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Map of Hong Kong

Land Area: 1,154 square kms

Coastline: 733 kms

Population: 7.071 millions

Climate:Hong Kong's climate is sub-tropical, tending towards temperate for nearly half the year. During November and December there are pleasant breezes, plenty of sunshine and comfortable temperatures. Many people regard these as the best months of the year. January and February are cloudier, with occasional cold fronts followed by dry northerly winds. It is not uncommon for temperatures to drop below 10 Degree C in urban areas. The lowest temperature recorded at the Observatory is 0 Degree C , although sub-zero temperatures and frost occur at times on high ground and in the New Territories.

GDP: 243.7 billion USD (2011)

Time Zone: GMT + 8:00

Literacy: The literacy rate of Hong Kong is 94.6%.

Environmental- Current Issues:Air and water pollution from rapid urbanization.

Environment – International Agreements:

  • Convention on the Prevention of Marine Pollution by Dumping Wastes and Other Matter (London Convention)
  • Protocol of 1978 Relating to the International Convention for the Prevention of Pollution From Ships, 1973 (MARPOL)

International Airports: Hong Kong International Airport is the main airport in Hong Kong. It is colloquially known as Chek Lap Kok Airport being built on the island of Chek Lap Kok by land reclamation, and also to distinguish it from its predecessor, the closed Kai Tak Airport.

Ports of Entry: The Hong Kong-Macau Ferry Terminal between Central and Sheung Wan and the China Ferry Terminal in Tsim Sha Tsui provide centralised ferry services to Macau and 24 ports on mainland China. About 100 vessels, mostly high-speed passenger craft such asjetfoils, catamarans and hoverferries, operate from these terminals. In 2001, over 17 million passengers passed through the terminals, comprising approximately 11.2 million passenger trips to/from Macau and 6.5 million passenger trips to/from mainland ports.

Tax Rates in Hongkong

  • Financial Year :1st April to 31st March
  • Tax rates for Year 2012-13

Nature of Assessee Taxable Income (HKD) Rate of Tax
Individuals- Salary Income
0 – 40000 2 %
40000-80000 7 %
80000-120000 12 %
9001-35000 25 %
120000 and above 17 %
Company Any Income 16.5%
Business other than corporate entities Any Income 15%

Procedure for Setting up a company in Hong kong

The incorporation procedure entails two steps: Approval of Company Name and Application for Company Registration with the Companies Registrar.

Approval of Company Name

  • The first step in the registration procedure involves approval of the proposed name of the company by submitting an application to the Companies Registry.
  • Company Name guidelines:
  • A company may be registered with an English name, a Chinese name, or an English and a Chinese name.
  • A company name with a combination of English words/letters and Chinese characters is not allowed.
  • An English company name must end with the word Limited and its equivalent in Chinese characters in the case of a Chinese company name.
  • A Chinese company name should use traditional Chinese characters, in “New Sai Ming” font, that can be found in the Kang Xi Dictionary or Ci Hai Dictionary and also in the ISO 10646 international coding standard.
  • The proposed name will likely be rejected if the name:
  • Is the same as or similar to a name appearing in the Companies Registry’s ‘Index of Company Names’
  • Infringes on trademarks
  • Is considered offensive or otherwise contrary to public interest
  • Company names containing words or expressions such as 'Trust', 'Chamber of Commerce', 'Bureau', 'Cooperative', 'Government' etc. will require prior approval from the Chief Executive. In some cases, the use of certain words and expressions in company names is covered by other legislation. For example, use of expressions like 'Bank', 'Stock Exchange' etc. should not contravene the related legislation and approval from the relevant body/authority is required prior to usage.

Company Registration with Companies Registry

POST REGISTRATION FORMALITIES

Once the company has been registered, there are a number of other formalities that need to be taken care of. These include:

File post registration documents with Company Registrar

  • Within 14 days of the incorporation, the following documents/notifications must be filed with the Companies Registry:
  • Notification of Appointment of First Directors and Secretary
  • Notice of Consent to Act as Director
  • Notification of Situation of Registered Address
  • Other documents as required by the Companies Registry

Open a Bank Account

Once you have registered your company with the Companies Registry, you can proceed to open a corporate bank account with any of the major banks in Hong Kong. Some of the banks in Hong Kong require the physical presence of the company principals as part of their due diligence procedure in opening a bank account. However, there are certain banks which do not require you to personally be present at the time of opening an account. Therefore before you choose a bank, it is important to consider if you will able to visit Hong Kong for the bank account opening procedure. Generally, the Hong Kong company incorporation service provider you choose, will guide you on choosing an appropriate bank depending on your requirements and provide you with the necessary information.

Register with Inland Revenue Department/p>

It is mandatory for all Hong Kong limited liability companies to register their business with the Inland Revenue Department’s Business Registration Office and obtain a Business Registration Certificate. Business Registration with the Inland Revenue Department must be done within one month after incorporation with the Companies Registry, irrespective of whether the company is actually in business or not. The business registration number that appears on the Business Registration Certificate is also the respective company’s profits tax (corporate tax) file number.

On receiving the application, Business Registration Certificate will be issued on the next working day and must be collected in person. The Business Registration Certificate must be displayed on the office premises at all times.

Apply for a Business Licence

Once you have registered your company with the Companies Registry and Inland Revenue Department, depending on the nature of your proposed business activities, you may require a business licence before you can actually start your business activities. Fortunately, most of the business activities do not require any special license. Examples of businesses that require a business licence include restaurants, educational institutes, travel agencies, financial services, import/export, etc.

What MNRS Offers

MNRS offers credible services relating to setting up of business in Hongkong like

  • Registration of LLP, Company
  • Purchase of Shelf Hongkong Company
  • Nominee Director (Natural Person) Hongkong Resident / Non-Resident
  • Nominee Shareholders (Natural Person) Hongkong Resident / Non-Resident
  • Secretarial Services including changes in LLP, Company Structure
  • Bank Account opening and providing nominee bank signatory
  • Virtual office facility (Space for meetings, Fax, Internet, reception, file storage etc.) in various cities of Hongkong.
  • Dissolution of LLP, Company
  • Takeover or sale of existing business. (Liaison, due diligence, business valuation etc.)
 
Contact for this Service
CA Neeraj Kumar Agarwal
Partner
e-mail: Neeraj@mnrsindia.com
CS Shreyansh Jain
e-mail: Services@mnrsindia.com
Tel: +91 (11) 46502975
Telefax: +91(11) 29812975
Mob: 9313010417
     
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