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Hong Kong Company Incorporation Guide (9) - Opening Corporate Banking in Hong Kong for Hong Kong Company
There is no requirement for setting up a bank account in Hong Kong for a company incorporated in Hong Kong. Indeed, there is no restriction for setting up a bank account for a Hong Kong Company. It is the sole discretion of the company, more specifically, the powers of the director or board of directors of a Hong Kong company to decide whether to open a bank account, where to open the bank account and the number of bank accounts required.
Hong Kong Company Maintenance and Compliance Guide (12) Accounting and Auditing Requirements of a Hong Kong Company
In accordance with Section 380(4)(b) of the Hong Kong Companies Ordinance (the “CO”), a company’s director must prepare financial statements for a financial year in compliance with applicable accounting standards.Applicable accounting standards means statements of standard accounting practice issued or specified by the Hong Kong Institute of Certified Public Accountants (the “HKICPA”).
Hong Kong Company Maintenance and Compliance Guide (11) Keeping Proper Business Record
According to Section 373 of Companies Ordinances, a company must keep sufficient accounting records to show and explain the company’s transactions, and disclose with reasonable accuracy the company’s financial position and financial performance. In particular, the accounting records must contain daily entries of all sums of money received and expended by the company
Differences between a Hong Kong branch and a Hong Kong subsidiary
The differences between a Hong Kong branch (registered as a non-HK company) and a Hong Kong subsidiary (incorporated locally) of a foreign company stem from the fact that, unlike a branch, a subsidiary is an entity which, under Hong Kong law, is entirely separate from its parent company. Both subsidiary and branch can perform any business activities of their parent company, and there are only slight differences in profit computation.
Non-Hong Kong Company Maintenance Guide - Annual Requirements and Filing of Changes
In the case of companies incorporated in the United States, the Registrar has determined that an exemption from the annual filing requirements will be granted if the company can satisfy each of the following requirements in respect of the entire year for which the exemption is claimed:the company has been either a wholly-owned subsidiary of another company or the actual number of its members has not exceeded 35 and;
Hong Kong Company Incorporation Guide (1) Features of Hong Kong Company (Private Company Limited by Shares)
Features of Hong Kong Private Companies Limited by Shares, Private Company Limited by Shares (Limited Liability Company, Private Company).No restriction on business activity but some business activities like banking or insurance activities or financial business (such as currency trading) requires obtaining relevant licences.
Hong Kong Company Incorporation Guide (2) Choices of Names of a Hong Kong Company
A company may be registered with an English name, a Chinese name, or an English name and a Chinese name. A company name with a combination of English words/letters and Chinese characters are not allowed.An English company name must end with the word "Limited" and a Chinese company name must end with the characters "有限公司".
Introduction to Hong Kong Partnership Business
Where a person joins with other people to conduct business for getting profits, this is a partnership business. The Hong Kong Partnership Ordinance defines partnership as the relation which subsists between persons carrying on a business in common with a view of profit. The law looks at the intention of the parties. When a person receives a share of the profits of a business, this is apparent evidence that he is a partner in the business.
Hong Kong Sole Proprietorship Company Registration
A sole proprietorship business is the kind of business that is conducted by one person. The person runs the business on his own without sharing his business with anybody. He gets all the profits of the business, but he also takes up all the risks of the business. Although a sole trader does not have to be responsible to any business partners, he is wholly liable for all the debts incurred in the business.
Hong Kong Sole Proprietorship & Partnership
A sole-proprietorship is a business firm owned by one person, and there are no partners. The sole-proprietor has absolute say in the running of the business firm. Management rests on that one person and his liability is unlimited.A partnership is made up of more than one person. Partnerships may have between two and twenty partners. Once there are more than twenty partners, the business entity must be registered as a limited company.