Archive for the ‘English’ Category

Making an appointment to open a business bank account at HSBC

Monday, April 21st, 2008
  1. Call +852 2748 8238
  2. Select your language. Press “2″ for English
  3. Press “3″ to talk to an operator
  4. Talk to the operator:
    • Operator: “What can I help you?”
    • You: “I want to make an appointment to open a business bank account”
    • Operator: “Where do you want to open the account?”
    • You: “Causeway Bay Plaza Phase 2″
    • Operator: “What time do you want to visit the office?”
    • You: provide the appointment time. It should be between 9am - 5pm, Monday - Friday
    • Operator: “What is the entity your business?”
    • You: “Hong Kong limited company”
    • Operator: “Do you have the number of the Certificate of Incorporation?”
    • You: provide the CI number. If you don’t have one, just say “I don’t have it.”.
  5. Occasionally the operators are busy. You could leave your phone number, even an overseas phone number, and they would call you later.
  6. After making the appointment, the operator would give you an appointment number. Copy it down and present it to the receptionist when you arrive the office.

Setting up a Representative Office in China

Tuesday, March 25th, 2008

Requirements of setting up a representative office in China are as follow:

  1. A reference letter from the bank in Hong Kong confirming that the balance in the account meets the minimum balance requirement;
  2. For Hong Kong company, certification of the incorporation documents by a Chinese government recognized lawyer;
  3. a lease of an office space for the representative office in the city where you want to set up the office
  4. your resume.
  • Shenzhen: minimum balance: HKD $100,000, process time: 1-1.5 months
  • GuangZhou: minimum balance: HKD $10,000, process time: 3 months
  • JiangMen: minimum balance: HKD $100,000, process time: 30-35 working days
  • Beijing : minimum balance: HKD $100,000, process time: 35-40 working days

Regarding the new Business Registration fee

Tuesday, March 18th, 2008

The Hong Kong government has proposed to reduce the total business registration fee by HKD $2,000. If the proposal is approved by the Legislative Council (of that we are 95% certain), the new fee will be effective between April 1st 2008 to March 31 2009.

Accordingly, we will reduce our packages’ prices by HKD $2,000. Note that any shelf company incorporated before April 1st 2008 will not be benefited by the new reduced fee this year. However, the new fee will apply when the business registration is renewed next year.

If you want to enjoy the saving as soon as the new prices take effect, please provide the incorporation information to us now, and return all signed documents and make the payment on or before March 27th, and then we will submit the incorporation documents to the government on March 28th / 31st. Please note that as the whole incorporation system may be stressed out, we may not be able to meet the six-day incorporation goal.

You may want to incorporate the company now:

  • If you want to conduct business immediately;
  • If you have a good name for the company;
  • If you want to avoid potential chaos, as we expect lots of businesses at the beginning of the period.

More information about the new business registration fee can be found here: http://www.ird.gov.hk/eng/ppr/archives/08022702.htm

Note that if the proposal is rejected or if the reduction is less than the one mentioned above, the prices will remain unchanged or will be adjusted based on the reduction.

CR on Witnessing of the M&A

Wednesday, March 5th, 2008

Dear Registrar:

I purchased the book “Hong Kong Company Law 11th edition” on Saturday and have been reading it. I have a question regarding signatures witness in the memorandum.

On p. 45:

“The memorandum must be signed by each founder and if the memorandom is not in the form of an electronic record, their signatures must be witnessed. Otherwise each founder member must authenticate his signature as directed by the Registrar (s6).”

However when I go to the Laws Information System, s6:

“The memorandum shall be signed by each subscriber in the presence of a witness who shall attest the signature by signing his name and stating his occupation and address in legible form.” The section does not mention anything about “memorandum in the form of an electronic record.”

Would you give me more references (such as cases or other other sections of the ordinance or anything) that could give me more detail about “memorandum in the form of an electronic record.” and how the Registrar authenticates the signature of each founder if the memorandum is electronic (such as in the pdf format)?

Thank you.

Eric

Reply:

Dear Mr. Lee,

Section 6 of the Companies Ordinance, Chapter 32, Laws of Hong Kong has been, among other provisions, amended by the Companies (Amendment) Ordinance 2004 (Ord. No. 30 of 2004). However, the provisions relating to �}’electronic record’�} have not come into operation. The amendments shall only come into operation on a day to be appointed by the Secretary for Financial Services and the Treasury by notice published in the Gazette. Since filing of incorporation documents in electronic format has not yet been implemented, I cannot advise you on how the signature of each founder member should be authenticated at this stage.

Contents of the Companies (Amendment) Ordinance 2004 are available at the }’Services to Public’�} > �l’eGazette’ section of the Government Logistics Department website at www.gld.gov.hk.

