Legislation of Hong Kong

Service packages Legislation Tax System Audit Services

List of laws and regulations

Act name
Scope of law
Registration, operation and liquidation of companies
Registration, operation and liquidation of a companyй
Merchant Shipping (Registration)
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Tax treaties entered

Austria
Belarus
Belgium
Brunei
Cambodia
Canada
China
Czech Republic
Estonia
Finland
France
Georgia
Guernsey
Hungary
India
Indonesia
Ireland
Italy
Japan
Jersey
Korea
Kuwait
Latvia
Liechtenstein
Luxembourg
Macau
Malaysia
Malta
Mexico
Netherlands
New Zealand
Pakistan
Portugal
Qatar
Romania
Russia
Saudi Arabia
Serbia
South Africa
Spain
Switzerland
Thailand
United Arab Emirates
United Kingdom
Vietnam

Tax Exchange Information Agreement (TIEA)

Greenland
Denmark
Iceland
USA
Norway
Faroe Islands
Sweden

List of state regulatory authorities

Hong Kong Government
Hong Kong Judiciary – Courts and Apostille service
Hong Kong Monetary Authority
Inland Revenue Department
Hong Kong Bar Association
Hong Kong Association of Banks
Hong Kong Investment Funds Association
Joint Financial Intelligence Unit
Hong Kong Branch of the Society of Trust and Estate Practitioners (STEP)

Corporate info

Legal system
based on English Common Law
Types of entity
private company limited by shares; public company limited by shares; public unlimited company with a share capital; private unlimited company with a share capital; company limited by guarantee without a share capital; partnership; limited partnership; sole proprietorship; branch; representative office; trust
Shelf companies permitted
No
Incorporation timescale for a new company
4 days
Company suffix
Limited
Sensitive words
Department, Government, Commission, Bureau, Federation, Council, Authority; Bank, Stock Exchange, Unified Exchange; Assurance, Insurance, Re-insurance; Certified Public Accountant (C.P.A.), Public Accountant (P.A.); Building Society, Chamber of Commerce, Cooperative, Kaifong, Mass Transit, Municipal, Savings, Tourist Association, Trust, Trustee, Underground Railway; words, usage of which is considered crime or contradicts social inetersts in any way
Cyrillic alphabet permitted in company name
No
Local registered office
Yes
Local registered agent
No
Information to be kept at the registered office
registration certificate; register of directors and secretaries; register of members; books containing the minutes of proceedings of any general meeting, any meeting of directors or any meeting of managers; register of holders of debentures; a copy of every instrument creating any charge requiring registration; register of charges, etc.
Seal required, type of seal
a metallic seal with its name engraved in legible characters
Redomiciliation (to, from) permitted
not permitted

Director and secretary

Minimum number of directors
1
Residency requirements for directors
No
Corporate directors permitted
Yes
Directors’ meetings/frequency/location
No requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Company secretary required
Yes
Residency requirements for a secretary
Yes
Qualified secretary required
No
Corporate secretary permitted
Yes

Shareholder and beneficiary

Minimum number of shareholders
1
Residency requirements for shareholders
No
Corporate shareholder permitted
Yes
Meetings/frequency/location
Yes / annually / no requirements
Disclosure to local agent
Yes
Disclosure to public
Yes
Beneficiary info disclosure to
No

Shares and share capital

Minimum authorized share capital
No requirements
Minimum issued share capital
1
Minimum paid share capital
1
Authorized capital payment deadlines
No requirements
Issued capital payment deadlines
Immediately upon issue or within time specified in the relevant resolution
Standard currency
Hong Kong Dollar
Standard authorized share capital
10000
Standard par value of shares
1
Shares with no par value permitted
No
Bearer shares permitted
No

Taxes

Personal tax
2-17%
Min. rate for corporate tax
0%/16,5%
Corporate tax (in detail)
Capital gains tax
No
Capital gains tax. Details
VAT
No
VAT. Details
Withholding tax
0%/0%/30%
Other taxes
Capital duty, Real property tax, Social security contribution
Exchange control
No
Government fee
No
Stamp duty
Yes

Accounts

Requirement to prepare accounts
Yes
Requirement to file accounts
Yes
Publicly accessible accounts
No
Requirement to file Annual Return
Yes
Publicly accessible Annual Return
Yes
Audit required
Yes

General information shortly

Location
Eastern Asia
Total area
1.104 sq.km
Population
7.482 (2020)
Capital
No
National currency
Hong Kong dollar
Conditional reduction of currency
HKD
Against USD
0,13 (2022)
Climate, average max and min t°
Subtropical monsoon; cool and humid in winter, hot and rainy from spring through summer, warm and sunny in fall; avg. maximum temperature (July) +35°; avg. minimum temperature (January) +15°
Time difference from Moscow
+ 5 hours
Dialing code
+852
State language
Chinese, English
Ethnic groups
Chinese 95%, Filipino 1.6%, Indonesian 1.3%, other 2.1%
Literacy rate
94,6% (2019)
History
Hong Kong has belonged to China since ancient times. Their first settlements appeared more than two thousand years ago. In the middle of 19th century as a result of opium wars Great Britain made China concede Hong Kong and its adjacent territories for 99 years. In a short period of time Hong Kong became one of the most successful colonies of the UK and under its control developed into the largest financial center in Asia. On 1st of July, 1997 after long negotiations in accordance with China-UK joint declaration the People’s Republic of China restored its sovereignty over Hong Kong. According to this declaration and Basic Law of Hong Kong, the territory can have a different political system form mainland China till 2047, e.g. for 50 years after China regained sovereignty. Under the principle of "one country, two systems" and “Hong Kong is governed by Hong Kong people themselves in conditions of high degree of autonomy” Central Government of PRC governs only foreign relations and military defense of HK, while Hong Kong governs its legislations system, police, monetary system, duties and immigration, as well as keeps its membership in international organizations.
Credit rating
AA-
Government type
limited democracy
Executive branch
Executive Council headed by Chief Executive of HK
Legislative branch
unicameral Legislative Council (60 members), elected for 4 years
Judicial branch
High Court of Appeal, High Court (includes the Court of Appeal and the Court of First Instance), the District Court (includes the Family Court) and special courts
Unemployment
5,4% (2022)
GDP per capita rank
13 (2020)
Corruption perceptions index rank
76 (2021)

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