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Hong Kong PDF Print E-mail

Hong Kong is located on the south east coast of China and consists of a large number of islands and a part of the mainland totalling approximately 1,064 sq km. On July 1, 1997 all of Hong Kong reverted from British control back to China and became a Special Administration Region 'SAR' within the People's Republic of China (PRC) It has a population of about 7 million. Under the 'one country - two systems' philosophy, the SAR has executive, legislative, and independent judicial power. The capitalist system, legal structure, and lifestyle remain unchanged.

Hong Kong remains a free port with a free flow of capital and a freely convertible Hong Kong dollar. As a result, Hong Kong elects its own legislature and maintains its own court structure.  Hong Kong has excellent communication facilities and a major new international airport which opened in 1998. Hong Kong is the leading SE Asian centre for both finance and commerce and ranks as the world's third largest financial centre after New York and London.

The official languages are English and Chinese, with English being used in the commercial and political context.  The local currency is the Hong Kong Dollar, which is officially pegged to the US Dollar at a rate of 1USD = HK$7.78.   Hong Kong has no exchange controls.

The legal system is based on the UK common law.

Hong Kong Private Limited Company Information:
 
Type of legal entity:     Private Limited
Type of law:     Common
Shelf company availability:     Yes
Minimum government fees (excluding taxation):     USD450
Corporate tax:     Zero on Profits earned outside HK.
Double taxation treaties:     Yes.
Standard share capital currency:     HK$
Minimum paid up:     HK$1
Usual authorised:     HK$1,000
Minimum number of Directors:     One
Local required:     No
Publicly accessible records:     Yes
Location of meetings:     Anywhere
Minimum number of shareholders:     One
Publicly accessible records:     Yes
Location of meetings:     Anywhere
Company Secretary Requirement:     Yes
Local or qualified:     Local
Requirement to prepare accounts:     Yes
Audit requirements:     Yes
Requirement to file accounts:     Yes
Publicly accessible accounts:     No
Requirement to file annual return:     Yes
Change in domicile permitted:     No