Hong Kong Company Formation
In recent years, start-ups have become popular, and the government has gradually developed measures to promote fund-raising for young people to practice their entrepreneurial dreams. When you plan to work in which industry, you can prepare to register a company after raising funds. Document submissions are often the most complicated part, and may be confusing for young people who are fresh to the fledgling; the following set up of a Hong Kong company tactics can save your entrepreneurial doubts.

Hong Kong Company Formation-First:Original Company Name
It’s important to see a simple, unique and representative company name. Applicants can apply for the company name in Chinese or English at the same time, but remember that the particular name cannot be integrated with Chinese and English. Originality is also an indispensable element. Entrepreneurs may have numerous ideas when they conceive a company name. If the proposed company name is too similar to other existing names or trademarks, it cannot be applied, which hinders the duration of company registration. In order to prevent the above situation, applicants can browse the Companies Registry’s Online Search Centre（www.icris.cr.gov.hk）or use the Intellectual Property Search System（http://ipsearch.ipd.gov.hk/index.html），fill in the proposed company name to see if the name applies.

Hong Kong Company Formation-Second:Understand the nature of your company and develop a business plan
After selecting the appropriate company name, the applicant begins to enter the complicated file program. Before completing the documents, you also need to decide whether the company you are registering is a limited company or an unlimited company. Most of the reasons why most people choose the former are because the company is a legal person organization and has legal status. When faced with debt obligations, the company will not be involved in the private assets of shareholders if it is in liquidation; on the contrary, when the unlimited company faces the same situation, it needs to involve the use of private property of shareholders to offset the debt. In the next step, the applicant needs to define the nature of the business of his company, plan the amount of shares of each shareholder, etc in order to submit the remaining documents. In summary, applicants are required to submit three documents, namely the Incorporation Form (NNC1), the text of the company’s constitution and the Notice to the Business Registration Office (IRBR1). The first two documents are mainly to complete the company’s internal details, company nature, company secretarial information, number of shareholders and directors and shares details. The last notice is based on the applicant’s choice of one or three-year business registration certificate.

Hong Kong Company Formation-Third:Payment and waiting for company certification documents
After payment, the applicant can patiently wait for the company’s certification documents for successful registration. In addition, he can also entrust the agent to apply for the green box, round chop and other company documents to reduce the troubles of managing a company.

ACCOLADE Company Incorporation + Company Secretary One-stop Service
If you have seen the above-mentioned establishment of the Hong Kong company Formation tactics and feel that the procedures are complicated, you can also choose ACCOLADE to set up a company in order to solve the troubles of the registered company for you. In addition, ACCOLADE also provides professional company secretarial services, whose duties include reporting to the company registry about the structure of the company, any major personnel changes, and preparing the company’s meeting agenda for the board of directors, preparing for the annual general meeting of shareholders and related The statutory regulations provide professional advice to ensure that the company meets statutory requirements and helps you resolve internal document changes after the company is established.

Should you have any question, please feel free to contact us via email info@accoalde.hk or phone +852 3521 2888, thank you!

– New Requirements under the HK Companies Ordinance

To enhance transparency of corporate beneficial ownership in order to fulfil Hong Kong’s international obligations, the Companies (Amendment) Ordinance 2018 (“the Amendment Ordinance”) introduces new requirements on the keeping of significant controllers registers by companies. The Amendment Ordinance will come into operation on 1 March 2018.

Under the Amendment Ordinance, all companies incorporated in Hong Kong (except listed companies) are required to identify a person/persons who has/have significant control over the company and maintain a significant controllers register which will be accessible by law enforcement officers upon demand. Each company must also designated at least one person as its representative to provide assistance relating to the significant controllers register of the company to law enforcement officers. Failure to comply with the above obligations is a criminal offence. The company and every responsible person of the company are liable to a fine at level 4 (i.e. HK$25,000). For details, please visit a dedicated thematic section on “Significant Controllers Register” at this HK Company Registry web page.

Significant Controllers Register (Designated Representative Service) Fee Schedule

In order to prepare for the keeping of Significant Controllers Register (“SCR”), ACCOLADE provides “Designated Representative” Service for you by paying only HK$1,000/year, the service is including:

*Clients can use the promotional price HK$ 800/year for keeping of Significant Controllers Register (Designated Representative Service) if purchasing All Inclusive Hong Kong Limited Company Package through ACCOLADE in the mean time.

Should you have any question, please feel free to contact us via email info@accoalde.hk or phone +852 3521 2888, thank you!

Below are the details of Significant Controllers Register Keeping Requirments:

Under the new requirements of Company Registry, All companies incorporated in Hong Kong (except listed Companies) are required to identify a person/persons who has/ have significant control over the company and maintain a significant controllers(1) register which will be accessible by law enforcement officers(2) upon demand.

Each Company must also designate at least one person as its designate representative (3) to provide assistance relating to the significant controllers register of the company to law enforcement officers.

The required particulars relating to a registrable person of a company should be entered into the company’s SCR within seven days after they have all been provided or confirmed by the registrable person; while each of the required particulars relating to a registrable legal entity should be entered in the company’s SCR within seven days after that particular comes to the notice of the company.

A person has significant control over a company if one or more of the following 5 conditions are met:

-The person holds, directly or indirectly, more than 25% of the issued shares in the company or, if the company does not have a share capital, the person holds, directly or indirectly, a right to share in more than 25% of the capital or profits of the company;

-The person holds, directly or indirectly, more than 25% of the voting rights of the company;

-The person holds, directly or indirectly, the right to appoint or remove a majority of the board of directors of the company;

-The person has the right to exercise, or actually exercises, significant influence or control over the company;

-The person has the right to exercise, or actually exercises, significant influence or control over the activities of a trust or a firm that is not a legal person, but whose trustees or members satisfy any of the first four conditions in relation to the company.

• Law enforcement officers includes: Companies Registry; Customs and Excise Department; Hong Kong Monetary Authority; Hong Kong Police Force ;Immigration Department; Inland Revenue Department; Insurance Authority ;Independent Commission Against Corruption; Securities and Futures Commission.

Qualified designate representative includes:

• A member, director or an employee of the company who is a natural person resident in Hong Kong

• An accounting professional(a certified public accountant or a certified public accountant (practising)or a corporate practice(firm) of certified public accountants (practising ) as defined in the Anti-Money Laundering and Counter-Terrorist Financing Ordinance;

• A legal professional under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance means – a local or foreign lawyer as defined by section 2(1) of the Legal Practitioners Ordinance (Cap. 159);

• A Trust or Company Service Providers licensee under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance means a person licensed under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance to carry on trust or company service business in Hong Kong

*Please Note that Failure to comply with any of the requirements in the notice within 1 month by Company is a criminal offence. The notice addressee and every related person (if any) are liable to a fine at level 4 (i.e. $25,000) and a daily fine of $700.

And If you provide false statement: any person knowingly or recklessly makes a statement which is misleading, false or deceptive in any material particular in the Significant Controllers Register or reply to a company’s notice.It is liable to a fine at level 6 (i.e. $100,000) and imprisonment for six months in Maximum.