It is easy to form a limited company incorporated in Hong Kong (HK). There are almost no restrictions provided that there are no existing HK companies with identical names and no well known companies with similar names. It requires at least one director and one shareholder, a resident company secretary and a HK registered office. However, none of the directors nor shareholders are required to be HK residents. Our Firm may provide the services of HK resident company secretary and registered office. Further, a HK company's name must end with the word "Limited", but is not required to contain the words "Hong Kong".
NOMINEE DIRECTORS' & SHAREHOLDERS' SERVICES
We may act as the registered shareholders and directors of our clients' companies holding the companies' shares on trust of our clients. Therefore no one, except the HK Inland Revenue Department (IRD), can find out that the companies are actually owned by our clients, and the IRD have a statutory duty not to disclose any information to any one. Our clients' interest in the companies is protected by documents called "Declaration of Trust", which are duly signed by us and stamped by the IRD.
BANK ACCOUNT OPENING
We would give a preliminary check of our clients' details to see if they meet their due diligence requirements before a company has been formed. This can ensure smooth bank account opening process, but it is still subject to the approval of each bank's head office.
HK banks have to observe US Sanctions. Further as a member of Financial Action Task Force (FATF), HK banks are required to join the global fight against money laundering and terrorist financing and against "Non-Cooperative Countries or Territories". As a result, if any director or shareholder is from any of those countries or if a company has customers or suppliers located in any of those countries, it is unlikely that a bank account can be opened with a HK bank. You may find the lists of countries below:
BANK ACCOUNT REQUIREMENTS
Currenxie Limited (HK Money Service Operator license no. 14-05-01424)
- An account can be opened by filling in an application onliine followed up by a phone call telling the Company's business without meeting a bank officer in person.
- All directors, bank authorized signatories and shareholders with more than 25% shareholding each need to provide passports & address proof (e.g. original water/telephone bill or bank statement issued within 2 months).
- To add a new payor or payee to a bank account, an invoice or supporting document will be required for one time only.
HSBC
- All the directors (or at least 2 if there are more than 2 directors) and all bank signatories need to come to HK. All other directors, shareholders & bank authorized signatories may come to Hong Kong or go to their branch/subsidiary in any country (except for Taiwan), so that they can witness their signatures and verify their passport copies.
- All directors, bank authorized signatories and shareholders with more than 10% shareholding each need to provide passports & address proof (e.g. original water/telephone bill or bank statement issued within 2 months).
- It is preferable for one director/shareholder to provide documents of an existing company owned by him/her in the same industry as the new company and at least two sales and two purchase invoices with bank statements to support the bank deposits/payments. If that is not available, then you need to provide business proof for a new company e.g. the new company's agreement or communication with a potential buyer or supplier, or latest financial information/source of wealth of the beneficial owners, such as tax demand note, employment contract.
Taxation In HK : there is no tax charge on fund transfers between bank accounts, including deposits and withdrawal.