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Hong Kong company registration 101

A few weeks ago we brought you part one of the extended FAQ. Last time we took a look at somequestions in the areas surrounding Hong Kong company registration and formation, namely registration,deregistration and naming of a Hong Kong company.

This time around we are going to be answering some questions with regards to:

Directors, Shareholders and the Company Secretary

Registered capital

Banking

So read on to get answers to some of the more involved questions regarding Hong Kong companyformation...

Hong Kong company directors, shareholders and the company secretary

Q1) Can the Shareholder and Director be the same person?

Yes

Q2) Can a limited company act as the shareholder or director of another limited company?

Yes

Q:Can a limited company act as the shareholder or director of another limited company?A:Yes.- See moreat: http://www.conpak.com/FAQs-of-Hong-Kong-Company-Incorporation.html#sthash.HjLEF7PH.dpuf

Q3) What is the least amount of shareholders and directors that a limited company is permitted tohave?

At least one shareholder and director, which can also be the same one person.

Q4) What are the duties of the company secretary?

This person is in charge of managing and tracking of administrative functions such as arranging meetings,opening bank accounts, and presenting statutory documents to governmental department in order toensure the company meets statutory requirements.

Q5) Who may act as Company Secretary?

Hong Kong residents over the age of 18 or above/Limited Company registered in Hong Kong are eligible tofill the role of Company Secretary.

Is Hong Kong company registry necessary for doing business in China? Find out here!

Hong Kong company registered capital

Q1) What does the registered capital represent?

The company's maximum financing capacity

Shareholders' maximum liability

Q2) Does one have to pay an additional fee to increase the amount of registered capital?

Increasing the initial amount of registered capital (minimum of HKD10,000) will incur no additionalgovernmental fees

Head to head of Hong Kong VS Singapore company here!

Hong Kong company bank account

Q1) What documents are needed in opening bank account?

Certificate of Incorporation (copy certified by accountant)

Business Registration Certificate (copy certified by accountant)

Notice of appointment of director and secretary (copy certified by accountant)

Articles of Association (copy certified by accountant)

ID card/passport of each director

Proof of personal address of each director

Q2) Are there any limitations for cash withdrawal, remittance and foreign currency exchange froma Hong Kong bank?

Capital is free to come and go in Hong Kong and is freely circulated without limitation

Q3) How long after the company has been registered and the bank account opened can it be used?

Being that opening a bank account is a prerequisite for opening a Hong Kong company, it usually takesabout 2 weeks

That brings us to the second part of our extended FAQ concerning Hong Kong company registration andformation. If you have any other questions regarding these specific areas of Hong Kong companyregistration and formation, please feel free to ask us in the comments sections below.

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Q:What is the difference and relation between registered capital and issue of shares?A:Registered capitalshall be registered with Government first while issue of shares shall be made after capital is registered, sothe amount of issue of shares shall not exceed that of the registered capital. Shareholders shall fully paythe issue of shares on proportion of shareholding instead of registered capital. The future obligation to beincurred by the company shall be calculated on the basis of issue of shares.- See more at:http://www.conpak.com/FAQs-of-Hong-Kong-Company-Incorporation.html#sthash.Iz5kbNWb.dpuf

Q:Are there any restrictions applied to the Company’s expansion on other business if the scope ofbusiness is specified on the Business Registration Certification?A:The scope of business specified in theBusiness Registration Certification generally indicates the core business of the Company and no restrictionapplies to the scope of business nor the Company’s expansion on other business.- See more at:http://www.conpak.com/FAQs-of-Hong-Kong-Company-Incorporation.html#sthash.Iz5kbNWb.dpuf

What are the requirements for incorporating a limited company in Hong Kong?A:Incorporating a HongKong limited Company requires at least one Chinese resident or overseas person holding passport or IDcard aged 18 or above acting as shareholder and director. In additional, a Hong Kong address must beprovided as a registered address and a Hong Kong resident or professional company must be act as thestatutory secretary of the Company.- See more at: http://www.conpak.com/FAQs-of-Hong-Kong-Company-Incorporation.html#sthash.Iz5kbNWb.dp