Limited Company with ebanking application

It is the legal requirement to submit monthly tax declaration to PRC local tax authority. PRC still tax you approximately 10% on the expenses of the Representative Office even with no business transaction. It is not the income tax but it is a tax for general expenses of the Representative Office, i.e. rent, salary, printing and stationery.

Will it be possible for you to open the bank account for me prior to my visit in Hong Kong? Yes, pre-open the bank account even thought the Company may not be ready when you are in Hong Kong. Since we have good connection with our Banker, simply submit all the statutory documents when the Company is incorporated.

Upon your arrival in Hong Kong, you can collect the bank account number, safety device, pin number for internet banking and phone banking, debit card. However, you can only activate the bank account after the Company is completely incorporated.

Is it possible for the HK company to have both a Hong Kong Dollar account and a separate US Dollar account? Yes, we assist you to open the corporate e-Banking account in multi-currencies which includes US$, HK$, EUROS, JPY, GBP, AUS, SGD etc.

I am a non resident in Hong Kong but would be company director and shareholder, am I allowed to have a personal bank account in Hong Kong?
Yes, you can open a personal bank account even though you are not a Hong Kong citizen.

A simple business plan such as the nature of business of your proposed Hong Kong company. It is perfect if you could provide some sales confirmation, purchase order, proforma invoice; a web site etc. You may register the domain name with "com.hk" since your Company is a Hong Kong company.

You need not hire any local staff and office space in Hong Kong since you can contact your trading partners and monitor the bank account from your own country under the Hong Kong Company Name.

The Hong Kong Companies Ordinance provides that a person can only be appointed as auditor if he is qualified under the professional accountants ordinance. We have been conducting Statutory Audit of various industries and are familiar with different types of companies.

Individual Income Tax - the flat rate of income tax of individual is 15%. We would not suggest the directors and/or shareholder (especially for US citizen and subject to global tax) to get any remunerations except the Dividend to the shareholders, simply because there is no tax on dividend payment to the shareholder.

About the Author

Comments from worldwide CEOs "MetoproHK provided all the necessary back-end support to help us set up our Hong Kong business." ¡§The primary reason for the State Bank of India to set up in Hong Kong was to service the many Indian traders that had made Hong Kong their home,¡¨ The State Bank of India is also closely monitoring the pilot RMB trade settlement scheme in Hong Kong. Hong Kong has been recognized as the top asset management centre in Asia with more than 300 fund management firms based in the city, the largest concentration of international fund managers in the region. Hong Kong is one of the world's most cosmopolitan cities It is very simple and easy to live in Hong Kong, the city has all the facilities you could require whatever your nationality,¡¨ (from an Indian CEO) Hong Kong is an ideal place to invest because of its geographical position. The demand for private medical insurance is rising and we believe there is a great potential for quality products such as ours" . Setting up an office in Hong Kong will be an important milestone for its strategic development. (from a Denmark CEO) "Hong Kong was always our first choice and our first overseas venture. Hong Kong was the only market where we chose to go rather than being invited to go." (from a Singapore CEO). "We love Hong Kong not just for its impressive infrastructure, logistical excellence and talented local workforce, but also because it is a sophisticated metropolis with excellent schools, restaurants and a staggeringly low crime rate."