Setting up an International Business Company (IBC)
To set up an international business company (IBC) in Hong Kong, you will need to:
Choose a company name. The company name must be unique and cannot be the same as or similar to the name of an existing company in Hong Kong. You can search for available company names on the Companies Registry website.
Choose a company structure. IBCs in Hong Kong can be structured as either limited companies or unlimited companies. Limited companies offer shareholders limited liability, meaning that their personal assets are protected in the event of the company's insolvency. Unlimited companies do not offer limited liability, so shareholders are personally liable for the company's debts.
Appoint a registered agent. IBCs in Hong Kong must have a registered agent who is a resident of Hong Kong. The registered agent is responsible for receiving official correspondence on behalf of the company and maintaining the company's statutory records.
Prepare the necessary incorporation documents. The incorporation documents for an IBC in Hong Kong include the company's Memorandum and Articles of Association, the company's register of members, and the company's register of directors.
Submit the incorporation documents to the Companies Registry. Once the incorporation documents are complete, they must be submitted to the Companies Registry for approval. The Companies Registry will review the documents and, if approved, issue a Certificate of Incorporation.
Open a bank account. Once the company is incorporated, you will need to open a bank account for the company. This can be done at any bank in Hong Kong.
Once you have completed these steps, your IBC in Hong Kong will be ready to operate.
Here are some additional things to keep in mind:
IBCs in Hong Kong are exempt from paying corporate tax on profits derived from outside of Hong Kong.
IBCs in Hong Kong are required to file an annual return with the Companies Registry.
IBCs in Hong Kong are required to have their accounts audited by a licensed auditor on an annual basis.
You can find more information on setting up an IBC in Hong Kong on the website of the Companies Registry: https://www.cr.gov.hk/
Why Hong Kong
Hong Kong is a popular jurisdiction for setting up an international business company (IBC) for a number of reasons, including:
Favorable tax regime: IBCs in Hong Kong are exempt from paying corporate tax on profits derived from outside of Hong Kong. Hong Kong also has a simple and straightforward tax system, with a low corporate tax rate of 15%.
Pro-business environment: Hong Kong is known for being a pro-business environment, with a transparent legal system and a strong focus on free trade.
Ease of doing business: Hong Kong is ranked as one of the easiest places in the world to do business. The incorporation process for an IBC in Hong Kong is relatively simple and can be completed in a few weeks.
World-class infrastructure: Hong Kong has world-class infrastructure, including an excellent transportation system, a modern telecommunications network, and a highly skilled workforce.
Strategic location: Hong Kong is strategically located in the heart of Asia, making it a convenient base for businesses looking to expand into the region.
In addition to the above, Hong Kong also offers a number of other advantages for businesses, such as:
Strong intellectual property protection: Hong Kong has a robust intellectual property protection regime, which is important for businesses that rely on intellectual property for their success.
Excellent financial system: Hong Kong has a world-class financial system, with a wide range of financial services available to businesses.
Cosmopolitan culture: Hong Kong is a cosmopolitan city with a diverse population. This makes it a good place to do business with people from all over the world.
Overall, Hong Kong is a very attractive jurisdiction for setting up an IBC. It offers a favorable tax regime, a pro-business environment, ease of doing business, world-class infrastructure, a strategic location, and a number of other advantages for businesses.
How Bestar can Help
Bestar is a professional service provider that specializes in helping businesses set up IBCs in Hong Kong. The company offers a wide range of services, including:
Company name search and reservation
Preparation of incorporation documents
Submission of incorporation documents to the Companies Registry
Opening a bank account for the company
Provision of a registered agent
Annual return filing
Accounting and auditing services
Bestar can help you set up an IBC in Hong Kong quickly and efficiently, and the company's team of experienced professionals will be able to guide you through the entire process. Here are some of the benefits of using Bestar to set up your IBC in Hong Kong:
Convenience: Bestar can take care of the entire incorporation process for you, from company name search to bank account opening. This saves you time and hassle, and allows you to focus on other aspects of your business.
Expertise: Bestar's team of experienced professionals has extensive knowledge of the IBC incorporation process in Hong Kong. This means that you can be confident that your IBC will be set up correctly and in accordance with all applicable laws and regulations.
Peace of mind: Bestar offers a wide range of ongoing services, such as annual return filing and accounting and auditing services. This means that you can be sure that your IBC is in good hands, even after it is incorporated.
If you are considering setting up an IBC in Hong Kong, contact Bestar to discuss your needs. The company's team of experienced professionals will be able to provide you with tailored advice and assistance.