Abstract: When starting a company to set up a company, the most worried about the error in the application steps, the following will explain the Hong Kong company opening process, documents, fees, account opening and other details, prepare the information to quickly set up your own company.
1. Obtain the application form
Three forms are required to set up a company, including the Corporate Incorporation Form and Notice to the Business Registration Office, which can be obtained on the Local Companies and Registration of Non-Hong Kong Companies page of the Companies Registry.
Corporate Incorporation Form
You need to select NNC1 for a limited company or NNc1G for a company other than a company limited by company. In addition to the general information of the company, this form also needs to determine the share capital at the time of incorporation and determine the company secretary and director. It should be noted that if the applicant chooses to submit the form in person, the information on the form must be entered on the computer and printed together with the form, if the form is written by hand, it may not be accepted by the Companies Registry.
Articles of Association
When the incorporation form is submitted, it needs to be delivered together with the text of the articles of association. All companies registered with the Companies Registry are required to prepare articles of association when applying for company registration. Generally speaking, if you set up a private company, you can choose to fill in the simplified version. The detailed articles of association of a company mainly include legal liabilities, share capital and share holdings at the time of company formation, etc., which can be prepared with reference to the sample articles of association of the Companies Registry. Sample A (Simplified Articles for Private Companies) and Sample B (Template Articles for Private Companies).
Notice to the Business Registration Office IRBR1
According to sections 5A(1) and 5D(2) of the Business Registration Ordinance (Cap. 310), an applicant for incorporation must submit the Notice to the Business Registration Office (IRBR1) and the prescribed business registration fee and levy together with this form, otherwise the Companies Registry will not accept the application.
To apply for a Business Registration Certificate with IRBR1, you need to apply for and renew the Business Registration Certificate regardless of whether the company is in business or not, as long as the company is not dissolved. This form is very simple, just choose whether to pay the one-year or three-year Business Registration Certificate. If you choose a three-year period, check [Yes].
Consent Form for First Director Position NNC3 (if required)
This document is not required and if the founding member who signs the incorporation form is also a director, he must sign the “Consent Form for Appointment to Directors” on Form NNC1 or NNC1G. Other directors may sign the consent form in the form or deliver Form NNC3 “Consent to Assume the First Director Position” within 15 days after the date of incorporation for registration.
2. Select Submit Application
The company can submit the application in paper or electronically.
Deliver the form in hard copy at the collection counter on the 14/F Queensway Government Offices.
Use the Companies Registry’s registration form application.
3. Expenses for setting up a company
When applying for company registration, in addition to submitting the application documents, it is necessary to pay the company registration fee, business registration fee and levy fee to the Companies Registry.
The Hong Kong Government will adjust the business registration fee and provide concessions from time to time, such as waiver of business registration fee, please refer to the Business Registration Fee and Levy Fee Schedule of the HKSAR Government for information on the fees for the current financial year and future financial years.
4.Select Receive Certificate
If the application is approved, you can download or collect the “Certificate of Incorporation” CI and “Business Registration Certificate BR”, which will be issued in electronic form or hard copy according to the submission method, and both electronic certificates and hard copies have the same legal effect.
Deliver the application electronically
An e-certificate will be issued within 1 hour, and an email notification on downloading the certificate will be sent to the inbox and registered email address of the registered user who delivered the application.
Submit the application in hard copy
The printed copy certificate will normally be issued within 4 working days, and when collecting the certificate in person at the Companies Registry, you must present the “Certificate of Collection” notice and the identity document/company seal contained in the notification. If the author entrusts someone else to collect it on his behalf, the recipient must produce the author’s signature power of attorney and the identification document indicated on the power of attorney.
5. Obtain other licenses or permits
Most business activities can be freely operated in Hong Kong, although some specific industries require designated licenses or permits, for details, please visit the website of the Trade and Industry Department for details.
6. Open a company bank account
After the incorporation of the company, you can go to the bank to open a company account, and when opening a company account, you need to submit the articles of association, business registration certificate (BR) and certificate of incorporation (CI) to the bank.
In addition, different banks may require the account holder to provide the company background, source of funds, director’s identification documents, business certification documents, etc. The account opening fee is divided into basic fee and business registration investigation fee, with Hong Kong local company fees ranging from $1,000 to $2,000.
The receipt of the Certificate of Incorporation and Business Registration Certificate indicates that the company can operate legally, and after successfully opening a company account, it can show its strength in the shopping mall.
The process of registering a company in Hong Kong is not complicated, as long as you understand the required forms, steps and fees in advance. But if you want to save more effort and time and register a Hong Kong company in the fastest and easiest way, you can contact the Langfeng Business Services team, we provide one-stop business consulting services, providing Hong Kong company registration, bank account opening and secretarial services, so that you can focus on starting your business blueprint!