Deregister your Hong Kong Company - Conditions to satisfy

Sometimes when a business is not able to generate the expected profits, it is better to shut it down and start a new venture. One might not be able to taste success in the first attempt and losses will be common. But, the experience gained from that will help in making even a better and stronger come back than the previous time. For those instances when you would like to deregister your Hong Kong based company, here is the process.

A company can be deregistered provided:

1.       It doesn’t have any unpaid debts – The company applying for deregistration should make sure that it is free from all kinds of debts it owes to various money-lending resources. Either the company clears the debts by paying all the dues or can sign consent to give the debts on some future date that is agreed by both the parties. 

2.       Mutual Consent of the shareholders – All the shareholders must think alike in this case. Any shareholder with a second opinion should express her/his opinion regarding the same. The discussions should move further till the shareholder agrees to the decision made by the entire group. 

3.       Halting business operations – The company must stop involving in any business operations for 3 months and then apply for deregistration to the Hong Kong Company Registry. 

4.       NOC  - A notice of No Objection Certificate needs to be obtained from the Commissioner of Inland Revenue. 

You can also de register search online. One has to satisfy all the aforementioned conditions in order to end the existing venture. Once done, they can easily start a new business any time. One can easily go for a Company Registry search and pick out a new name for their upcoming enterprise. This is one best way to turn around your losses and give them the shape of profits. Find a local and reputed business consultant that can help you in the process.

Setting up business in Hong Kong? Some important FAQs

In order to set up company in Hong Kong, one doesn’t have to face all the complexities. Setting up business in Hong Kong is quite different from the rest of the world. The country understands business and provides full support to its domestic and offshore investors who wish to get into its booming market. The policies are not rigid and are ruled out in a way that the whole process becomes very simple. Apart from the common requirements crucial to incorporate a HK Company, there are a few important questions that you need to ask. 

Does the nature of the business in the Business Registration Certificate need to be filled?

The answer is no.Yyou can leave it blank in case you don’t want to specify the nature or type of business you are going to operate. However, if you are specifying the nature or scope of the business, no restriction applies to the other future extensions of the business.

How to know whether the company is registered?

You can check the Company Registry where you will find a list of the number of companies that have incorporated in Hong Kong. For further clarification, you can visit a bank and try to open a bank account under the name of your newly-registered company. If the bank is willing to create an account, it means your company is registered.  It generally requires 16 working days for the name to be included in the list of Company Registry.

Find a business consultant that will help you in your company set up Hong Kong. These consultancies have all the experience and the technical knowhow required for such tasks. They can help you in every step of your business incorporation and make it come alive in the shortest time possible.

An introduction to shelf companies incorporation in Hong Kong

For investors who do not wish to waste time on going for unique brand names or business logos and immediately want to continue the operation of their venture, shelf company is the best choice. Shelf companies are ready made companies that are created, but haven’t been used for conducting any kind of operation. They can be used by any entrepreneur who wants to kickstart a venture without getting involved in the complexities of registration. 

Some characteristics of a shelf company are:

1.       It is a complete and registered company with a certificate of incorporation, stock certificate, seal, and other legal documents required by the law.

2.       It doesn’t have the record of any business activity

3.       The number of directors that can be appointed for this kind of company is 1-50

4.       The name of a shelf company is changeable too. Entrepreneurs can apply for a new name and check for its availability with the Companies house

A shelf company is one of the easiest ways of starting a business in Hong Kong. You can easily go for the Ready Made HK Companies list and select the name that best suits the type of activities that will be carried out by your business. There are various other countries in the world that follow this method of company incorporation. Companies like Singapore, Unites States of America, Cayman Island, etc., has this kind of arrangement too. 

Go for a shelf company and start doing your business in no time. The best way to do it is via a business consultant. You can specify your details and they will find the best readymade company for your business. With their help, you can continue with your operations in a highly smoother fashion. They will be of great help in the smooth running of the business as well as its day-to-day affairs.

Choosing a trademark for you Hong Kong Company? Avoid these marks

A trademark is a unique logo, symbol, mark, or design that represents a brand or a company. Every company has its own unique trademark and uses it for all their business dealings in day-to-day transactions. The trademark is in fact an alternative identification that gives people the idea of which company acts behind it. If you are in Hong Kong and are going to incorporate a company, you can easily register a trademark for it. However, there are certain limitations when you are choosing the marks.

Here are the marks that shouldn’t be used as a trademark for your organization:

·         Marks identical to name, flag, national emblem, medal of a country, etc.

·         Marks that represent racial discrimination

·         Marks identical to the name or emblem of some other organization

·         Marks that relate the generic name, term, or type of product, for instance, sunglasses, battery, etc.

·         Marks of fraud and high sounding publicity

·         Marks that are similar to the hallmark that indicates the implementation of control and security

·         Marks that directly relate to the raw materials, purpose, function, weight, and other different features of the product

·         Marks similar to the sign of Red Cross or Red Crescent

Make sure that you are very careful while performing the task of your trademark registration. You can take recommendations from the other companies that have their names and trademark on the Hong Kong Company Registry. 

There are business consultancies that can help you greatly in this area. They will guide you in choosing or designing the best logo for your brand. They will discuss all the limitations and important information that needs to be followed while designing the brand logo. Take their help and make your trademark unique and amazing as it will represent your entire organization in every field of business.

An introduction to limited company formation in Hong Kong

A limited company is one of the most common and widely incorporated types of company in the world. A limited company is a business structure that provides limited liability to its owners in different jurisdictions. This is basically a legal form of a company that combines the limited liability of a corporation with the pass-through taxation of the owner, which can be a sole proprietorship or partnership.

In Hong Kong, Limited Liability Company or LLC is the most commonly incorporated type of company. Almost anybody can incorporate HK Company by following the right process. For a limited company formation, one has to fulfill the following necessary requirements:

The HK Company requires at least one shareholder and one director. Both can be the same person

1.       The corporation service company must have a company secretary that will be a permanent resident of Hong Kong with an authorized address

2.       The company must be in a certified location so that it will bear a complete and detailed address

3.       In this type of Hong Kong company incorporation, the company shareholders will have limited liability and foreign ownership will be allowed.

 Entrepreneurs also have the option of choosing a Hong Kong Offshore company. The structure of this business is comparatively similar to an HK limited company, but all the operations are conducted outside Hong Kong. Having this type of business exempts the business owners from paying taxes as incomes sourced outside the jurisdiction of Hong Kong is non-taxable.

Make your HK company formation a cakewalk by going for a business consultant. These are sources that have a well-known reputation in the country and among all the other business operating within it. They can easily help you in the formulation the type of company you are interested in without getting involved in the complexities.