As the name implies, Hongkong Company incorporation is the formal procedure that is followed by the government of Hong Kong to ensure that the interests of the people in Hong Kong and the rest of the world are protected. This is to be done as part of its efforts to contribute to the development of a stable international economy and a stable world economy. This has been achieved through the adoption of several regulatory laws.
Hong Kong has set up a special agency, the Hong Kong Exchange, for this purpose. This agency is responsible for giving legal advice to the general public on matters regarding business incorporation. It is also responsible for making sure that the incorporation procedures are conducted following the legislation of Hong Kong. The Hong Kong Exchange offers services in the fields of business registration, taxation, and intellectual property.
An important part of Hong Kong company incorporation involves the transfer of the shares in the company’s stock from one shareholder to another. The main reason behind this is to ensure that the ownership of the shares is not abused. Besides, by providing information about the company’s assets and liabilities, it makes it easier for the investors and creditors to be informed of the company’s financial status.
Business incorporation in Hong Kong follows a specific process. The first step is the establishment of a registered company under the Companies Ordinance. Once registered, the company is required to prepare a Memorandum of Association and to file an application to register it with the Hong Kong Exchange. Once this application has been approved, all the requirements need to be satisfied to be able to incorporate the company.
A list of its directors and legal representatives should also be provided to open company in Hong Kong. All these documents and the Memorandum of Association form the basis of the business registration. It will then be submitted to the Department of Justice and eventually to the Securities and Futures Commission of Hong Kong.
The next step after the filing of the company’s name and the Memorandum of Association is the transfer of the company’s stock. After this, the company will be considered a registered company and is obliged to comply with the other laws about company incorporation in Hong Kong. This includes the establishment of the board of directors and the management of the company. This will require an initial meeting of the directors before they finalize a name and a board of management.
The transfer of shares of the company’s stock is also done under Hong Kong company incorporation laws. These can only be transferred when all the formalities relating to the transfer have been completed and when the Board of Directors has received the necessary consent of the Board of Supervisors. The transfer of shares is also possible only when a registered office has been opened to carry out this business.
These are some of the formalities involved in the procedures of company incorporation in Hong Kong. The formalities of business registration are very similar in other countries like Australia, Canada, and the United States. However, in Hong Kong, the procedures are much simpler and easier.
The process of business registration in Hong Kong is a very quick procedure. The registration process is also fast. It is one of the fastest processes in the entire world. Business incorporation in Hong Kong takes no more than six months from filing the paperwork to the actual registration of the company with the government, to the transfer of the shares and stocks of the company.
Hong Kong company incorporation has now become a common procedure in all parts of the world. Even smaller countries like Taiwan and Singapore have followed the trend. The rapid growth of the Internet and the rise of international business have also increased the demand for such countries to have the procedures in the registration of a business.
Companies in Hong Kong have also gained in popularity as they are recognized in the international market. The companies listed in the Hong Kong Stock Exchange account for almost 25% of the total companies listed on the stock exchange in Asia. Thus, they represent a significant chunk of the overall value of the Asian economy.