Hong Kong Company Management From Overseas

Hong Kong is one of the premier business hubs of the world

. It is rightfully considered as the meeting point between the east and the west as many companies from the United States and Europe entering the Asian market prefer incorporating a business in Hong Kong first. There has been a lot of talk lately of large multinational companies looking at possibly relocating to Hong Kong and taking advantage of its pro-business laws. Individual entrepreneurs from world over have also explored the opportunities of Hong Kong company incorporation and are interested in relocating to the city as well.

However, Hong Kongs flexible company laws actually allow a foreigner to own 100 per cent of a Hong Kong Company and manage it from overseas. In fact there is no requirement to even visit the city during the registration process. All that the foreign business owner has to do is appoint a local incorporation service provider and get the entire company formation procedure completed via that firm. All required documents and other information can be couriered to Hong Kong and since the mandatory structural requirements of a Hong Kong Company are quite minimal, it is actually possible to manage the business from any country in the world.

Foreigners are allowed to act as the shareholder as well as the director of the company. There are no requirements of appointing local directors. Shareholders and directors are allowed to reside overseas and may conduct annual general meetings as well as annual director meetings in any nation as per the convenience of the company owners. Thanks to Hong Kongs status as a leading financial center, all major banks of the world are present in the city and provide some of the best banking options to corporate account holders. Some of them even allow foreign business owners to open corporate bank accounts overseas. Since Hong Kong has favorable foreign exchange regulations, business owners can easily transfer funds to their Hong Kong bank account and also withdraw funds as and when they like. All this is possible from overseas itself and again there is no need to visit Hong Kong for such matters.

As far as compliance requirements are concerned, the main requirements are that of filing returns and annual tax returns. Both of these requirements can be handled by professional accounting firms in Hong Kong and by the local corporate secretary appointed during company registration. Books of accounts are maintained by professional accountants and they can help in tax planning and other related activities even though the owners may be residing in another country.

by: Bryan Wong

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