Extended FAQ On Hong Kong Company Registry & Management (Part 2)

Let's Talk About Hong Kong Company Registry & Management

A few weeks ago we brought you part one of the extended FAQ on setting up and running an Hong Kong company.

Last time we took a look at some questions in the areas surrounding Hong Kong company registry, namely registration, deregistration and naming of a Hong Kong company.

This time around we are going to be answering some questions with regards to:

• Directors, Shareholders and the Company Secretary
• Registered capital
• Banking

So read on to get answers to some of the more involved questions regarding Hong Kong company registry and management...

Hong Kong company directors, shareholders and the company secretary

Q1) Can the Shareholder and Director be the same person?

Yes

Q2) Can a limited company act as the shareholder or director of another limited company?

Yes

Q3) What is the least amount of shareholders and directors that a limited company is permitted to have?

At least one shareholder and director, which can also be the same one person.

Q4) What are the duties of the company secretary?

This person is in charge of managing and tracking of administrative functions such as arranging meetings, opening bank accounts, and presenting statutory documents to governmental department in order to ensure the company meets statutory requirements.

Q5) Who may act as Company Secretary?

Hong Kong residents over the age of 18 or above/Limited Company registered in Hong Kong are eligible to fill the role of Company Secretary.

>> Is Hong Kong company registry necessary for doing business in China? Find out here! <<

Hong Kong company registered capital

Q1) What does the registered capital represent?

• The company's maximum financing capacity
• Shareholders' maximum liability

Q2) Does one have to pay an additional fee to increase the amount of registered capital?

Increasing the initial amount of registered capital (minimum of HKD10,000) will incur  no additional governmental fees

>> Read a head to head comparison of Hong Kong VS Singapore companies here! <<

Hong Kong company bank account

Q1) What documents are needed in opening bank account?

• Certificate of Incorporation (copy certified by accountant)
• Business Registration Certificate (copy certified by accountant)
• Notice of appointment of director and secretary (copy certified by accountant)
• Articles of Association (copy certified by accountant)
• ID card/passport of each director
• Proof of personal address of each director

Q2) Are there any limitations for cash withdrawal, remittance and foreign currency exchange from a Hong Kong bank?

Capital is free to come and go in Hong Kong and is freely circulated without limitation

Q3) How long after the company has been registered and the bank account opened can it be used?

Being that opening a bank account is a prerequisite for opening a Hong Kong company, it usually takes about 2 weeks

That brings us to the second part of our extended FAQ concerning Hong Kong company registration and management.

PS. Don't forget to read part 1 of these FAQs here.

If YOU have any other questions regarding these specific areas of Hong Kong company registry and running, please feel free to ask us in the comments sections below.