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Set Up a Company in Hong Kong with a Bank Account in Monaco

Offshore company registration in Hong Kong and opening of an account for it in Monaco is a natural choice when all the tiniest details of doing business really matter. In other words, you do not have to choose between security, reliability, predictability, advantageous conditions, reasonable costs, high reputation and low risk of failure.

Offshore company registration in Hong Kong and opening of an account for it in Monaco is a great opportunity to start your offshore business promptly and efficiently within the shortest possible time.

Account in Monaco

Modern Hong Kong

Hong Kong of the 21st century is one of the world financial centers, a meeting point of business interests of the West and the East. It is an offshore (strictly speaking, a midshore) paradise for the global economy, a country where doing business is encouraged at the government’s level.

Offshore company registration in Hong Kong is an example of how the jurisdiction has made a giant step in its development, becoming the most important center of offshore business. Hong Kong offers perfect corporate regulations, financial and political stability, high level of security, well-developed business infrastructure and the opportunity to do business with the lowest risks.

The main advantage of setting up an offshore company in Hong Kong is its flexible tax system. The country doesn’t have an inconvenient status of a classic offshore. This means that doing business here, you will not have to face the restrictions that are typical of purely offshore jurisdictions.

Company registration in Hong Kong involves many formalities and requirements. Opening of a corporate (and especially personal) account here is rather complicated. Taxes in Hong Kong are relatively low. There are special privileges for newly-established companies. Yet one cannot call Hong Kong a classic offshore.

But if you think about it, offshore havens have become different lately. Thanks to the efforts of international financial institutions, classic offshore jurisdictions still allow doing efficient business, but they no longer can be used for tax optimization. 

Modern Hong Kong is quite another matter. A legally incorporated offshore company means authorized tax discounts, prestige, transparent business conditions, and extremely low risks. Therefore, if your main purpose for setting up a company is business expansion, Hong Kong will suit you much more than any classical offshore jurisdiction.

Accordingly, operating a Hong Kong company will ensure the reduction of tax burden for your international tax planning and maintain its prestige. In Hong Kong, no taxes are imposed when the company is doing business outside the administrative region, and there are no direct and indirect tax obligations. Thanks to the simple tax system for non-resident Hong Kong companies, they can be used in integrated solutions for offshore business development and capital protection.

Another promising aspect of doing business in Hong Kong is direct access to China and all of Southeast Asia. Offshore companies often use the jurisdiction as a springboard into the Middle Kingdom economy. Hong Kong is often referred to as the land gateway to China, and this offers enormous advantages for business with the PRC.

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Register an Offshore Company in Hong Kong. Basic Steps

Thanks to the efforts of certain so-called experts, the incorporation procedure has become surrounded by many myths, and the real state of affairs has become blurred and unclear. In fact, formation of a business (an offshore company or any other) in Hong Kong is the most transparent, but most likely you will not cope with the task at hand. Those very little savings, if any, will turn into big issues when you try to start your business. Our experts are ready to assist you in the matter and make your company registration as smooth as it can be.

Here is the basic set of documents for company registration in Hong Kong (all documents except for the first one are part of the registration form):

  • Articles of Association of an offshore company. These documents clearly define the regulations of the company. For example, they show how various tasks will be performed, such as processing financial reports and appointing directors in the company.
  • The name of the company in Hong Kong.
  • The registered address of the company in Hong Kong.
  • Description of the company’s operations in Hong Kong.
  • Details of the company’s directors, shareholders and secretary.
  • Responsibility of the company directors.
  • Authorized capital.

Please pay special attention to the aspects below when planning to register an offshore company in Hong Kong:

  • If your company has non-resident directors and/or shareholders, make sure to provide copies of their passports and proof of residency in their countries.
  • In the case of local directors and/or shareholders, you need to provide copies of their identity cards.
  • In the case of corporate shareholders, you need to provide a copy of the company registration for the parent company.

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Important Note. All documents must be in English only, and translated ones need to be notarized.

Basic requirements for incorporating an offshore limited liability company in Hong Kong:

  • Any person or organization is allowed to register a company in Hong Kong.
  • The company requires at least one shareholder and one director (over 18 years of age, their residency is not important). It is possible to combine these positions by a single person.
  • There are no minimum share capital requirements for incorporation of an offshore company. However, experience shows that the minimum registered capital is about 10 thousand HKD.
  • Registered office is a must. But we believe that full-fledged offshore business requires something more than that. So it’s best to think about setting up a company with an actual presence in Hong Kong. All other options for company registration should be considered temporary.
  • You will need a company secretary (Hong Kong resident). If you prefer to use a legal entity as a secretary, it needs to have an office in Hong Kong.
  • The offshore company in Hong Kong needs to have a designated representative (DR). This legal entity or natural person will be responsible for reporting to the local authorities and compliance with the requirements of SCR (Significant Controllers Register).