Yours sincerely,

Registrar of Companies

The above paragraphs are reproduced with the permission of the Companies Registry. All Right Reserved.

HSBC account application interview

Thursday, February 28th, 2008

Very Important: If the company has two or more than two directors, at least two of them must be present at the bank interview.

Once you arrive the HSBC SME Centre, you should:

  • inform the receptionist of your arrival
  • give him the name of your company

then you would wait for the bank manager to meet you. When the manager is available, he would lead you to his office, and ask you for a copy of the incorporation documents

  • Notice the stack of documents fastened by a binder clip in your package that have the words “CERTIFIED TRUE COPY” on them. Give the manager the documents.
  • If you could not find the documents, you should call us, and we would immediately issue another set of certified documents to you for the purpose of account application.

Afterward, the manager would ask for your identification documents, residential proof, and business proof. He would also ask you a few questions and enter the information into the computer. At the end of the interview, he would print out some forms and ask you to sign it. After you sign the forms, the manager would submit the information to another centralized service centre for approval. If your application fulfills all the requirements, your account would be approved and activated immediately

If your application is approved, the manager would give you a banking package. Otherwise he may also give you the package without an activated account. If certain documents were missing, you could mail the manager the missing documents later after the meeting, and he would re-submit the application to the service centre for reconsideration.

Hong Kong Shelf Company FAQ

Thursday, February 28th, 2008

Could you forward the link where we could download/see the company registration status.

XXXXXXXX LIMITED is a pre-formed shelf company. Therefore, the Certificate of Incorporation is already in the package. What you need to check is who are the directors and shareholders of the company. You can check the company by going to the Companies Registry website here: Companies Registry Electronic Search Service

  1. Enter the system as an unregistered user
  2. Type in the full name of the company, and then “Search”
  3. Locate “Image Record”, click on “Go”
  4. click the button “Proceed to Document Index”
  5. select “Last 3 Years”, click “Go”
  6. The documents of interest are FSC1 Return of Allotments and FD1 Notification of First Secretary and Director
  7. Add the documents to the shopping cart
  8. Have your credit card ready, follow the direction of the site to pay and download the documents.

HSBC Causeway Bay Travel Direction

Thursday, February 28th, 2008

The HSBC Causeway Bay SME Centre (green balloon on the map) is located on the 23rd floor of the Causeway Bay Plaza Two. It takes about ten minutes to walk from our office (red balloon) to the SME Centre, or about 3 minutes from the Causeway Bay MTR station exit C (purple balloon).

The Causeway Bay Plaza Two has two sections: a commercial building and a shopping mall. The SME centre is located in the commercial building, not in the shopping mall. The entrance of the building is on the Percival Street. The service branch, where the tellers and ATM machines are located, is in the shopping mall. Be sure you enter the commercial building first. After the account application is approved, you then come down and use the ATM at the branch.

The address and travel direction of the HSBC SME Centre are shown here:

Unit 2303, 23/F, Causeway Bay Plaza Two
463-483 Lockhart Road, Causeway Bay, Hong Kong
Tel: (+852) 2572 7169


View Larger Map

Six-day Hong Kong Incorporation

Monday, February 25th, 2008

As we have already consistently completed the incorporation process (that is, registering a new company, obtaining the Business Registration, and making the company kit) within 6 working days after we receive the signed documents, therefore, we have decided to enhance our performance target to 6 working days.

Combined with our on-line automatic document generation system, which can create incorporation documents in just a few minutes, our customers will definitely have more time to do business than their competitors will - obviously an unfair advantage over the competition.

(Please note that the 6 working days performance target reflects our performance and is not a term of our service)

After bank account approval

Friday, February 1st, 2008

The following instruction is written for the bank account application at the HSBC Causeway Bay Plaza 2 SME Centre.

If you can provide sufficient residential proof and business proof, the bank will approve the application of the business bank account for your new company:

  1. The bank account and ATM card become operational immediately.
  2. The online e-banking account becomes operational in 10 days to 2 weeks

The bank representative would give you a package. The items that require your immediate attention are the ATM card envelope, and the sealed ATM card password envelope.

