How many times I’ll need to fly to HK to get it done?

• With our team’s pre-arrangement, in just 1 trip, 1 working day you can collect your company kit (green box) and attend bank meeting, which can be made at our Centre or nearby branch so you don’t need to run around the city and queue up at your preferred bank.
• Due to the full schedule, most banks in HK require to make the bookings 1 month in advance. Thus it is suggested to form the company first for us to help you make the bank appointments right after; and when details are confirmed, you can book the flight to attend the bank meeting and pick up your company kit on the same day.
• Or, if a HK bank account is not needed at this point, all your business registration steps can be finished with us online in 2 - 10 days without actual presence in HK. You can take a flight to HK until you require one.

What are HK’s corporate & personal tax rates?

• From 2008/09 onwards, the profits tax rate in HK is 16.5% for companies and 15% for unincorporated businesses, which is among the lowest in the world as an advanced city.
• As proposed in 2017 Policy Address, profits tax rate for the first $2 million of profits will be lowered from 16.5% to 8.25% (lowered HALF), and standard tax rate at 16.5% will be kept for profits exceeding that amount. This new tax system, targeted to be implemented from Apr 2018, is believed to provide huge TAX RELIEF to start-ups and SMEs in HK. More about New Taxation Measures: bit.ly/2xvHY2l
• From 2009/10 onwards, the salaries tax rate in HK is 15% as a standard rate (with personal allowances and deduction applied).

Do I need to be present in Hong Kong for bank account opening?

• The director(s) and shareholder(s) of the company are required to be physically present in HK to meet up with the banker. Read the recent blog here for more HK bank account opening tips.
• Some innovative online platforms like Currenxie and Statrys offer multi-currency accounts for companies to settle transactions with conventional banks globally, which can be applied online without physical presence. Read the recent blog here to understand these alternative solutions to traditional banking. 

Other offshore jurisdictions can be considered?

• Besides of HK, you may consider Singapore, Seychelles, BVI, Marshall Islands, Cayman Islands, etc. as your offshore company’s jurisdiction, and open a HK bank account here with these entities (the account opening criteria could be different case by case). 
• If you're not sure which jurisdiction to pick, like Hong Kong vs. Singapore, click here or Seychelles vs. BVI, read our top tips article here to learn more before decision. 
• Here is a clear table summarising HK and offshore companies’ various aspects such as reputation standing, taxation, privacy protection, etc. for your easy comparison too. Don’t miss out!