Choquette & Company Accounting Group Inc.

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Client Benefits

Established in 1986.
Evening/weekends
On-Site appointments.

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Financial Tip's
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General Information - Incorporation Information

General Information

Geography

  • Area: 415 square miles (1062 square kilometers)
  • Location: At the mouth of the Zhu Jiang in Southeast China, 90 miles (144 kilometers) South of Canton.
  • Neighbors: Southeast coast of China
  • Topography: A large number of islands, Hong Kong Island, Kowloon, the New Territories, as well as 235 small islands.
  • Capital: Hong Kong

People

  • Population: 6,400,000
  • Principal languages: Chinese Cantonese (official, used in industry and domestic trade) and English (official, used in commercial and political context)
  • Literacy: 98% (1995 est.)

Political Structure

  • Government Type: Special Administrative Region of China under the Joint Declaration Agreement of 1985 between the British and Chinese Governments
  • Head of Government: Chief Executive
  • Legal System: Common Law based on English Common Law
  • Political Stability: Good

Economy

  • Major Industries: Trade, banking, textiles, apparel, tourism
  • Currency: Hong Kong Dollar (HK$7.80 = US$1.00)
  • Exchange Control: None

Infrastructure

  • Transportation
    • The port facilities are the most modern in the world. Victoria Harbor is recognized internationally as one of the world’s great transshipment port.
    • The airport is served by most international airlines.
  • Communications
    • Telecommunication systems in Hong Kong are excellent, enabling international direct dialing to over 200 centers.

Defense

  • China is responsible for Hong Kong’s defense.

Incorporation Information

General Information
Company LawCompanies Ordinance, Cap. 32
Type of CompanyPrivate Company limited by shares
Language of Legislation and Corporate DocumentsEnglish, but Chinese characters may be added, if desired
Taxation of Foreign ProfitsNil
Exchange ControlsNone
Length of Time to IncorporateApproximately two weeks
Shelf Companies AvailableYes
Corporate Names
Name RestrictionsNames identical, similar or offensive words
Endings and Abbreviations Required"Limited" word must be used completely
Length of Time to Verify Name AvailabilityOne working day
Reservation of Names PermittedYes
Language of NameEnglish, but Chinese characters may be added, if desired
Name of Banks, Insurance, Investment Fund, Trust Company or their equivalents requiring consent or licenseYes
Capital and Shareholders
Minimum Number of ShareholdersTwo
Local Shareholders RequiredNo
Corporate Shareholders PermittedYes
Disclosure of ShareholdersNo
Minimum Authorized Capital RequiredHK$1,000 (US$129)
Bearer Shares PermittedNo
Registered Shares PermittedYes
No Par Value Shares PermittedNo
Directors and Officers
Minimum Number of DirectorsTwo
Qualifications of DirectorsLegal age
Officers RequiredCompany Secretary
Corporate Directors/Officers PermittedYes
Local Directors/Officers PermittedNo
Appointment of Subsequent Directors/OfficersMemorandum and Articles of Incorporation
Meetings
Annual General Meeting of Shareholders RequiredYes
Annual General Meeting of Directors RequiredYes
Location of Directors and Shareholders MeetingsAnywhere
Adoption by Consent PermittedYes
Quorum required for purposes of meetingsMemorandum and Articles of Incorporation
Local Requirements
Qualified Registered Office/AgentYes
Government Register of ShareholdersYes
Government Register of Directors/OfficersYes
Government Register of ChargesYes
Register of Directors/Officers to be kept at Registered OfficeYes
Company Seal RequiredYes
Copy of Minutes to be kept at Registered OfficeYes
Copy of Share Register to be kept at Registered OfficeYes
Annual Requirements
Minimum Annual License Fee or Franchise TaxHK$2,250 (US$300)
Annual License Fee or Franchise Tax Due DateJune 30th
Applicable Surcharges10%
Requirement to File Annual ReturnsYes
Requirement to Submit Annual Audited AccountsYes
Other Relevant Information
Member of Apostille of the Hague ConventionNo
Increase or Reduction of CapitalShareholder’s resolution
Redomiciliation ProhibitedNo
Reinstatement at RegistryYes
Removal from RegistryStriking off, voluntary liquidation; creditors liquidation, winding up by Court

 

 

 

Hong Kong

Contact Information

Telephone: 604.463.8202
Clicking on the above telephone number will allow connection via your Skype service.
Toll-Free: 1.800.667.9254
Facsimile: 604.463.8210
▪Toll-Free fx: 1.888.242.8210


E-Mail Link
▪10662-240A Street
Maple Ridge, BC Canada
V2W 2B1
Map & Directions
We are available to meet with our clients during the day, evening or weekend. This appointment can be at our location or yours.



Copyright 2004-2006 Choquette & Company Accounting Group Incorporated.  All rights reserved.
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Last updated: Tuesday, 23. October 2007 12:07:53 PM -0700

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