Ideal Offshore Company Set Up in Hong Kong for Businesses

Beginning an offshore limited liability company may not seem alluring to many entrepreneurs. But, the trend is to open a Hong Kong limited liability company. There are solid reasons for this.

Reduced cost due to low tax

For one, there is no tax to pay when the offshore company registered in Hong Kong makes its profits for any overseas place. Besides, there is no sales tax. It does not include Value Added Tax, dividend tax, bank interest tax, or capital duty tax. This is a big boon for any business since they save a big packet on the taxes. Plus, Hong Kong is the gateway to the biggest retail market in the world — Asia.

The steps needed to do the HK company registration are simple. Go to the page with the Order Form. Download the application form for Hong Kong offshore company. Fill in the details and email the same to the offshore company formation helping firm. Remember to include your proof of address and your passport copy. This will help the firm to begin the process of doing the preparatory work.

Pay the set-up fees

Now, you should pay the fees. The fees include the fee for Hong Kong Company Formation that is US $1,050 and if you send this by courier you must add another $100. After this, you have the annual maintenance fees which come to $1,300 and for the annual trust fee, you pay US $500.

Once you pay the company formation fee you get the Block File that contains the Business Certificate, the registers for transfers of shares, director, and shareholders, and Certificate of Incorporation. You also get a register of the charges. Apart from this, you get free the following things for one-year period — provision of the public telephone line, public fax line, forwarding of mail and correspondences, registered office address, company business address, and the appointment of the Company Secretary.

Begin your bank

After you complete the HK company registration you can begin the process of starting your bank with the offshore company. The fee for this is $200 that goes towards document preparation, printing of business name cards, draft business plans, and the creation of a brief website for the company. You must appoint the bank to open bank accounts for the company. You can remit the amount in the bank branch in your place and do not have to come to Hong Kong for opening the account. For this, you must pay a fee of $350 to use for the same purposes as mentioned above.

You have other advantages of opening the offshore company such as preservation of assets and privacy, low operating costs, and easy reporting. Due to the strict legal framework existing in Hong Kong, it gives good protection for the assets of foreign and offshore companies.

The Registrars of offshore companies do not have to reveal details of the company such as the name of the directors, shareholders, or owners. This gives them protection from their competitors. The good privacy helps them to operate without interference. The reporting for offshore companies is easy compared to onshore companies.

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