Incorporate a Company in Hong Kong and Open an Account with Caye International Bank (Belize)

Registration of an offshore company in Hong Kong and opening a corporate account with Caye International Bank (CIB) of Belize is a great duo for those of our readers who are interested in the potential opportunities of a particular service, not only its cost. In other words, if the balance of characteristics is more important for you than individual parameters (cost, terms, conditions, special cases, etc.), incorporation of an offshore business in Hong Kong and opening a corporate account with Caye International Bank in Belize is an option that should be considered first.

Why Hong Kong?

There are many countries where you can register an offshore company to conduct real business. These are tax-free jurisdictions, midshores, as well as classic onshores provided that the current corporate law allows for some preferences for individual territories.

Why do we recommend Hong Kong as a good place to register an offshore company and do business? Others would typically mention the status of Hong Kong (one of the largest financial centers in Asia) or its favorable business legislation, but we decided to focus on the benefits that will be important for real business. The incorporation of an offshore company in Hong Kong is an extremely important step and many readers have been preparing to make it for many months, and they are unlikely to be interested in general phrases. So, let’s concentrate on practical things.

Arguments in favor of Hong Kong:

• There are almost no restrictions on the type of business to choose. In some cases, additional permits and/or licenses will be required to register an offshore company.
• Territorial principle of taxation. As a result, if an offshore company in Hong Kong earns profits outside Hong Kong, it is exempt from corporate tax.
• Tax rates are low, and new companies can take advantage of significant discounts and preferences.
• An offshore company in Hong Kong does not pay dividend tax, capital gains tax, sales tax or value added tax.
• There are no indirect taxes.
• Extremely high reputation. Thanks to this, you can theoretically open a corporate account for an offshore company in Hong Kong with a bank under almost any jurisdiction. In practice, you may face problems if the bank sees any indication of a high-risk business, confusing organizational scheme, sanctions lists, or signs that no real business is conducted and the structure was registered for aggressive tax optimization.
• No currency control.
• Absence of restrictions on the movement of income and capital, as well as foreign investment.
• Simplified procedure for offshore company registration in Hong Kong (and this is really easy if your interests are represented by our experts). Opening a corporate account with a bank is a more difficult and riskier project – but only if you decide to do it by yourself.
• You can register an offshore company in Hong Kong using just one person (who will be a shareholder and director at the same time).
• Absence of requirements for mandatory payment of the authorized capital.
• Prestige, reliability and stability of jurisdiction.
• Registration of an offshore company in Hong Kong is possible on a completely remote basis.
• Nominee service is allowed. It is impossible to ensure complete confidentiality when you register an offshore company in Hong Kong (opening a corporate account for an anonymous business is impossible in principle), but a sufficient level of protection will surely be provided to you.

Requirements for Offshore Company Incorporation in Hong Kong

The success of incorporating a business in Hong Kong relies on two components: you fully meet all organizational requirements and collect a complete package of documents. Errors are, unfortunately, quite frequent if you decide to venture on your own without third-party qualified assistance, so we strongly recommend not to save on hiring an expert. The do-it-yourself option often brings about the expenses whose amount is far beyond an expert’s fee.

The main organizational requirements for incorporating a business in Hong Kong are:

• Name. Choose a name that does not violate other people’s intellectual property rights. It should be original and compliant with restrictions on words/expressions that exist under Hong Kong legislation. We recommend that you prepare several alternatives (if the main one is blocked/rejected).
• Director. At least 1 person (a natural person or a legal entity), resident or non-resident. You can also use nominee services.
• Shareholders. At least 1 person (a natural person or a legal entity), resident or non-resident. You can also use nominee services. A foreigner can own 100% of the shares. A shareholder can also be a director.
• Secretary. The position is mandatory, and it can be held by a natural person or a legal entity who has a TCSP license (this is mandatory!). A sole director/shareholder cannot be a secretary at the same time.
• The registered office. The local commercial address is the only option used (the mailbox format is prohibited).
• The share capital. It should be deposited in the company’s account (there are no restrictions on the amount). Mind that bearer shares are not allowed.

Documents required to register an offshore company in Hong Kong (* – copy):

• Articles of Association*
• Registration form (see below)
• Non-resident shareholders and directors should provide a passport*
• Resident shareholders and directors can provide a Hong Kong ID* and documentary proof of the actual residence address*
• Corporate shareholders and directors should provide registration documents of the parent company (legal entity)*

Information to be specified in the registration form:

• Name of the offshore company
• Registered address
• Brief description of the business
• Details of the shareholders, directors and secretary of the offshore company in Hong Kong
• Liability of members
• Share capital (data at registration)
• Number of shares provided to subscribers

The Cost of Incorporating an Offshore Company in Hong Kong

The data we provide below refers to a more or less standard case (where no further legal action is required). If there are circumstances that require additional steps or an extended package of services, our experts will immediately contact you and discuss the situation.

Costs of incorporating an offshore company in Hong Kong, standard case (from USD 2,640):

• Company registration in Hong Kong (+all state fees, +execution of documents) – USD 1,200
• Registered secretary – USD 350 per year
• Registered (legal) address – USD 350 per year
• Significant Controllers Register – USD 350
• A representative authorized to keep and update the Significant Controllers Register – USD 390 per year

Annual costs for business renewal (USD 1,625):

• The state fee for the company license renewal is USD 300.
• Submission of the annual report on the company’s corporate structure – USD 235
• Registered secretary of the company – USD 350 (per year)
• Legal (registered) address – USD 350 per year
• A representative authorized to keep and update the Significant Controllers Register – USD 390 per year

Opening a Corporate Account for a Company in Hong Kong with Caye International Bank (Belize)

A reliable financial partner for offshore business is a critical condition whose importance is difficult to overestimate. There are not so many noteworthy options that we could recommend without reservation, but opening a corporate account with Caye International Bank of Belize is one of them.

