August 12, 2015
We understand that the route of company incorporation may be overwhelming. Therefore, Startupr's created a guide to help you keep track of your business. Download our free guide and manage your company effectively.
August 10, 2015
Every private company incorporated in Hong Kong is required to appoint at least one natural person as a director. If the company is not a member of a group of companies that includes a listed company, a body corporate may be appointed as a director. However, the company is still required to appoint at least one natural person.
July 24, 2015
If you would like to set up a Hong Kong Limited company and open a bank account, below you will find answers to most commonly asked questions:Basic Bank Accounts OverviewIf you are Individual Person Hong Kong Limited Company Overseas Limited Company (e.g. Samoa, Seychelles, Belize)Type of account Personal bank account Corporate bank account Corporate bank accountHow long does it take to open a bank account in Hong Kong? 5-20 working days. Depending on which bank you are opening the account with.What banks in Hong Kong do you recommend? HSBC (Hong Kong and Shanghai Banking Corporation Limited) Hang Seng Bank CitiBank Bank of ChinaDo I need to make the appointment with the bank for corporate bank account opening? Yes, appointments are required for bank account opening. Startupr Hong Kong Limited can help you to arrange bank appointment for account opening. It is suggested arranging the appointment at least 3 days before the meeting with the bank officer.Is it required for the Directors and Shareholders to attend the bank meeting in Hong Kong for corporate bank account opening? Yes, all the Directors and Shareholders holding over 10% of the Company shares should come to Hong Kong in person to attend the bank meeting.What documents should we provide for corporate bank account opening in Hong Kong? The following documents must be provided to the bank: 1. Personal documents The documents below should be delivered to bank officials by you personally. Please note that failing to provide these at your meeting may delay the process.Passport (required), and other supplementary documents such as home country driver’s license showing your address. Additional address proof required, bank statement, electricity bill, phone bill, etc.2. Company Documents Certificate of incorporation NNC1 form Articles of association Business registration certificate3. Supporting Company Documents and Information 1) Proof of business, or preparation for business, even if your company is newly registered, Business proof document (business sales contract, partnership contract, invoice, purchase order, bill lading, business license, etc) Directors’ previous relevant work experience proof (previous employment contract, name card) Bank officials will inquire into the nature of your business, and your experience in the field. 2) Issued or Received Invoices Once a company incorporates, it may issue or receive invoices. 3) Business Description. 4) Website, Business Card, Brochure Compose and print out a one page summary of your firm. A dated, signed statement on company letterhead, including naming directors and/or principal shareholders. Copies of agreements with suppliers, if any. A letter of reference from a bank where you currently have a business or personal account may sure help. The letter should include the director’s name and ID number, proof of transaction with the bank and contact number, stamp and signature of the bank. All business certificates and incorporation certificates of a previous company you owned or controlled.3. Office space for certain banks, companies must rent an office space in Hong Kong. Please note, that in some cases where the Directors or owners of the new Hong Kong company are not Hong Kong residents, they should provide the bank with details of existing companies owned by themselves in their country of residence in order that the banks can verify the clients business background. If non-resident Directors do not own business in their country of residence, the banks in Hong Kong may approve the account opening if the director can provide business plan and details of their employment history explaining how their employment background is relevant to the new company's intended activity.How much does a bank charge and what's the deposit for corporate bank account opening in Hong Kong? Normally, the bank will charge HK$1,000 for Hong Kong Company and HK$10,000 for overseas Company as their service fee for corporate bank account opening. Initial deposit is usually Euro 1,000(HKD 10,000).Is it compulsory for the Hong Kong Company to have the Company's bank account in Hong Kong? You can open a bank account in Hong Kong with a set of company documents certified by Certified Public Accountant in Hong Kong. Furthermore, it is possible to open an offshore account, may you wish. You will need a set of apostile documents from the High Court in Hong Kong to open offshore bank accounts. We suggest you opening offshore bank accounts with the following banks: - Bank of Valleta (Malta) - Europac Bank (St. Vincent & Grenadians) - CIM Banque (Switzerland NOTE: All documents must be issued in English or translated into English. All official documents must be translated into English and certified by a local authorized translation agency.