Offshore company registration in Hong Kong

Table of contents:

• How to recognize an honest agency and avoid scammers

The registered capital required to open a company in Hong Kong is less than that required in most countries (normally 10,000 HKD, or about 1,000 euros at current exchange rates).

How to open a multi-currency business bank account in Hong Kong

Hong Kong is a member state of the Financial Action Task Force. As such, banks in Hong Kong must follow regulations in line with international risk management standards. Never mind the big words, on a practical level this means that in order to accept you as a customer they are obliged to require a number of documents (listed below).

If this is your first experience as an entrepreneur, you will need to provide the following documents (in English) to open a business bank account in Hong Kong:

• Personal Bank Reference Letter
• Previous/existing Employment contract (employment contract).
• Previous/existing company business card (business card, if you have one).
• Professional Certificate in related industry (diploma or document proving your ability to do your job, if required).
• Resume.

If, on the other hand, you have already worked as an entrepreneur, you will need to provide the following documents (in English):

• Certificate of Incorporation (Certificate of formation of your business or company).
• Business Registration Certificate (Certificate of Business).
• Business Card (Business card).
• Latest Filed Annual Return.
• Business History, i.e. copies of contracts, purchase orders, invoices issued, etc.

For offshore company registration in Hong Kong you will also need to prepare a business plan (your agency should help you if you have no experience). From what I have seen, it is not necessary to submit an overly detailed "business plan"; however, you will have to show that you have a concrete idea (what services you intend to offer, what countries you intend to operate in, etc.).

To open the bank account, you have to show up at the Hong Kong bank branch. There is no alternative. The whole process should not take more than two hours. Remember to bring your passport and 10,000 HKD in cash (about 1,000 Euro). This money should be deposited into your company's bank account as it will make up its registered capital.

Note that if you live in a Chinese coastal city such as Guangzhou, Shenzhen, Beijing, Shanghai or others, you can open the bank account at various designated banks without having to travel to Hong Kong.

How to recognize an honest agency and avoid scammers

If you do a quick Google search you will find dozens of agencies claiming to be able to help you open and run a company in Hong Kong. Although some are honest and some are blatantly scammy, my experience is that there are many agencies that operate in a gray area.

Maybe they won't steal your money, however, it is possible that they will work as middlemen for a real agency, slowing down the whole process and overcharging you so they can earn a commission. Or, worse, they will promise you the moon in order to grab the client and then, once you make the deposit to open the company, announce to you that in fact there was a mistake and you have to pay an additional amount to get the service you requested. The reality is that agencies that on paper offer services that are too cheap are usually not the most honest and capable.