Looking for a perfect place to launch your business with a secure and stable financial environment? Then Hong Kong is what you are looking for. The region's simple, safe, and amazing business atmosphere, not to mention its low-tax collecting structure, are the reasons why entrepreneurs consider it to be one of the best places to jumpstart a business. 

Hong Kong is undeniably interesting to entrepreneurs since it is located in the Heart of Asia, allowing them convenient access to multiple trading places, particularly in Mainland China. Aside from its ideal location, the city attracts investors and entrepreneurs for a variety of reasons:

- Incorporation process takes only 3 to 5 days.

- Known for its productive work environment, world-class infrastructure, stable economics, effective legal system, attractive tax regime (profits tax rate at 8.25%), and a pro-business background. 

- Overseas companies are not subjected to income tax nor interest retention charges. In that same sense, there are no capital additions expense, and inheritance charges. 

- This region has a pool of competent and prepared workers who are adaptable and well-versed in the industry's evolving culture. 

- A strict anti-corruption policy and a strong judicial system are widely implemented. 

- Hong Kong houses over 71 international banks with a daily FOREX trade volume of 274.6 billion dollars, all of which are secured and competitive. 

Looking for more reasons why Hong Kong is for you? Keep on reading. 

How to make a company setup in Hong Kong?

When setting up accompany in Hong Kong, the most important thing is learning how it can adapt to the environment and vice versa. We created a step by step guide on how you can kickstart your Hong Kong company: 

1. Understand its business structure. A foreign business owner has complete authority to serve as an individual and shareholder of a company in Hong Kong. 

2. Know the type of business you want to establish. This will help you in creating marketing strategies and managing tax regulations. 

3. Choose from four different Hong Kong business structures. Limited Liability Company (LLC), Sole Proprietorship, Partnership, or Foreign Company Office. The LLC is the most popular form because it protects the firm's assets from dangers and liabilities while posing a lesser risk.

4. Choose a business name that best represents your work in Hong Kong. It can be in Chinese, English, or both, as long as it is not used by other companies. To protect it from dangers and obligations, make sure to register it with the Business Registration Office.

5. Set up a business bank account. Comply with the following requirements: audited financial statements, company plans, contracts or agreements, invoices, and a certified authentic copy of the Business Registration Certificate. Other supporting documents may be needed as well. 

Let our trusted consultants guide you, and make your offshore company formation in Hong Kong easier. Get in touch with us today. 

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What is the state of Hong Kong's banking sector?

Banks in Hong Kong took advantage of their status as one of the top financial centers worldwide, thus continuously evolving to cater to their clients’ needs when opening an account. But as the digital era exposes us to the internet and such, more and more entrepreneurs are opting for virtual banking services. In that sense, please note that company formation in Hong Kong, online, is also possible. 

Virtual Banking is digitized banking where products and services are available online. 

Virtual Banking Key Notes : 

- Allows local and international clients to access their accounts whenever they want, and wherever they need it. 

- Virtual banks do not have on-site branches like traditional banking does. 

- They, like traditional banks, are governed by the Hong Kong Monetary Authority (HKMA).

Financial Technology (FinTech) is another banking alternative that offers business accounts to entrepreneurs who need to do multi-currency transactions, though FinTech is not really a ‘bank’. 

FinTech Key Notes: 

- Due to the present COVID-19 situation, company owners do not need to travel to open an account.

- They can access their finances whenever, wherever. 

- Similarly to virtual banks, FinTechs do not have on-site branches but are supported by custodian partner banks like DBS or Standard Chartered bank in Hong Kong. 

- Airwallex, Currenxie, Neat, Statrys, Payoneer, and WorldFirst are a few examples of one-stop multi-currency FinTech account solutions. 

A Step-by-Step Guide to Opening an Online Bank Account in Hong Kong (including FinTech)

For a hassle-free business account opening, prepare and submit the following:

1. Completely filled-out online application form with attached signature/s and send a scanned copy in PDF format. 

2. Business documents confirming operations are tied to China or Asia. 

3. Hong Kong physical address. If on the lease, submit a leasing agreement with Hong Kong's company name. 

4. Director's Hong Kong ID card or working visa. 

5. Certificate of Incorporation.

6. Supporting documents: audited financial statements, company plans, contracts, etc.

7. A true copy of the business registration certificate that has been certified.

8. A certified true copy of the directors' and beneficial owners' passports, as well as the passports of shareholders who own 10% or more of the company's shares.

9. References from banks.

10. KYC personal certificate. 

Upon submission of the documents mentioned above, it is best to note the following: 

- A bank officer will conduct a video interview to verify your application. 

- Depending on the bank, additional documentation may be requested.

- Confirmed bank appointments can take between 7 and 20 working days. 

- It may be necessary for business owners, beneficial owners, shareholders, and directors to be physically present.

Get a guaranteed business account with the help of our reliable experts, since they work with the best company formation agent in Hong Kong. Contact us today. 

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Why Mundo?

Mundo Expert is a global community where experts gather to share ideas and points of view about products and services in complete anonymity. 

Our local and international partners provide professional advice about the Hong Kong business community and offer a one-stop-shop platform giving A to Z solutions to support entrepreneurs starting their businesses in the city. Therefore, it is not too much of an exaggeration to say that they represent the best company formation agent in Hong Kong.

Start your path to success today in one of Asia's most promising business cities. Make the best decision in your life with the help of our specialists and start growing in Asia's World City. We're on your side. 

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