The Ministry of Corporate Affairs (MCA) vide Notification dated 27.7.2016, The Companies (Incor...
Bank account opening in Hong Kong is either via VC or in-person interview with the concerned bank.
Hong Kong is one of the most dynamic cities in the world which has opened its gates for majorly all the countries in order to expand its operations here. For Company Registration in Hong Kong for setting up a new business; Hong Kong is one of the most vibrant and dynamic cities in the world and a place where the East meets the West. There’s also a friendly expat community, making socializing an easy and pleasant experience.
However, opening a Bank Account in Hong Kong is easy said than done. The process is especially simple for EU, American and Australian passport holders; who can open an account almost immediately. For other nationalities, the process can take up to 2 weeks to complete.
The process is much simpler if one has credit stability & worthiness in the home country. Your local branch in your home country will help you complete the necessary paperwork and send everything to the Hong Kong branch. It is needed to be done at least 30 days before the departure.
Central Hong Kong, Mid-Levels, and Discovery Bay are all popular areas with expats, so it’s a good idea to choose a branch around there. Staff is accustomed to dealing with international customers, will be more proficient in English and have a better understanding of your needs.
E.g.: On can choose to open Bank Accounts in the following Banks i.e. HSBC, Hang Seng, Bank of China, Citi Bank, Standard Chartered.
Hong Kong Taxation regime requires various adjustments to be made to accounting profit in order to arrive at taxable profits, and these are usually reflected in a separate tax computation which accompanies the tax return. Non-taxable items include capital gains, offshore profits, bank deposit interest, and dividends. However, inter-company interest paid overseas is often disallowable except when the Hong Kong taxpayer is in intra-group financing operations and certain conditions are met.
Tax depreciation for fixed assets is allowed at prescribed rates, including a 100% first-year write-off for computer and manufacturing equipment, environment-friendly vehicles as well as certain environmental protection facilities. Acquisition costs for certain intellectual property rights are also deductible. Losses cannot be offset against the profits of other members of a group of companies.
Profits tax is payable by every company carrying on a trade, profession or business in Hong Kong on profits arising in or derived from Hong Kong from that trade, profession or business. Profits which have a foreign source (often termed “offshore profits”) are thus generally beyond the territorial scope of Hong Kong’s taxation system, including those derived by locally incorporated companies.
A year of assessment runs from 1 April to 31 March. The assessable profits for each year of assessment are computed by adjusting the accounting profit or loss for the financial year ending within that year of assessment according to tax law and regulations. The month in which the accounting period ends generally determines the deadline by which the company must file its tax return and accurate financial statements for each year of assessment.
It has also entered into various CDTA’s & Double Taxation Avoidance Agreements with a large number of countries in order to boost its international presence & be a financial exchequer for all sorts of foreign income repatriation or remittance.