FAQ For Banking Procedures
Do I need to be in Hong Kong for account opening?
Yes, you need to be in Hong Kong for account opening.
Can I appoint someone to meet with bankers on my behalf?
No, banks need to meet with the ultimate beneficial owner in person.
What are the standard documents required by banks in Hong Kong?
They will need to review certificate of incorporation, business license, incorporation forms and articles & associations.
What is the standard time frame for account opening in Hong Kong?
The approximate time frame is 1 month.
I am a premium account holder. Can bank provide express service?
Bank has no express service. However, you can prepare additional documents to facilitate account opening.
What are the additional documents?
Bank is interested to know nature of your business. If you can prepare a business plan and show them your website, they can process your application with the least delay. We can provide more details when you opt for our deluxe or premium incorporation package.
If bankers ask me for additional supporting documents, is it necessary to provide him?
Banker has full discretion in approving your application. If his request is reasonable, you should follow his instruction to shorten application time. Do not confront with bankers. You can contact our team to learn more about culture in Hong Kong and China. Once account opening procedure is completed, you can enjoy advantages of running a Hong Kong Company.
Can GSHK provide template documents for reference?
Yes, starting from 30 April 2018, customers who opt for our premium pack can receive a set of templates guidelines. The more you can adapt to the Hong Kong banking practice, the faster it is to open a bank account. Once account is opened, you can enjoy advantages of operating a Hong Kong Company.
Can I have account confirmation before I fly to Hong Kong?
This is possible under our guarantee package. Customers who can make initial banking deposit of HK$150,000 (Approximately US$19,000) can opt for our preliminary checking guarantee pack. We have solid connections with banks. Customers follow our guidelines template to prepare supporting documents. Documents will be reviewed by designated officer. Customers fly to Hong Kong to meet with bankers to finalize the account opening.
What is the pricing for guarantee pack (Preliminary Checking)?
Depending on nationality and years of business experience of directors, our package starts at HK$9500 (Approximately US$1200). If your application is not successful, 70% of the fee is refundable.
Is there a chance I pass the preliminary checking but get rejected after meeting bankers in person?
In rare occasion, this is possible. Our staff cannot be at the interview between you and the banker. If there is a conflicts between information in documents and your meeting conversation, bankers can ask for new sets of documents and application can be rejected.
Is it necessary for a Hong Kong company to have a Hong Kong bank account?
No, it is not mandatory to have a Hong Kong bank account.
Can I open a bank account in other jurisdictions?
Yes, you can open an account in other jurisdictions.
What documents do I need to open an account outside Hong Kong?
Different banks have different requirements. Most overseas banks ask for apostille documents from the Hong Kong High Court.
FAQ For Trademark Registration
Does registering a company name with the Hong Kong government confer any trademark rights in respect of the name?
No, it does not confer any intellectual property rights. You need to make a separate application.
How do I classify my goods and services?
There are 45 classes of goods and services under the Trade Marks Ordinance. You can refer to http://www.wipo.int/classifications/en/ for details.
Can I apply for more than 1 class for my goods and services?
Yes, you can register your goods and services for more than 1 class.
What is the language of the certificate of registration?
It can be either in Chinese or in English, depending on the language used in your first application. In other words, if you write your application in English, the Registry will issue an English certificate.
Does registering a trademark with the Hong Kong government confer any trademark rights in Mainland China?
No. Hong Kong and China adopts the principle “One country, Two system.” Trademark registration in Hong Kong does not confer any trademark rights in mainland China. While China’s trademark laws has been fully developed, it is different to the Western standards. China is a first-to-file country. Hence, whoever files the trademark first gets it.
Does registering a trademark with the Mainland China authority confer any trademark rights in Hong Kong?
No. Hong Kong and China adopts the principle “One country, Two system.” It does not confer any trademark rights in Hong Kong.
What is the estimated processing time for trademark registration?
Assumed there is no objection to the application, registrar usually takes a minimum of 6 months to approve one single application.
Is there a convention priority in Hong Kong?
Yes, you can claim priority during the first 6-month priority period. Priority should be declared when you submit your application.
Can I oppose an earlier filed competing application?
You can oppose to an application if you have a priority claim and the competing mark shall be within the opposition period. In general, it is three months after publication.
Does the registrar review my convention priority documents?
There is generally no need to submit convention documents. The registrar usually asks for supporting documents only if he finds a potential problem with the application.
FAQ For Company Establishment
Are there any restrictions of language in a Hong Kong company name?
Yes. A Hong Kong company name must either be in English letters or Chinese characters.
Can the company name carry both English letters and Chinese characters?
No, generally a Hong Kong limited company name must only be English letters and Chinese characters. And the company may only be registered with an English name.
Can the company name use simplified Chinese characters instead of traditional Chinese characters?
No, the company name must be in traditional Chinese characters.
Can the last word of the English company name be “Ltd” or “LLC”?
No, Hong Kong Companies Ordinance entails the English company name must end with “Limited”, even “Ltd’ considers to be “Limited”.
Can I change the name of the company after incorporation?
Yes, GSHK can help you to prepare the Special Resolution and the document needed to file to Companies Registry with minimal cost. In about two weeks, the name change certificate and a new/updated Business certificate will be issued and we’d be happy to forward to you.