  1. When you are in front of the bank representative
    1. unseal the ATM card envelope
    2. sign at the back of the ATM card
    3. sign a paper and acknowledge that you have received the ATM card
    4. put the card in your wallet
  2. Put the package in your briefcase or in a bag

After that you leave the SME centre and go down stair to the ground floor. A HSBC branch is located in the same building but on the second floor of the plaza:

  1. Make a right turn after you leave the lobby of the building
  2. Locate the escalator at the corner of the building
  3. Use the escalator to move to the second floor

You will find the HSBC branch right in front of you. Enter the branch and you will notice:

  1. A group of ATMs on your right hand side
  2. A group of automatic cash and cheque deposit machines on your left hand side

You need to change the PIN of your ATM card, so

  1. Line up to use the ATM
  2. Unseal the envelope that contains the password of the card
  3. Come up with a new password

When it is your turn to use the ATM

  1. Insert the card into the machine
  2. Enter the password as indicated on the envelope
  3. Select the language as requested by the machine
  4. Locate “Other Services”, which is on the lower right hand side of the screen, and press the button next to it (not on the screen, this is no touch-screen)
  5. Locate “Change PIN”, which is on the left hand side of the screen, and press the button next to it
  6. Enter the new password
  7. The machine will ask you to confirm the new password by re-entering the new password
  8. After the password is successfully changed, take the card by pressing the red cancel button
  9. Remember to pick up the card (This is important!)

So after you have successfully changed the password, you can go home. If you want to deposit cash into the account, follow the instruction here:

  1. Remember the automatic deposit machine on your left hand side when you entered the branch? Now they are at your back.
  2. Line up to use the deposit machine
  3. Insert card
  4. The machine will not ask you for password. It will eject the card after finishing reading the card
  5. Pick up the ATM card after the machine ejects it
  6. Insert money notes into the machine. You can see a flashing light that shows you the slot that accepts money notes
  7. After you are done, print the receipt. That is.

Sometime the machine does not accept certain notes, probably because there are wrinkles on them, or they are fake. You can retry the automatic deposit by re-inserting the card and re-start the whole process again. Or you can deposit the money by going to the human teller counters.

Hong Kong Incorporation FAQ (real)

Monday, January 28th, 2008

We have complied a real FAQ for Hong Kong company registration / incorporation. The compilation will be updated frequently. Please contact us if you cannot find an answer here.

I want to Incorporating In Hong Kong, Please tell me what is the procedures, Fee & Formalities .

1.) You can start by giving the name of the company to us and we will do a name check. You can also do a preliminary name check yourself by visiting the Companies Registry web site here: http://www.icris.cr.gov.hk/csci/ and we will do the final check afterwards.

2.) Do you have a Hong Kong address at the time of incorporation? If not, then you need to use our registered address service. For HKD $1,200 per year, we will scan all mails addressed to the company under 30g. Advertisements will not be scanned.

4a.) Open an account at our secured web site and enter the information: https://www.jinetic.com/user/webserv.php?cmd=clientRegist

4b.) Alternatively, you can email the directors, shareholders, and witnessnames, passport numbers, passport issuing countries, and residential addresses, and number of shares ownership to us and we will input the information for you.

5.) Sign the documents. The signing instructions can be found here: Hong Kong Incorporation Signing Instructions

6.) Either fax or email the signed documents to us for inspection. Our contact information

7.) Return the original signed documents to us by mail. It takes about six days for the incorporation process to complete after we receive the documents. Our “cutoff” time is 3:00pm Monday to Friday.

8.) If you plan to come to Hong Kong to open a bank account, you can visit our office to pick up the package.

9.) final cost = incorporation cost + registered office service + shipping cost (if applicable)

(prices subject to change without further notice)

Does it matter how I show the name in the application matter, i.e., upper case vs. lower case?

Legally they are the same. However, for artistic reason, you may want to use uppercase / lowercase for certain characters of the name.

Can we use an American LLC to act as a director or shareholder of a Hong Kong limited company?

Yes, you can. However, if you use an American LLC to form a Hong Kong company, you cannot open a bank account in Hong Kong with the new company.

We need to set up a new company in Hong Kong immediately. In order to do that,we need to know the names available from a shelf company that we can take over. Please send us the list/link of the companies/names available immediately.

Please go to our blog entry here: http://www.jinetic.com/blog/?p=3 After you sign the transfer documents, it usually takes about 3 working days to transfer the shelf company.

I downloaded and printed out everything but notice the pagination of these pages is wrong. I see the page of the witness signature pages - one is numbered -2- and the folllowing one is numbered -8-. What should I do?

The signed pages are only part of the Memorandum and Articles of Association (M&A). Once we receive the signed pages, we will assemble the pages into the M&A. The whole M&A has totally 8 pages.

I plan to buy them (A4 papers) at OfficeMax or Office Depot. Will this one work? Link to A4 papers

That should work.

Could you forward the link where we could download/see the company registration status.

