FAQ For Banking Procedures
Do I need to be in Hong Kong for bank account opening?
Yes. If you want a Hong Kong bank account, you need to be in Hong Kong for account interview.
Can I appoint someone to meet with bankers on my behalf?
No, banks need to meet with the director and shareholder in person.
What are the standard documents required by banks in Hong Kong?
They will need to review certificate of incorporation, business license, incorporation forms and articles & associations.
What is the standard time frame for account opening in Hong Kong?
The approximate time frame is 2 – 3 weeks.
I am a premium account holder. Can bank provide express service?
Bank has no express service. However, you can prepare documents in advance to facilitate the account opening process.
What are the documents to be prepared?
In general, banks want to know your business nature. If you can prepare a business plan and show them your website, they can usually process your application faster.
If bankers ask me for additional supporting documents, is it necessary to provide him?
Banker has full discretion in approving your application. If his request is reasonable, you should follow his instruction to shorten application time. You can contact our incorporation team to learn more about banking culture in Hong Kong and China.
Can GSHK support me for bank account opening?
Yes, we also have bank support pack available. The cost starts at HK$6,000, and it depends on your business nature and years of your business experience.
Can I have account confirmation before I fly to Hong Kong?
Yes. Our bank support pack is a pre-screening service. Documents will be reviewed in advance. Bankers will give an appointment only if the chance is moderate to high.
How fast can I know the result of the Preliminary Checking?
Pre-screening usually takes 1 week. If information is considered to be insufficient, we may ask for more documents for a second round pre-screening.
Is there a chance I pass the preliminary checking but get rejected after meeting bankers in person?
In rare occasion, this is possible. If the information presented during the interview is different to the information listed in your previous pre-screening documents, bankers can refuse to open a bank account. You may need to start the whole application again.
Is it necessary for a Hong Kong company to have a Hong Kong bank account?
No, it is not mandatory to have a Hong Kong bank account. A Hong Kong company can have its bank account in other countries. This is 100% legal.
Can I open a bank account in other jurisdictions?
Yes, you can open a bank account in other jurisdictions. You can refer to our banking page for details.
What documents do I need to open an account outside Hong Kong?
Most overseas banks will ask for apostille documents from the Hong Kong High Court. You can check with bank of your choice directly.
FAQ For HK Company Formation
Are there any restrictions of language in a Hong Kong company name?
Yes. A Hong Kong company name can only be in English or Chinese.
Can the company name carry both English letters and Chinese characters?
No. A Hong Kong company name can only be in English letters OR Chinese characters. A company name with a combination of English words and Chinese characters is not allowed.
Can the company name use simplified Chinese characters instead of traditional Chinese characters?
No. If you have a Chinese company name, the name must be in traditional Chinese characters.
Can the last word of the English company name be “Ltd” or “LLC”?
No. Hong Kong Companies Ordinance states that company name must end with the word “Limited”.
Can I change the name of the company after incorporation?
Yes. You can change the name after incorporation. Process takes around 1 – 2 weeks. Once the company name is updated, the Companies Registry will issue a name change certificate and the Inland Revenue Department will issue a new business license.
Can I check whether the proposed company name is available before company set up?
Yes. We can conduct the name search and revert to you in 1 business day.
I am a foreigner and I do not have HKID. Can I still register company in Hong Kong?
Yes. A foreigner can be the sole director and shareholder of his Hong Kong company. You can have 100% control of your Hong Kong company.
Is there any difference between holding companies and limited companies in Hong Kong?
The company we help to register is Private limited company. You can use your Hong Kong company to hold asset after the company registration process is completed.
Can I change the shareholder structure of my company?
Yes. You can introduce new shareholders or you may also transfer your shares to other parties any time after the company is incorporated.
What is the par value/nominal value for Hong Kong limited company?
The notion of par value/ nominal value has been abolished by Hong Kong government.
What is the minimum share capital of a Hong Kong limited company?
In general, a Hong Kong company should have at least 1 share with HK$1 capital. For easy reference, the norm in Hong Kong is to have 10,000 shares with HK$10,000 capital.