How Much Does It Cost to Set Up a Company in Hong Kong and Maintain It?

The figures we give below are up to date at the time of publication of this article. They do not take into account the risks related to the actual implementation of your project. It may require extra costs which happens from time to time in Hong Kong.

Factors that can make the whole procedure more expensive and lengthy:

  • Complex company structure.
  • Signs that doing business is not the main purpose of setting up an offshore company in Hong Kong.
  • Key persons of the company are nationals/tax residents of the countries from the sanctions list.

List of basic services for an offshore company registration in Hong Kong:

  • Company registration in Hong Kong (payment of government fees, preparation of documents and seals are included) is 1,200 USD.
  • Services of a registered secretary (they will also be receiving and sending letters in/from Hong Kong. Logistics services to be paid extra) are 350 USD per year.
  • Registered (legal) address of the offshore company in Hong Kong is 350 USD per year.
  • Making an entry in the significant controllers register is 350 USD.
  • A representative for keeping and updating the significant controllers register is 390 USD per year.

Government fees and mandatory services one year after the offshore company incorporation in Hong Kong (business renewal services):

  • Renewal of the offshore company business license is 300 USD.
  • Submission of the annual report on the company’s corporate structure in Hong Kong is 235 USD.
  • Services of a registered company secretary is 350 USD per year.
  • Registered (legal) address is 350 USD per year.
  • Services of a representative for keeping and updating the significant controllers register is 390 USD per year.

Open a Corporate Bank Account in Monaco

Few jurisdictions in the Old World have an impeccable reputation when it comes to working with offshore clients. This does not mean that companies from low-tax / tax-free jurisdictions are not welcome at all, but finding a reputable and respectable bank that would want to see an offshore company as a client is not easy.

In this respect, our partner bank in Monaco can be called a rare exception. Our experience shows that the registration of an offshore company in Hong Kong and opening of a corporate account are quite compatible. Yet this does not mean that the preparation of the documents can be handled carelessly. The risk of rejection in case of possible issues with the documents still remains rather high, so we advise you to prepare for the pre-planning stage as meticulously as possible.

Basic set of documents for opening a corporate account in Monaco for an offshore company submitted by natural persons:

  • Passport copy (copy of other identification document which must include the pages with the signature and photo).
  • Proof of residency. This should include copies of utility bills, or bank statements (credit cards).

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Important note. Your utility bills should not exceed 2 months  by the time you submit the set of documents for registration. They need to be translated into English, certified by a notary and clearly reflect the address of residence of a particular individual.

  • Curriculum vitae of the future Monaco account holder.
  • The purpose of opening an account in Monaco, the intended operations.
  • Confirmation of the source of funds.
  • Completed bank application forms for a corporate account in Monaco with all the relevant signatures.
  • Special FATCA form.

Basic set of corporate documents for opening a corporate account in Monaco for an offshore company:

  • Certificate of Incorporation.
  • Memorandum and Articles of Association.
  • A document appointing the company manager (appointment of directors, power of attorney or other document).
  • Certificate of Good Standing if the company was registered more than a year ago.

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Important note. All documents must be made in English or translated into English. In the latter case, the corporate documents need to be notarized and apostilled.

If you are the only natural person to sign the bank account application form, and you are also the only beneficial owner, you will only need a set of documents for the natural person.

Offshore Company Registration in Hong Kong and Corporate Bank Account in Monaco. How Does It Work?

As we have already found out, it is very difficult to cope with the task at hand on your own (or with the so-called help of dubious firms with no experience). But even if by some miracle the venture succeeds, you will hardly be able to conduct actual business using your newly-established offshore company in Hong Kong. Therefore it is highly recommended to stick to the best plan of action that has proved its soundness in practice.

The best way to order registration of an offshore company in Hong Kong and opening of a corporate account for it in Monaco:

  • Send a message of inquiry to Offshore Pro Group at [email protected], or use alternative channels of communication.
  • Explain your situation to our experts. Try to mention all the details, so we can analyze your case as impartially as possible.
  • If we see that your project is feasible, and you are satisfied with our terms and conditions and prices, you will need to pay the invoice (payment options), 3,999 EUR for the basic option.

After that you will only need to prepare a set of documents from your side, send them to us and wait a little bit. But if you want to  supervise every stage of the offshore company registration in Hong Kong and the opening of a corporate account in Monaco in person, you will have this opportunity.

When your project is completed, we will send you a set of corporate documents by courier service to your specified address. Should you wish so, you can pick them up yourself in Hong Kong.

No more worries, anxiety and concerns. You can start your actual business in Hong Kong using a successfully registered offshore company with a corporate account in Monaco. You will have all the required documents.

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