Hong Kong is among the most open economy, is an excellent place for setting up a new company and form a company to commercialize your products and services. Hong Kong is well geared up to allow a free economic environment for small and medium-sized enterprises that wish to flourish with minimal constraint and bureaucracy. You can establish your own company at a nominal rate and pay the necessary taxes at an effective tax rate. The local administration is quite reasonable and pro-active in facilitating a profitable company and protecting its interests. It makes Hong Kong a preferable choice for all businesses irrespective of its size and how advanced or backwards the sector might be. Companies can have their share of profits through short-term trading and expand through long-term trading.
But there are many more benefits of doing a HongKong company formation. This article will list some of these benefits and the reasons behind them. First, the process of registration is easy. The shareholders are given a voting right, and the company secretary is given an annual report on his activities. The shareholders themselves can select the company secretary to keep him updated on the status of the company. Second, the paperwork and documentation required are very few.
The only documents that are generally required are the register of companies, the Companies Registry’s prescribed forms, and the statutory declaration of directors of the offshore company incorporation. These documents are available from the office of the Secretary of the Government of Hong Kong. Third, the company secretary has extensive experience in the field and can ensure fast execution and flawless processing of the entire process.
In addition to all this, there are other advantages of company incorporation services offered by companies. These services have been wellimplemented in the latest technological advances. It means that they can provide instant updates on the proceedings of the company on the internet. The company secretary can also answer the public’s questions and direct queries about the company registration process.
Furthermore, service providers have devised a unique online business plan for registering companies in Hong Kong. With this online business plan, the company secretary can ensure a smooth and fast registration process. With this business plan, the company secretary can handle the registration of all the required documents and complete the tasks related to it in a brief period. It has helped many companies to operate at a profit-making pace. Fourth, many experts in the field can help you achieve your goal. They offer expert services and are available at any time.
Furthermore, you can get in touch with other interested shareholders through the registered office. The registered office is created to make the shareholders aware ofthe official proceedings of the company. Thus, if any member wishes to raise a question or make any inquiry, he/she can do so online. Moreover, any shareholder who wants to add other members can do so online. Finally, all the directors and the Secretary of a company must be registered under the Companies Act. Thus, there is no difference between the registered office and the general office.
The Companies Act also stipulates that at least one director for every 100 shareholders and the general power of appointment are given to a nominee shareholder. Thus, the nomination of a director does not affect the voting rights of other shareholders. If the company is established with more than one director for every 100 shareholders, then there are two voting types: the members’ vote and the shareholders’ vote.
Before the introduction of the Companies Act, there was one restriction on the number of directors. The law stipulated that the number of directors should not exceed eighteen years. The only nationality that could serve as a director was a British subject or resident or alien who had been a national or permanent resident of England for the past eighteen years. Today, Hong Kong has gone a step further in opening the door to foreign entrepreneurs. There are now three main international business centres China, Singapore, and Taiwan, which have made it easier to register a business in Hong Kong.