How do I maintain a Hong Kong company?
The company must renew its Business Registration Certificate and file the Annual Return (NAR1 Form) on a yearly basis.
What is the tax rate for Hong Kong company?
The profit tax rate is 8.25% for the first HK$2 million in profit. Rest of the profit is taxed at 16.5%. Hong Kong adopt a territorial source principle of taxation. Only profits which are sourced in Hong Kong are taxable. If you obtain offshore status, the tax rate is 0%.
What are the minimum requirements in Hong Kong company formation?
The Hong Kong company formation must possess at least one shareholder and one director. The company also needs a company secretary, who is a Hong Kong resident or a Hong Kong corporate. The registered office must be based in Hong Kong.
What does company secretary service include?
You may appoint GSHK as your company secretary! It is an annual parking service, mainly for compliance with the Companies Ordinance and safeguarding the company is in good order. Upon request, we can help you to prepare all government documents needed.
I am the sole director and shareholder and I also hold a HKID. Can I be the company secretary?
No. The sole director must not be the company secretary. In this case, you may want to appoint a Hong Kong resident (over 18-year-old) or a Hong Kong corporate to fulfill the company secretary role.
How long does it take to register company in Hong Kong?
Hong Kong company formation process can be completed as fast as 12 hours. The whole incorporation process can be completed remotely.
What do I receive after the company formation?
After company is registered, you will be receiving (1) Certificate of Incorporation (2) Business Registration Certificate (3) Incorporation form NNC1 (4) Articles of Association.
In approximately when do I need to file Profit Tax Return after establishing company in Hong Kong?
Your first Profit Tax Return will arrive approximately 18 months after the date of company incorporation.
Do I need a Hong Kong bank account for my Hong Kong limited company?
It is not mandatory to have a Hong Kong bank account. However, it is highly recommended. First, it makes sense for a Hong Kong company to have a Hong Kong bank account. Hong Kong has high quality banking industry regulations. You can enjoy protection of the Hong Kong legal system. Second, there is no foreign exchange controls in Hong Kong. The city is driven by the values of free trade and free markets.
Will my details as shareholder and director be disclosed on the public record?
While you cannot find director and shareholder information from google search engine, information is not 100% confidential in Hong Kong. One can hire professional accounting firm or law firm to conduct search at the Companies Registry Cyber Search Centre. A search fee will incur.
FAQ For Trademark Registration
Does registering a company name with the Hong Kong government confer any trademark rights in respect of the name?
No, it does not confer any intellectual property rights. You need to make a separate application.
How do I classify my goods and services?
There are 45 classes of goods and services under the Trade Marks Ordinance. You can refer to http://www.wipo.int/classifications/en/ for details.
Can I apply for more than 1 class for my goods and services?
Yes, you can register your goods and services for more than 1 class.
What is the language of the certificate of registration?
It can be either in Chinese or in English. It depends on the language you used in your first application. In other words, if you write your application in English, the Registry will issue an English certificate.
Does registering a trademark with the Hong Kong government confer any trademark rights in Mainland China?
No. Hong Kong and China adopts the principle “One country, Two system.” Trademark registration in Hong Kong does not confer any trademark rights in mainland China. While China’s trademark laws is very advanced, it is different to the Western standards. China is a first-to-file country. Hence, whoever files the trademark first gets it.
Does registering a trademark with the Mainland China authority confer any trademark rights in Hong Kong?
No. Hong Kong and China adopts the principle “One country, Two system.” It does not confer any trademark rights in Hong Kong.
What is the estimated processing time for trademark registration?
Assumed there is no objection to the application, the Registrar usually takes a minimum of 6 months to approve one single application.
Is there a convention priority in Hong Kong?
Yes, you can claim priority during the first 6-month priority period. Priority should be declared when you submit your application.
Can I oppose an earlier filed competing application?
You can oppose to an application if you have a priority claim and the competing mark shall be within the opposition period. In general, it is three months after publication.
Does the registrar review my convention priority documents?
