Solution Set

Solution Set

John Barclay, Managing Director of Primasia Corporate Services

Hong Kong is one of the world's leading financial centres. A central hub to international finance and trade in Asia and home to many corporate headquarters in Asia Pacific. The set up of a company in Hong Kong is quick simple and easy.

1. Easy of Set up

A company needs 1 director, 1 share holder and they can be the same person. Your company needs to issue 1 share of 1 HK dollar = 12 US cents. You need a Hong Kong resident as company secretary and a local Hong Kong address as your registered office. You can be fully activated and ready for business in 1 week.

2. Easy of Administration

A simple annual return and a simple tax return 18 months after incorporation is required. The tax return must be supported by auditors and prepared to international accounting standards.

3. Ease of operating a company in HK

Hong Kong offers a simple employee friendly legislation. Companies need a joiner's form, a leaver's form and a year end return. People do not need to deduct tax from employees and they will do this individually at the year end. A simple single social security scheme is in place and is called an MPF. The MPF operates at a fixed percentage deduction.

Once you have completed your three easy set-up steps, new business owners will probably need to investigate a viable workspace solution. Servcorp, an international serviced office and virtual office provider has a solution for any new businesses looking to operate in different capacity. Call them today at 852 2251 8388 or visit them at servcorp.com.hk

Chapter 1 Test Questions to Study Pt. II