Setting up a company in Hong Kong: a how-to guide
It’s decided: you’re going to set up a company in Hong Kong. But before getting started, several questions need to be clarified.
What steps need to be taken? How long does it take to set up the company? What procedure should you follow for the bank account? And what documents need to be provided?
These four topics will help you prepare to launch your company in Hong Kong under the best possible conditions.
What is the process for setting up a company in Hong Kong?
English is an official language
Chinese is not the only language used in Hong Kong. English is the second official language. The documents required to establish the company can therefore be prepared and understood in English.
Assistance with administrative procedures
Administrative procedures can be made easier with appropriate support. Packages can cover the various business formation formalities and provide advice throughout the process.
The 4 questions to prepare before getting started
1. What procedure must be followed?
The procedure must be organized in the correct order and adapted to the company being created. A properly prepared file makes registration formalities easier.
2. How long does it take to set up the company?
The setup time is generally relatively short. The longest step may be opening the bank account.
An incomplete application extends the process, so it is important to gather all the requested documents and supporting evidence from the outset.
3. How do I open the bank account?
Opening a bank account should be planned in advance. Hong Kong banks have tightened their requirements over the years, and acceptance of an application cannot be guaranteed.
Depending on the company’s profile, a Fintech or a bank located outside Hong Kong may be an alternative.
4. What supporting documents should be provided?
It is essential to provide all the documents required to register the company and open the account.
The list depends on the proposed structure. Preparing a complete file from the outset helps reduce additional requests and delays.
Opening a bank account: a step to plan ahead
For several years, it has become more complicated to obtain approval from banks in Hong Kong. In particular, institutions analyze the company’s business activities, its customers, its suppliers, and the expected transactions.
If you have customers or suppliers in the Maghreb, some Hong Kong banks may refuse to open an account for your company.
Merritt cannot guarantee that a banking application will be accepted. Depending on the situation, an alternative solution may be sought through a Fintech or an institution located outside Hong Kong.
A question about setting up a company in Hong Kong?
Once you understand the procedure, timelines, bank account opening, and required documents, some questions may still be specific to your project.
Merritt has been helping entrepreneurs establish companies in Hong Kong since 1998 and can help you prepare for the various launch stages.