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Hong Kong Offshore Industry
Hong Kong Offshore CompanyHong Kong Offshore companies can be used for many different business activities such as: investment, projects, selling goods, transit company, holding, trading, or simply to have a registered office in Hong Kong.The main advantages of setting up an offshore company in Hong Kong are it’s very good and stable reputation both as a financial centre and for its banking system. There are no exchange controls, no taxes and everything is completely confidential and subject to banking secrecy. The excellent communication technologies available and the use of English as a business language make incorporation in Hong Kong swift and simple. The requirements for an offshore company in Hong Kong are the following: - At least one director and one shareholder are required. Both can be of any nationality in case of an individual or can be a corporate entity. - One company secretary will be required. SFM as a registered agent will take care of this service. - A registered address in Hong Kong is required. This service will be provided by SFM. - The choice of name of the company is free but must end with Limited or Ltd. Features of a Hong Kong offshore company: - A Hong Kong company has all the powers of a natural person - There is no disclosure of beneficial ownership to authorities - The authorized share capital is usually 10 000 HK$, the minimum amount that must be allotted is 1 HK$ - Shares without par value or bearer shares are not allowed - Directors may grant special or general power of attorneys to the institution or individual of their choice - Meetings can be held in any country and visiting Hong Kong is not necessary - Annual filling of annual returns, keeping accounts and books is required - No taxes are to be paid on any benefits generated outside the Hong Kong territory Hong Kong taxes and treatiesHong Kong has no double tax treaties with any country. As Hong Kong’s taxation is based on a territorial principle, income of a local company derived from outside its territory will not be liable to double taxation in Hong Kong.Not only will the company not be liable for double taxation in fact it will not be liable for any form of tax as long as business is conducted outside Hong Kong or with companies not registered in Hong Kong. When business income is based on earning commissions or from selling products for example then the source of income is that of the place where the activities are performed or where clients are based. Banking in Hong KongHong Kong, as the leading commercial and financial centre in South East Asia and the third largest financial centre in the world, of course also has a good and well developed banking industry. Seventy of the hundred best and largest banks in the world have branches in Hong Kong.Most of these banks have branches all over the world making it easy for foreign investors to open and manage their accounts from abroad. The banks are of course subject to banking secrecy and therefore will not disclose client’s details with any third party or authority. In order to open an account in Hong Kong the banks will require a notarized passport copy and an official proof of address. It is not necessary to go to the bank personally and often nominee services are used to open accounts more swiftly. Accounts can be opened in only a few days and come with all services you would expect from your bank in your home country.
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