GENERAL INFORMATION
INTRODUCTION
Hong Kong is located in the South China Sea 100 miles
south east of Guangzhou (formerly known as Canton). As
of the1st July 1997 under the Sino-British Agreement of
December 1984, Hong Kong became a Special Administrative
Region (HKSAR) of the People's Republic of China. Hong
Kong is the leading South East Asian centre for both finance
and commerce and ranks as the world's third largest financial
centre after New York and London. The Hong Kong Stock
Exchange is the most active in Asia outside Japan.
LANGUAGE
The official languages are English and Chinese. The Cantonese
dialect is the most widely spoken although Mandarin is
becoming more popular.
TYPE OF LAW
The legal system of Hong Kong is English Common Law supplemented
by locally enacted Ordinances. Under the 'one country
- two systems' philosophy, the SAR has executive, legislative
and independent judicial power. The capitalist system,
legal structure and lifestyle remain unchanged.
COMPANY INFORMATION
TYPE OF COMPANY FOR INTERNATIONAL TRADE AND INVESTMENT
Private Company limited by Shares.
TIME TO INCORPORATE
One Day, but allow ten working days for receipt of documentation.
RESTRICTIONS ON NAME AND ACTIVITY
Names which suggest any connection to the Central People’s
Government or the Government of Hong Kong Special Administrative
Region or which are offensive or otherwise contrary to
the public interest or whose use would constitute a criminal
offence are generally prohibited. Certain words which
suggest specialist activity can only be used when the
appropriate licences have been obtained e.g. Asset management,
Building society, Fund management Chamber of Commerce,
Kaifong, Municipal, Royal, Savings, Trust, Bank, Insurance
and Assurance.
CLASSES OF SHARES PERMITTED
Ordinary shares, preference shares, redeemable shares
and shares with or without voting rights.
DISCLOSURE OF BENEFICIAL OWNERSHIP TO AUTHORITIES
No.
LICENCE FEES
The Business Registration Fee (BRF), currently HK$2,600,
is payable within one month of the date of incorporation
and then due annually on the anniversary of the first
payment.
FINANCIAL STATEMENT REQUIREMENTS
Every Hong Kong company must produce annual audited accounts
and appoint an auditor, who must be a member of the Hong
Kong Society of Accountants and hold a practicing certificate.
The company must keep accounting records, which may be
kept at the registered office address or elsewhere at
the discretion of the directors.
Whilst every effort has been made to ensure that
the details contained herein are correct and up-to-date,
it does not constitute legal or other professional advice.
We do not accept any responsibility, legal or otherwise,
for any error or omission.
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