com