Newsletter: In response to the government ’s announcement on April 28 that public services will be resumed in stages from May 4, the Hong Kong Companies Registry has resumed normal services from May 4.
Hello everyone, I am the Hong Kong databasesets administrator. Today I will introduce the difference between companies registered in Hong Kong and China Mainland from six aspects: company name, registered capital amount, and business scope, etc.
Companies registered in Hong Kong are more free to choose their names, and they can choose to use more general words such as "group", "holding", "industrial", and "international" (of course it is more convenient to open an account without these words), and are not subject to registration Restrictions on the amount of capital, or duplication of names with others (for specific duplication rules, please refer to the relevant issues of Hong Kong company names). The name of the company registered in the China Mainland must be regional + industry + limited company, and if you need to use more atmospheric words, the company size must also meet the requirements.
Difference in Registered Capital:
There is no minimum capital requirement for the amount of registered capital in Hong Kong, the funds need not be in place and no capital verification is required, the company's share capital can be at least one share, such as: BIG CAKE GROUP LIMITED, FIRST SIGHT IMPORT & EXPORT CO., LIMITED, of course, there are more registered capital, Such as: AVIC GONGLI INTELLIGENT MACHINERY INT'L LIMITED（HKD 20,000,000）, Kunshan Technology Investment (HK) Limited（EUR 556,000,000）, this is not limited. In China Mainland, different industries require different amounts of capital, and the amount of capital must be in place and must be verified by relevant institutions.
Hong Kong companies are basically unlimited, and there is no mandatory requirement to display on their business registration certificates. Of course, your business registration must be completed within one month after the company registration. China Mainland have restrictions on certain industries, and registered companies must list their business scope on their business licenses.
Hong Kong companies do not need to actually rent office addresses, they can name other office buildings, and they can use Hong Kong virtual offices. As we have seen, Hong Kong Juhui Wealth Group Limited, its registered address is Rm. 1002, Easey Comm. Bldg., 253-261 Hennessy Road, Wanchai, Hong Kong, and its current secretary, HONG KONG ZHUOXIN ACCOUNTANTS & SECRETARIES LIMITED, is also registered at Rm. 1002, Easey Comm. Bldg., 253-261 Hennessy Road, Wanchai, Hong Kong, that's the reason. In China Mainland, the actual address must be leased.
Foreign Exchange Control:
Hong Kong's foreign exchange is free to enter and exit. Foreign exchange in China Mainland is regulated.
You only need to declare tax once a year, and the accounting time for the first tax declaration of a newly established company can be up to 18 months. Of course, if there is an overdue, there will be a corresponding punishment. The first overdue penalty is 1200HKD, the second overdue penalty is 3000HKD, failure to file a tax return for many years will result in a fine of more than 5000HKD and a maximum prison term of 6 months. In China Mainland, taxation is generally reported on a monthly or quarterly basis.