STRUCTURE A private limited company must have at least: 1 Shareholder (natural person/ corporate/ HK resident/ non-HK resident); 1 Director (at least 1 natural person over 18 years old); a Company Secretary (must be a HK resident or HK company); and a Registered Office (must be based in HK) Any natural person or legal entity [...]
In Hong Kong, the minimum compliance requirements from Employers' perspective are:1) Complying with Hong Kong Employment Ordinance2) Fulfilling minimum wage requirement (HK$37.5 per hour since 1 May 2019)3) Contributing Mandatory Provident Funds (MPF) for employees4) Taking out Employees Compensation Insurance5) Issuing Payslips to employees6) Filing Employer's Returns to the tax authority7) Keeping proper payroll recordsAgendaCorp [...]
REST DAYS An employee employed under a continuous contract is entitled to not less than 1 rest day in every period of 7 days. STATUTORY HOLIDAYS An employee, irrespective of his length of service, is entitled to the following statutory holidays: 1) the 1st January 2) Lunar New Year's Day 3) the second day of [...]
Employee and Employer Employees and employers who are covered by the MPF System are each required to make regular mandatory contributions calculated at 5% of the employee’s relevant income to an MPF scheme, subject to the minimum and maximum relevant income levels. For a monthly-paid employee, the minimum and maximum relevant income levels are $7,100 [...]
Hong Kong Companies can be both limited liability companies as well as unlimited companies. Investors, however, rarely opt for an unlimited company. Private Limited Company This is the most common form of companies chosen by investors running small & medium sized business.  A company limited by shares has a share capital which is divided into a [...]
There are 3 main types of Hong Kong entities: Limited Company A Limited Company is the most commonly-used company type. This is a company which is incorporated in Hong Kong, which means that the owner can take advantage of all the tax benefits and concessions available to any fully incorporated business, including the Closer Economic [...]
No. Since the new HK Companies Ordinance becoming effective on 3 March 2014, it is now optional for HK companies to adopt a common seal or not. A common seal is a bulky steel chop and was used mainly for chopping share certificates. Under the new HK Companies Ordinance (since 3 March 2014), directors' signatures [...]
Can a limited company be incorporated without the word "Limited Company" or "Limited" in its name? No. A Limited Company incorporated in Hong Kong shall have its name with the words "Limited Company" or "Limited" in order to indicate that shareholders shall bear limited liability for future obligation. Can simplified Chinese characters be used in [...]
Hong Kong Companies Ordinance (i.e. Hong Kong law) and the Articles of the Hong Kong company (i.e. the Constitution of the company, amendable by shareholders in a general meeting) govern how a Hong Kong should be operated and maintained. Since 3 March 2014, the Hong Kong Companies Ordinance has been modernized and revised significantly. The [...]
The concept of "authorised share capital" and "issued share capital" have been abolished since the new HK Companies Ordinance becoming effective on 3 March 2014. Instead, the share capital is "fully paid", "partly paid" or "unpaid". There is no requirement on the minimum amount of a company's paid-up capital under the Companies Ordinance. Although there [...]