Can I check whether the proposed company name is available before company set up?
Yes, feel free to contact GSHK! We’re able to conduct a name search and revert back to you within only 24 hours.
I am a foreigner and I do not have HKID. Can I still set up a company in Hong Kong?
Yes. There is not any requirement stating specific nationality for Hong Kong incorporation. A foreigner allows to have full ownership (100%) of the Hong Kong company and he/she may also be the sole director and shareholder.
Is there any difference in Hong Kong betweenholding companies and limited companies?
The type of company you will be setting up is called limited company and it may call, for example, Happy Family Holdings Limited. After the company is set up, they may use Happy Family Holdings Limited as the corporate shareholder.
Can I change the shareholder structure of my company?
Yes, you may transfer the shares to any new parties any time after the company is set up. GSHK canhelp you to prepare the paperwork and file to the Inland Revenue Department. Please contact GSHK for more details.
What is the par value/nominal value for Hong Kong limited company?
The notion of par value/ nominal value has been abolished by Hong Kong government. In other words, par value/nominal value no longer exists and that the shares have no par value.
What is the minimum share capital of a Hong Kong limited company?
While the Hong Kong Companies Ordinance does not propose any restriction for a minimum amount of share capital, a limited company shall be set up at least one share. Generally, the standard share capital is 10,000 shares,HK$10,000 in Hong Kong. Please note that all shares must be paid up and issued to company shareholder(s).
How do I maintain a Hong Kong limited company?
The company must renew its Business Registration Certificate annually and file the Annual Return (NAR1 Form) every year.
What is the tax rate for Hong Kong limited company or foreigners?
Hong Kong Profits Tax rate is capped at 16.5% and Hong Kong adopt a territorial source principle of taxation. Only profits which are sourced in Hong Kong are taxable here.
What are the minimum requirements in Hong Kong company formation?
The Hong Kong company set up must possess at least one shareholder and one director. The company also needs a company secretary, who is a Hong Kong resident or a Hong Kong corporate. The registered office must be based in Hong Kong.
What does company secretary service include?
You may appoint GSHK as your company secretary! It is an annual parking service, mainly for compliance with the Companies Ordinance and safeguarding the company is in good order. Upon request, we can help you to prepare all government documents needed.
I am the sole director and shareholder and I also hold a HKID. Can I be the company secretary?
No. The sole director must not be the company secretary. In this case, you may want to appoint a Hong Kong resident (over 18-year-old) or a Hong Kong corporate to fulfill the company secretary role.
How long does it take to incorporate a Hong Kong limited company?
GSHK can help you to set up the company as little as 24 hours with our EXPRESS service. Conditions apply to express incorporation. We can also set up the company remotely for you within 2 weeks with our standard package.
What do I receive after the company formation?
After company set up, you will be receiving (1) Certificate of Incorporation (2) Business Registration Certificate (3) Incorporation form NNC1 (4) Articles of Association.
In approximately when do I need to file Profit Tax Return after establishing company in Hong Kong?
Your first Profit Tax Return will arrive approximately 18 months after the date of company incorporation. You are required to file the tax return form along with an audit report. If you require bookkeeping and auditing service, feel free to contact us! We guarantee to be one of the cheapest in the city.
Do I need a Hong Kong bank account for my Hong Kong limited company?
While there is not any restriction that a Hong Kong limited company requires a Hong Kong bank account, as a professional, we strongly recommend you using a Hong Kong bank account than banks from other countries. Why? First of all, it makes sense a Hong Kong company carries Hong Kong bank account, as Hong Kong has a high quality of banking industry regulation. That is probably the reason you choose to open the company here and enjoy Hong Kong legal system with less tax burden. Secondly, with no foreign exchange controls in Hong Kong, the city is driven by the values of free trade and free markets.
Will my details as shareholder and director to disclose on the public record?
Generally, your name, residential address and passport number will be on Companies Registry Cyber Search Centre. One needs to submit declaration to become a registered online user and pay a fee, in order to search the relevant information. You may also use a nominee to hold the ownership of your company, please contact us if you are interested in nominating professional shareholder. we can connect you with the right person according to your background.
FAQ For Company Maintenance
Do I need a company secretary after 1st year?
Yes. The Companies Ordinance requires every limited companies to have a company secretary
What is the company secretary renewal fee after 1st year?
Yes, our company secretary parking service fee is US$130.
Do I need the virtual office address after 1st year?
If you rent a physical office in Hong Kong, you will no longer need the virtual office address. However, if you do not have an office in Hong Kong, you can continue to use our service.
What is the registered address renewal fee after 1st year?
Depending on whether you require mail scanning service, the fee starts at US$130.
Is there a government annual fee?
Yes, you need to renew your business license every year.
What is the annual business license fee?
The annual fee is US$290.
How do I renew my business license?
You can arrange renewal by postage or in person.
Can GSHK renew the license on my behalf?
Yes, we can renew the license of your behalf. We charge a handling fee of US$65.
Are there any obligations with the Companies Registry?
Yes, you need to file a form NAR1 per year. For customers who opt for deluxe or premium pack, GSHK prepares this document for free.
Is there a government fee for form NAR1?
Yes, the NAR1 government filing fee is US$15. For customers who opt for deluxe or premium pack, GSHK charges no handling fee and you only need to bear the US$15.