Doing business in hong kong by vanky mak, partner, hampton, winter and glynn (1)
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Transcript of Doing business in hong kong by vanky mak, partner, hampton, winter and glynn (1)
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Hampton, Winter and GlynnHampton, Winter and Glynn2020thth Floor, Printing House, Floor, Printing House,
6 Duddell Street,6 Duddell Street,Hong Kong SARHong Kong SAR
http://www.hwg-law.comhttp://www.hwg-law.com
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Doing Business in Hong KongDoing Business in Hong Kong
Vanky MakVanky MakPartnerPartner
Hampton, Winter and GlynnHampton, Winter and GlynnTel: 852-28472338Tel: 852-28472338
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Foreign InvestmentForeign Investment
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Foreign Investors’ OptionsForeign Investors’ Options
Incorporate a subsidiarySole proprietorRegister the foreign company as a foreign
company having a place of business in Hong Kong
Representative Office
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Foreign Investors’ Options Foreign Investors’ Options
Joint venture with local partnerTake over part of the shares of a local
business
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SubsidiarySubsidiary
Separate legal personalityLimited liabilityFlexibility in treating incomeShelf companies are availableHong Kong or offshore
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Hong Kong CompanyHong Kong Company- Basic Requirements- Basic Requirements
Minimum of 1 director. Minimum of 1 shareholder.A company secretaryRegistered office located in Hong Kong
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Hong Kong company Hong Kong company - Annual Requirements- Annual RequirementsAnnual returnCompany Registration FeeAn annual registration FeeAnnual General MeetingAnnual audited financial statements
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Company NameCompany NameCan have English name, Chinese name or
bothMust ended with Limited or the Chinese
equivalent unless approvedName cannot be used if◦Same as or too like an existing name◦Offensive or contrary to public interest◦Contain a restricted words, e.g. Building Society,
Chamber of Commerce, Cooperative, Mass Transit, Municipal, Savings, Tourist Association, Trust, Trustee, etc
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Change of Company NameChange of Company NameCan be changed at any time with special
resolutionCompanies Registry can order a company
to change its name Companies Registry can change a name
of a company
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Public Information of a Hong Public Information of a Hong Kong registered CompanyKong registered CompanyOn-line company search availableGenerally what is filed is availableAll details of officers are availableShareholding reported once a yearApplicable to Hong Kong and registered
foreign companyNominee or trust arrangement possible
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Sole ProprietorSole Proprietor
No separate legal personalityUnlimited liabilityNot suitable for foreign investment other
than maybe for individuals
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Registered Foreign CompanyRegistered Foreign Company
Registration required under Part XI of the Companies Ordinance if a foreign company establish a place of business in Hong Kong
No separate legal personalityNo separate limited liabilityProfits are those of head officeAcceptability
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Registered Foreign Company-Registered Foreign Company-RequirementsRequirementsAnnual return required to be filed.Annual audited accounts may have to be
filedLocal representative required – until one
year after cessation
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Representative OfficeRepresentative Office
Representative Offices cannot engage in profit-making activities
Informal therefore very few formalitiesSuitable for preliminary work promotion
and liaison work only
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Start up Procedures Start up Procedures Incorporation/registrationObtain Business Registration Register employeeVery few other formalities unless in
restricted business or dealing with restricted commodities
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Restricted BusinessesRestricted Businesses
TelecommunicationMediaBankingInsurance companyInvestment related industries
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Restricted CommoditiesRestricted CommoditiesAnimal/birdsBiological materialDutiable
commoditiesEndangered animalFrozen foodLive foodPlantMotor vehicles
Strategic commodities
Pharmaceutical products
Optical disc mastering & duplication equipment
RiceSand
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Entry VisaEntry Visa
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Entry VisaEntry VisaGenerally divided into employment visa
and investment visaCommon criteria◦No security objection◦No criminal records◦Good education background
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Entry VisaEntry VisaEmployment visa – possess special skills
knowledge or experience of value to and not readily available in Hong Kong
Investment visa – the applicant is in a position to make substantial contribution to the economy of Hong Kong
Other special investment schemes
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Entry VisaEntry VisaEmployment visa easier than an
investment visaProcessing time 4 to 6 weeksAt the discretion of the Immigration
Department
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Entry VisaEntry VisaDependant visa◦Spouse or children of applicant◦Apply at the same time as the main
application◦Main applicant as the sponsor◦Not restriction to work/study
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EmploymentEmployment
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EmploymentEmployment
Employment law here still favours employer
No collective bargaining Termination without reason allowedMPF mandatory Minimum wages coming in probably next
year
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EmploymentEmploymentDiscrimination◦Sex◦Disability◦Family status◦Race
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PremisesPremises
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PremisesPremisesRent◦Office premises
between HK$20 to HK$160 per square foot per month
◦Residential property Between HK$20,000 and HK$200,000 per
month
◦Rent may not include rate or management fees
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PremisesPremisesBusiness centres availableSpecialist areas◦ Cyberport◦ Science Park
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Intellectual Property RightsIntellectual Property Rights
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Intellectual Property RightsIntellectual Property RightsTrade markService markRegistered designPatentDomain name registrationCopyright
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Bank AccountBank Account
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Bank AccountBank Account
KYC create difficulties and delayNeed some form of business plan and
some bank insist a meetingGenerally, most case will be straight
forwardExisting banking relationship overseas an
advantage
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Thank youThank youThe EndThe End