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Company formation in Hongkong

Hong Kong companies are ordinary corporations that are used as a resident or non-resident company. Hong Kong resident companies are subject to corporate income tax. While Hong Kong non-resident companies are like offshore companies; are not subject to any local taxes.

All Hong Kong companies can do business in and outside Hong Kong. Corporation in Hong Kong is a company that is well known around the world and often used by companies operating in Asia and its surroundings. Hong Kong company may be a shareholder of the company in investing in real estate in Poland when the need arises.

There are three forms of Hong Kong companies:
1 companies limited by shares
2 companies limited by guarantee
3 unlimited companies

Hong Kong company that is limited by warranty cannot have share capital. Hong Kong Private Limited Company is the preferred Hong Kong company used for international trade and investment.

In most cases, type of company from Hong Kong based on needs of company's owners and type of company best suited to type of business, both on offshore and domestic market.

All Hong Kong companies must be registered by one or more people, and each Hong Kong company must have at least one shareholder and two directors.

Hong Kong company that is best suited for offshore operations is Hong Kong Private Limited Company. Shareholder and director of this type of Hong Kong company can be the same person. Each company must have a designated secretary who must be a resident of Hong Kong.

Articles of association and statute of offshore companies from Hong Kong must be submitted to Company Register. Documents containing company name (in Chinese or English), the number of members of company, registered address of company, company regulations, and finally a statement specifying type of company. Name and signature of each company member should be recorded in agreement. Names of owners (shareholders) and directors of Hong Kong companies are not publicly available. Further identity protection can be ensured if nominated shareholders and directors are appointed to the company.

Limited liability company Hong Kong Limited (Limited with shares) may not issue bearer shares, but may issue other types of shares, such as ordinary and preference shares, shares with or without voting rights and with redeemable shares. There is no limit to the number of authorized or paid-up shares. Usually the approved share capital is 1,000 USD. The minimum issuing capital is one share with a nominal value.

There are corporate obligations that Hong Kong companies must meet. All Hong Kong offshore companies must keep accounting records that must be presented to the tax authorities at the end of each financial year. All Hong Kong corporations must employ an auditor who must be a member of Hong Kong Accountants Association. In addition to the obligations set out above, Hong Kong companies must also always maintain a registered Hong Kong address.

Since the official languages are both Chinese and English for the jurisdiction of Hong Kong, corporate documents are accepted in both languages. Banking and insurance activities can be conducted by Hong Kong companies only if the appropriate license is granted.

Offshore companies are widely available in Hong Kong and are very useful to investors who want a company that has a history. Hong Kong does not impose foreign exchange controls on companies, and Hong Kong companies can operate in any currency.

Hong Kong offshore company are very easy to set up. Company registration is completed within one business week.

Hong Kong bases its taxes on a territorial level, so a Hong Kong company only pays taxes on income generated in Hong Kong. Income generated outside Hong Kong is not taxed. Hong Kong companies that operate in Hong Kong are taxed at a rate of 17.5% of annual profits. In Hong Kong has no taxes on Hong Kong companies, capital gains tax, property tax, withholding tax, sales tax and VAT. Hong Kong companies will pay stamp duty on transactions such as transfer of company shares.