Subject to some restrictions, a non-shore company or individual owners cannot be an actual person of an organization except in the case of a corporation. Otherwise, a business can only be the property of an organization and not the personal property of that body corporate. A business can only be an organization’s property if it is legally registered at the Companies House of Hong Kong under the Companies Act 1985. Furthermore, the company secretary must be one of the directors of that company. The company secretary’s official right to be called ‘company secretary’ is limited to the company secretary’s duties within the meaning of the Companies Act 1985. Thus, the ‘personal option’ of becoming a company secretary in Hong Kong is also limited to those companies whose registered office is at the offices of the Secretary of State or the Secretary of Business and Trade, as applicable.
Nevertheless, business owners in Hong Kong company incorporation service can choose the type of registration that is most suitable for their type of business. Registration may be done under the Companies House or the abbreviated form of ‘SAR’, or the ‘registry’ system, under Hong Kong’s law. Under the system’s abbreviated form, all registered businesses in Hong Kong must file a brief document, called the ‘Registered Company Information Form’. This document is available for free from the designated office. Business owners who want to make the most effective use of the benefits of company formation in Hong Kong should, therefore ensure that they get hold of the best copy of the Registered Company Information Form.
However, despite the restrictions that govern the benefits of company incorporation in Hong Kong, the process of registering a company is quite simple. For example, business forms for companies in Hong Kong are not challenging to use. All one needs to do is fill in the relevant information and submit it to the registration department. The process can thus be completed in less than fifteen minutes.
Another benefit of using company formation services in Hong Kong is the fact that entrepreneurs can save money. As is the case with regular incorporation, there will be paperwork and fees involved. These fees are typically low compared to the combined administrative costs and registration fees incurred when a business becomes listed on the stock exchange. Moreover, when a company has been set up in Hong Kong, it will be easier for entrepreneurs to do business. The local economy is fast developing, ensuring that entrepreneurs will have more finance access when starting a new business.
The company incorporation service process in Hong Kong allows entrepreneurs to be listed in the stock exchange without facing any problems. It is easier to obtain the necessary licensing and registration to operate a trade without meeting face to face with the registrar. In addition to this, the company formation process is simple and straightforward. Even though this service is offered at a very minimal cost, it still provides entrepreneurs with an opportunity to save money in the long run.
Company formation in Hong Kong requires one of two options: one-person company setup or multiple-room company setup. When setting up a one-person business, only the proprietor is legally allowed to do business. Once the proprietor is dead or gone, his shares will be transferred to the next person on the registration. The same process applies when establishing a multiple-room office structure.
The next step in the company formation process in Hong Kong is to appoint a company secretary or director. The company secretary is responsible for the day-to-day management and general operations of the company. Besides overseeing the company’s financial transactions, he also handles the company name, maintains the annual register of company names and numbers, and registers new shareholders.
After appointing the company secretary, you will be required to provide him with your business registration certificate. The company formation Hong Kong process then moves to acquire a business registration certificate from the Commercial Registry Office (CRO). Upon receiving the business registration certificate, the entrepreneur will be able to trade under his name. If a partnership exists, all partners need to provide a written agreement stating that all shareholders will be liable for the payment of all company debts.