Belize is a small country with an area of only 23,000 square kilometers. In addition to the mainland, the country also owns approximately 200 islands which attract tourists with their impressive coral reefs. There are approximately 308,000 people living in Belize. Most of them are Spanish, but there are also other ethnic groups. English is the official language in this country, but Creole and Spanish are often spoken, too.

The main advantages of Belize as an offshore financial/business center:

• Flexible trust law
• Low cost of incorporating companies/opening accounts with banks in Belize
• Exemption from taxes (subject to a number of conditions)
• Exceptional level of protection for assets held in the Belize Trust

The incorporation of an offshore company in Belize is an extremely interesting option, but it is hard to call it a universal solution. The main reason for that is the status of a tax-free territory, which is a disadvantage these days if you are running a real business. But opening a corporate account with a bank of Belize (Caye International Bank or any other) is an offer that is really too good to pass up.

A corporate account with Caye International Bank in Belize – basic rates and conditions:

• Opening an account, the basic option (the real cost of opening a corporate account for a company in Hong Kong will be significantly higher) – USD 450
• The minimum amount for opening a deposit is USD 500
• The monthly account maintenance fee is USD 12.5
• Online banking is free of charge
• Check cashing costs USD 0.25
• A duplicate statement costs USD 5
• Intra-bank transfer – USD 5
• International incoming payment – USD 10
• International outgoing payment – USD 100

Documents required to open a corporate account with Caye International Bank of Belize (beneficial owners, signatories, directors, nominees, officers of an offshore company):

• Completed, printed and signed bank forms required to open a corporate account with CIB
• A notarized color copy of a foreign passport or other acceptable ID (pages with a photo and signature)
• A notarized copy of proof of residential address (utility bill)

• A letter of recommendation from the bank on professional relations lasting at least a year
• A letter of recommendation from an expert (lawyer, notary, etc.) on professional relations lasting at least a year
• A notarized copy of the share certificate (if the offshore company in Hong Kong has registered shares), and Deed of Trust if the company has a corporate shareholder(s)
• A notarized power of attorney giving the right to open and manage a corporate account
• A notarized copy of the Minutes of the General Meeting and the Articles of Association of an offshore company in Hong Kong
• A notarized copy of the company’s Certificate of Incorporation
• A notarized copy of the Certificate of Good Standing (if the offshore company has been operating in Hong Kong for more than 1 year)
• A notarized copy of the company’s Memorandum and Articles of Association / Bylaws / Operating Agreement
• Certificate of Shareholders/Subscribers
• Description of the company’s business (turnovers, partners, regions of work, a system of mutual settlements, the scheme of work, etc.)

Procedure for Offshore Company Registration in Hong Kong and the Opening of a Corporate Account with Caye International Bank of Belize

Let’s talk a little about how the comprehensive service of business registration in Hong Kong and opening an account with CIB is actually carried out. Given the fact that Hong Kong actively supports new companies and Belize is considered the “last stronghold” of offshore banking, you might think that the service is easy to provide.

On the whole, this is true if you rely on our experts’ support. But it does not mean that you will automatically get an offshore company registered in Hong Kong and an account opened with the Bank of Belize. The stage of preliminary planning and preparation of documents should be given as much attention as possible, otherwise, the risk of failure at any stage will increase considerably.

Recommended procedure:

• Submission of an application letter (e-mail us to info@offshore-pro.info or use alternative communication channels).
• The first acquaintance with you, discussion of project details, an additional package of services, desired options, and your minimum requirements. This way we will prepare the case in total and set an approximate range of tasks. You will be able to ask us any questions and decide on further plans and goals (tactical and strategic ones).
• Payment for our services. If you are satisfied with our terms and conditions and we understand that we will be able to fulfill your order (to register an offshore company and open an account with Caye International Bank in Belize) in full, you will pay the invoice (options).
• Preparation of a package of documents on your part. This is the last stage whose outcome depends for the most part on the client. You will be able to ask us any questions and get additional advice, which will significantly reduce the risk of failure. Then you send the documents to us, we check them and, if everything is in order, launch the procedure of offshore company registration in Hong Kong and open an account with Caye International Bank in Belize.

Minimum package of services included in the basic price:

• Execution/verification of documents
• Government fees
• Production of seals
• Registration of an office address
• Secretary’s services
• Preparation of a package of notarized documents required to open an account with the Bank of Belize
• Sending a package of notarized documents from Hong Kong to Caye International Bank

The documents you get after successful incorporation of an offshore company in Hong Kong and opening a corporate account for it with the Bank of Belize:

• Certificate of Incorporation
• Memorandum & Articles of Association
• Business Registration Certificate
• Certificate of Shares
• Registered Office Agreement
• Form NC1 (Incorporation form with a Companies Registry mark)
• Minutes of the First Director Meeting (Resolutions on the appointment of the first director, secretary, approval of the main company seal and legal address, distribution of shares)
• Register of Members
• Register of Directors
• Set of seals

All the troubles and worries are now over. The incorporation of an offshore company in Hong Kong and the opening of a corporate account with Caye International Bank were successful. You have become the owner of a promising business in a classic midshore jurisdiction and secured the support of a respected bank. Sounds great?

If yes, please contact us at our e-mail address info@offshore-pro.info at any time to get more information and start the process of company registration and account opening.

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