XXXXXXXX LIMITED is a pre-formed shelf company. Therefore, the Certificate of Incorporation is already in the package. What you need to check is who are the directors and shareholders of the company. You can check the company by going to the Companies Registry website here: Companies Registry Electronic Search Service

1) Enter the system as an unregistered user
2) Type in the full name of the company, and then “Search”
3) Locate “Image Record”, click on “Go”
4) click the button “Proceed to Document Index”
5) select “Last 3 Years”, click “Go”
6) The documents of interest are FSC1 Return of Allotments and FD1
Notification of First Secretary and Director
7) Add the documents to the shopping cart
8) Have your credit card ready, follow the direction of the site to pay and download the documents.

This witness will have to be someone from where we are here to see and confirm that the director signs the documents right? Any legal implications if at all on the witness?

The witness is needed to satisfy the requirements of the Companies Ordinance. According to the government:

“Pursuant to section 6 of the Companies Ordinance, ‘The memorandum shall be signed by each subscriber in the presence of a witness who shall attest the signature by signing his name….’. Hence, the witness and subscribers should be at the same location in order that both of them could sign on the same document. In the circumstance, the witnessing cannot be performed by using webcam. ”

Instead of the 1 year mail forwarding service, can we have mail collection at the registered office? So I presume there will not be any service fee if we collect our own mails from your office?

The fee is the same :) The fee is more related to real estate cost than to postage.

Do you mean that you will be emailing me the documents to be signed. We print it out, sign it, and then mail it back to you, is this correct?

Yes, you can download the documents from your account, or we can email the documents to you separately.

Can you fax/email me the company registration number and Tax ID first, and then I will pick up the original documents in HK later?

We can email the Certificate of Incorporation number to you (CI number) and the Tax ID (BR number), however, we need to pick them up ourselves because we use our name to submit the application. Also it is easier for you since CI and Br are issued by two different governmental agencies. CI is issued by the Companies Registry while the BR is issued by the Inland Revenue Department.

What do you mean, when you said you use your name to submit the application? wouldn’t it be under my company’s name?

We submit the company registration application as the company secretary, so it is our job to pick up the certificate. You will be the director and shareholder / subscriber of the company.

I will need some sort of Tax ID to give to a US client that I am providing services to. Will I be getting a Tax ID from HK govt?

Yes. The Tax Id is the BR number (Business Registration number)

And once you receive our signed documents in the mail, you will be able to process the incorporation and get that settled within 10 days right?

Yes, usually within 10 days. We will submit the documents on the same day if they arrive by 3:00pm.

In HK, can I use my friend’s office address, if HK allows one address to be registered for multiple companies? And, what is the difference between Package A and Package B on your website? If I do it remotely, must I choose Package B?

You can use your friend’s address as the registered office address. One address can be used for several companies. If so, your friend would handle the mails.

You can also chose Package A. In Package A, we only incorporate the company, obtain the business registration, and provide a set of C.P.A. certified true copy of the documents. You will make the company rubber stamps and metal seal. The shipping is also cheaper. If you know where you can make the rubber stamps and seal locally, package A will be fine. You can see samples of stamps and seal here: How to use company stamps and seal

Is it possible to buy a shelf company and change its name to what we want? Will this process be faster than registering a new company with our company name?

It takes 5 working days to change the company name. Also you need to make a new company kit and inform the bank after you change the name. You can always change the name later, but definitely not for (something needed to be done in 7 days).

I probably need to sign the contract first before I leave (my country), but in (my country) they don’t recognize chops or seals, they only recognize signatures. Can I get it signed first so the contract is effective for my client in (my country), and then I can add the chop later to make it effective for the HK entity? Perhaps I can provide my client my TAX ID later as well, before they make the first service fee payment to me?

I think you do need the rubber stamp. You sign the contract *on-behalf* of your company, not yourself. Your company is a separate entity. If you sign only your name, you are contracting personally with the third party. What you can do is that *after* the company is formed, you type “For and on-behalf of Your Company Name“, “Authorized signature(s)“. Just mimic the text and layout of the rectangular rubber stamp: http://www.jinetic.com/blog/?p=16

Do I need to open a bank account before I can complete my company registration? Or it can come after?

You can open a bank account after the incorporation process.

Do I need to get the rubber stamp and metal seal before I complete the company registration? Where does it fit in the process.

You make the stamps and seal after the incorporation process. Both stamps and seal are needed for the operation of the company.

Can you get a Public Company incorporated in Hong Kong ? If yes, please let me know the extra expenditure to be incurred over the package fee indicated in your web site.

We cannot incorporate a public company in Hong Kong. You need to contact one of those big accounting / law firms in order to do so.

How can I obtain a mobile phone / cell phone number in Hong Kong?

You can get a cell phone sim card at 7-11. It costs HKD $48.00