There is generally no need to submit convention documents. The registrar usually asks for supporting documents only if he finds a potential problem with the application.
FAQ For Company Maintenance
Do I need a company secretary after 1st year?
Yes. The Companies Ordinance requires every Hong Kong companies to have a company secretary.
What is the company secretary renewal fee after 1st year?
Our company secretary service fee is HK$1,100/ year.
Do I need the virtual office address after 1st year?
Yes. Every Hong Kong companies needs to have a registered address in Hong Kong.
What is the registered address renewal fee after 1st year?
Our registered address service is HK$1,100/year.
Is there a government annual fee?
Yes, you need to renew your business license every year.
What is the annual business license fee?
The Government subsidizes Hong Kong companies for the financial year 2020/2021. The business license fee is currently HK$250.
How do I renew my business license?
You can arrange renewal by postage or in person.
Can GSHK renew the license on my behalf?
Yes, we can renew the license of your behalf. We charge a handling fee of HK$500.
Are there any obligations with the Companies Registry?
Yes, you need to file a form NAR1 per year. For customers who opt for deluxe/ premium incorporation package, GSHK will prepare this document for free.
Is there a government fee for form NAR1?
Yes, the NAR1 government fee is HK$105.
FAQ For Company De-registration
Can all types of company apply for de-registration?
The answer is No. The de-registration process is only available for Hong Kong private company or Hong Kong company limited by guarantee. To apply for de-registration, the company shall also be solvent at the moment of application.
Apart from being solvent, is there a specific requirement or threshold for de-registration?
Yes. If the company wants to make use of the simple de-registration process, the company shall observe the following rules.
- All company members shall agree to the close down
- The Company has never started business operation, or it has stopped operation for more than 3 months.
- The company must not have debts or other outstanding liabilities
- The company must not be a party in any legal proceedings
- The company shall not have immovable assets in Hong Kong
If the company decides to close, does the company need to file outstanding NAR1 form?
Yes. A Hong Kong company shall always file NAR1 form on time until the company is fully de-registered. If you do not comply with the rules, close down will not be approved. Penalty will also apply. In worst case scenario, the Government will issue summons against the company or the company director.
My company has already submitted de-registration forms. However, I have changed a new address. Do I have to inform the Companies Registry?
Yes. You have to inform the Companies Registry in writing if you have a new correspondence address. If the company decides to change its registered office during the close down process, the company shall also file NR1 form in the prescribed time frame. If the director has a new address, then the company shall file the ND2B. A company shall comply with Chapter 622 of the Ordinance until the application is finalized.
My company has already started the de-registration process. How can I confirm the notice has been published in the Gazette?
As per the Companies ordinance, close down notice has to be placed in Government Gazette. If you want to find out whether the notice has been published, you can visit the Public Search Centre in the Companies Registry office. You can conduct a search in the system index. For easy reference, Government Gazettes are normally published on Friday so you can check it on a weekly basis
What is the difference between de-registration and winding up?
Both actions will result in close down of the company. Winding up is usually more expensive. It includes liquidating assets of a company, and the company shall distribute its assets to members or creditors. Winding up can be voluntary or non-voluntary. Conversely, a solvent company can choose to de-register in accordance to section 750 of the Company law in Hong Kong. While the process can take up to 5 – 8 months, it is relatively simple and cheap.
I closed the company by mistake. Can I restore a de-registered company?
Yes. It is possible to restore a company, but it can be costly and difficult. You can hire a lawyer and make an application to the Court. A court order is needed for this action.
How long does it take to restore a de-registered company?
Once the company obtains a court order, the process takes around 2 months. If the company name has been taken by another entity, you have to change name in 28 days.
I heard that I can restore my “de-registered company” by administrative restoration. Is court order still mandatory?
Administrative restoration only applies to company which has been struck off by the HK government. Hence, this option is not available to company which is closed by de-registration.
I breached the company law and my company has been struck off by the Companies Registry. Can I restore it by administrative restoration?
Yes. If your company has been struck off by the Government, you may be able to restore it by administrative restoration. To apply, you must be a director or a member of the company.