Offshore Hong Kong

Open Offshore Hong Kong

Official language: Chinese, English

Organizational and legal forms of companies:

1. Individual entrepreneur.
2. Limited Liability Company
3. Closed Joint Stock Company
4. Open Joint Stock Company
5. JSC with limited shares.
6. Open joint stock company under guarantee
7. Partnership
8. A general partnership
9. Commandite partnerships.
10. Foreign companies.

Largest city: Hong Kong

Government: Dependent territory

Legal system: Anglo-Saxon system

Currency: Hong Kong dollar

Jurisdiction Brief: Hong Kong is a major industrial and financial region located in China. Hong Kong is not an offshore jurisdiction, but due to its high credibility in the international market, this region is popular with entrepreneurs. If the company does not make a profit in China, then there is no need to pay tax.

What is included in the cost of company registration and renewal:

1. Collection and execution of a package of documents required for registration of a companyin Hong Kong.
2. Due Diligence procedure (identification of the beneficiary).
3. Payment of government fees and duties.
4. Legal support and corporate support.
5. Additional services you may need: preparation of a financial plan, trademark creation, registration of ISIN, VAT, CFI, financial plans and trademark.

Documents provided after registration:

1. Certificate of Incorporation.
2. Memorandum and Articles of Association.
3. Appointment of Director.
4. Minutes of the First Meeting
5. Share certificates.

Working algorithm:

1. We will provide professional advice to help you learn more about Opening a company in Hong Kong. We also answer your questions on the topic.
2. We carry out the due diligence procedure.
3. After your payment for our services, we immediately proceed to registration. Please note that if you are our regular customer, then you can pay for the services of our company later.
4. We collect and prepare the documentation that is needed to open a company. Some documents require certification or apostille. You don't have to worry, our company has professional notaries who will do it for you.
5. If the client wishes, a power of attorney is signed so that you do not waste your time on paperwork.
6. You will find many additional services with us.

Jurisdiction Benefits:

1. China is a prestigious country, so it has signed a lot of double tax treaties.
2. If the company has no profit in Hong Kong, then you will not pay taxes.
3. You do not need to appoint a resident director.
4. You can use nominee shareholders and a director.
5. You can open a bank account in Hong Kong.

Disadvantages of jurisdiction:

1. It is mandatory to provide accounting and financial reports.
2. If you are late in submitting your financial report, you will be fined.

What schemes are usually used: In Hong Kong, a company can be so flexible structure that you can easily open any business here.

List of banks in jurisdiction:

1. Bank of East Asia.
2. Chong Hing Bank.
3. Dah Sing Bank.
4. Hang Seng Bank.
5. MEVAS Bank.
6. Shanghai Commercial Bank
7. Tai Sang Bank.
8. Tai Yau Bank.
9. Wing Hang Bank.

Company requirements:

1. Be sure to decide on the structure of the company before starting registration.
2. Come up with a name. It must be unique and not contain forbidden words.

Prohibited activities: Any activity for which it is necessary to additionally register licenses (banking, trust, reinsurance and insurance).

Tax system: Hong Kong is a low tax jurisdiction. If your the company is registered in Hong Kong, but will not conduct business here, then it is exempt from paying taxes. Income tax has a rate of 0% (if the company did not make a profit in Hong Kong) and 16.5% (if it made a profit in Hong Kong). Profits such as capital gains, dividends, property, interest received are not taxed. The royalty tax is 30% of the 16.5% income tax if the company has earned income in Hong Kong and used a trademark name, patent or copyright. There is also a tax on donated and inherited property: 0% (up to 256 thousand US dollars), 3.5% (above 256 thousand US dollars). Donated property of charitable organizations is not taxed.

Corporate law:

1. Company Law of the People's Republic of China
2. Law of the People's Republic of China on Foreign Capital Enterprises.

Filing requirements: Any company registered in Hong Kong is required to keep accounting records and keep them for at least seven years. It is also necessary to submit a tax return.

Possibilities for immigration to the jurisdiction: 1. Capital Investment Entrant Scheme – it is necessary to place passive investments in Hong Kong for a period of not less than seven years and in the amount of not less than 1.283 million US dollars. 2. Entrepreneur/Work Permit – open a business in Hong Kong.

Double Tax Treaties: Hong Kong has already signed over 24 double tax treaties.

Tax Information Agreements:All information about the shareholders and the director of the company is publicly available, so most beneficiaries use the nominee service.

• To minimize taxation, you should choose to register a limited liability company.
• The duration of opening a company in Hong Kong directly depends on where its director and shareholders are currently located. The fact is that they must sign the constituent documentation without fail.

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Yes, Crystal Tax clients have this option.