Hong Kong Company Registry and WF Account

Who is WF?

WF was established in 2004, aiming to help businesses overcome the complexities and high fees regarding cross-border transfer and international payments. In 2019, it became part of the Ant Group, who is famous for its digital payment platform ‘Alipay’.

For startups and medium-sized business owners in Hong Kong, a WF international payment platform account might be an ideal choice, considering the complexities of opening traditional international bank account in Hong Kong. However, either method has its own advantages.

What are the Differences between Opening a Company in Hong Kong and the Chinese Mainland?

	WF Account	Traditional Bank Account
Processing Time	Shorter (within a few days)	Longer (several weeks or more)
Opening Method	Online verification	Offline in-person appointment
Account Maitenance Fees	Free	Charged when deposit is lower than the minimum requirement
Daily Compliance Requirements	Easier	Strict
Service Range	Mainly focuses on cross-border payments. Only trading business companies are accepted.	Provides comprehensive banking services like loans, credit cards, investments, etc.
Major Advantages	Can be directly used for payments on certain e-commerce platforms such as 1688. It is more suitable for trade payments in China with RMB settlement. Better suited for e-commerce businesses.	More suitable for physical goods trading businesses. Higher international recognition. Supports multiple currency settlements.
Account Opening Service Fees	Free (Included in the company registration package)	Required
Total Package Price	USD 980 Including company registration and account opening. (Separate services are not available)	Case-based pricing The price may vary depending on the nature and business scope of your company

Hongda’s Hong Kong Company Registration and Bank Account Solution Packages

Based on your actual requirements and conditions, Hongda will suggest you on the ideal business proposal to register your Hong Kong company and solve your internation payment settlement problems. We believe there are no right or wrong solutions, only solutions that best fit our clients! We will engage in detailed discussions with you to understand your needs and recommend the optimal company registration and bank account opening solutions. Either our WF account package or traditional bank account package will surely help your business in Hong Kong.

Service Items		Company Registration with WF Account	Company Registration with Traditional Bank Account
Company Registration Stage	Pre-sales Consultation	Free discussion with clients for detailed proposal.
	Document Gathering	Clients prepare the documents required.
	Document Inspection	Check the materials and documents.
	Application Submission	Submit application to Hong Kong government for company registration and obtain Certificate of Incorporation.
End of Company Registration Stage
Bank Account Opening Stage	Due Diligence	Not Required	Required
	Verification	Online verification	Offline in-person appointment
	Post-opening Management	Bank statement monitoring ……	Maintaining minimum balance Bank statement monitoring ……
End of Bank Account Opening Stage
Daily Operation and Compliance	Bookkeeping	Daily operational recording and financial management: Bookkeeping; Annual maintenance; Tax Returns; Company Auditing;
	Annual Maintenance
	Tax Return Reports

What are the basic requirements for registering a company in Hong Kong?

To register a company in Hong Kong, you need at least one director (can be an individual or a corporate entity), one shareholder (can also be the director), a company secretary (who must be a resident of Hong Kong or a Hong Kong-based corporate entity), a registered office address in Hong Kong, and a valid business name.

Is there a minimum share capital required to register a company in Hong Kong?

There is no minimum share capital requirement for registering a company in Hong Kong. However, standard practice is to have an initial share capital of at least HKD 1 or an equivalent amount in any currency.

Can I register a company in Hong Kong as a non-resident or foreigner?

Yes, non-residents and foreigners can register a company in Hong Kong. There are no restrictions on nationality or residency for company registration.

What is the typical process for registering a company in Hong Kong?

The process for registering a company in Hong Kong involves the following steps:

Choose a company name and conduct a name search;
Prepare the necessary documents, including the Articles of Association, identification documents of directors and shareholders, and the registered office address;
Submit the application to the Companies Registry;
Upon approval, obtain the Certificate of Incorporation and Business Registration Certificate;
Open a Hong Kong bank account;

What is the role of a company secretary in Hong Kong?

In Hong Kong, every company is required to appoint a company secretary. The company secretary ensures that the company complies with legal and regulatory requirements, maintains statutory records, and handles administrative tasks. The company secretary can be an individual or a corporate entity. If you want to have an individual as the company secretary, he/she must be a resident of Hong Kong.

Are there any ongoing compliance requirements for Hong Kong companies?

Yes, Hong Kong companies have ongoing compliance requirements, including:

Filing annual returns with the Companies Registry.
Holding an Annual General Meeting (AGM) within a specific timeline.
Maintaining proper accounting records.
Filing tax returns with the Inland Revenue Department.
Renewing the Business Registration Certificate annually.
Updating any changes in company details, such as directors, shareholders, and registered office address.

Hongda also provides related services to keep your Hong Kong company compliant. Please visit our Hong Kong company accounting, auditing, and taxation page for more information.

Can a Hong Kong company hire foreign employees?

Yes, a Hong Kong company can hire foreign employees. However, both the employer and the employee must comply with the immigration and employment laws of Hong Kong. Foreign employees generally require a valid work visa or permit to work legally in Hong Kong. The company should apply for the necessary employment visas on behalf of foreign employees.

Can a Hong Kong company have a virtual office address?

Yes, a Hong Kong company can have a virtual office address. A virtual office allows companies to use a prestigious business address without physically occupying the space. It provides mail forwarding services and may include additional features like call handling and meeting room usage. However, it's important to ensure that the virtual office provider is reputable and compliant with local regulations.

How long does it take to register a company in Hong Kong?

The registration process typically takes around 1-2 weeks in Hong Kong. The timeline may vary depending on factors such as the workload of the Companies Registry and the completeness of the submitted documents. It is always advisable to book a free consultation with Hongda’s professionals for more information about the registration process and period of opening your Hong Kong company.

Sound United

Jack Peng
Sound United Vice President > Asia Pacific

Sound United is the leading designer and manufacturer of consumer audio products in the US. Sound United has been using Hongda since 2013. Moving one’s operation to China is not a small task, But Hongda’s expert services helped us set up a company and deal with tax issues so we could get on with growing our business in no time at all, and that’s why we continue to use them today.

Travis Perkins

David Finch BA ACMA CMIIA CAMA

Travis Perkins PLC Director of Group Business Risk & Assurance

Travis Perkins PLC (a leading builders merchant in the UK) has been using Hongda Business Services since 2008 for accounting and professional services. Throughout this time, we have found the team at Hongda to be very helpful and professional in their dealings with us. We look forward to working with the company in the future.

Tulip Pacific Ltd.

Erik de Waard

Tulip Pacific Ltd. > Director

Tulip Pacific Ltd. (Business planning and interim financial management services) has been using Hongda Business Services since 2012. Hongda has helped us set up legal entities in China/HK and takes care of our annual company audits. They are the most efficient business service provider I have worked with to-date, and their professional advice has helped me better advise my own clients and provide greater value to my overall business.

Business service Guidance

Hongda Business Services helps foreign businesses looking to establish in the PRD (Pearl River Delta, Guangdong), Shanghai and Hong Kong take advantage of everything that China has to offer. We typically work with companies in Shenzhen, Guangzhou, Zhuhai, Zhongshan, Shanghai, and Hong Kong.

Hong Kong Company Registration and WF Account

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