Overseas company registration in Hong Kong – how to do it, when to do it, who can do it, what about business bank accounts, for what type of business?
We understand how difficult it must be finding information on the internet not knowing who and what to trust. We are licensed Hong Kong accountants and we only share knowledge we know about (if needed with sources – just ask us!)
TL;DR (too long; didn’t read – quick summary):
An overseas company registration in Hong Kong is possible for
- anyone (where you live does not matter, where you are from does not matter)
- from anywhere (you can do it completely digitally over the internet without coming to HK)
- with little money compared to other countries (you need less than USD 2000 to start)
- any type of digital business (such as trading, marketing, software engineering etc.)
- any clients around the world (no, you don’t need clients from Hong Kong)
- tax-efficient purposes (you can get 0% corporate and dividend tax if you have no clients from Hong Kong)
- reinvesting money into stocks (you can invest money with your company to protect your assets)
So even
- Russians can open a company in Hong Kong for foreign companies to pay them or
- you can open a company in Hong Kong as a Brazilian to avoid inflation eating your money in Brazil.
We have kept this guide fairly general to get a good overview.
We are working hard to publish more use cases tailored to nationalities and life situations, but until then also feel free to contact us or book a call with a legal expert.
1 – Can foreigners start a business in Hong Kong? Short answer:
Yes, foreigners can start a business in Hong Kong from anywhere in the world and make it 100% owned by themselves.
The requirements to open a Hong Kong are simple:
- be over 18
- send a copy of your passport (it has to be valid)
- send a copy of a proof of address (bank statement, electricity bill with your name)
So, this means for an overseas company registration in Hong Kong, it is NOT required to:
- Live in Hong Kong (you can live anywhere)
- Be a Hong Kong-ese (you can have citizenship from anywhere, yes – even sanction countries like Russia)
- Come personally to Hong Kong (you can do everything digitally and remotely from overseas)
2 – Can foreigners start a business in Hong Kong? Long answer:
Yes, foreigners can start a business in Hong Kong, but they need legal assistance from a Hong Kong firm.
These firms are called incorporation firms.
There are two types of them:
Agencies and Accounting firms.
The difference is that agencies are people who have found a good business model to make money from – usually very business – and marketing-savvy.
Accounting firms (also called CPA firms in Hong Kong) on the other hand actually know all the laws involved in it and have studied it extensively.
Read more:
What is the difference between agencies and accounting firms in Hong Kong?
3 – Why can foreigners start an overseas company registration in Hong Kong?
The Hong Kong government does not put any restrictions on who can open a company in Hong Kong.
This is quite familiar to other countries.
What makes Hong Kong different is that an overseas company registration in Hong Kong can be done completely remotely within a few days (less tape than countries in Europe).
4 – How can foreigners start an overseas company registration in Hong Kong?
There are a few steps:
- Prepare the documents (passport, proof of address)
- Choose an incorporation service provider to help with handling the legal formalities
- Filling in the application form with the help of the incorporation provider
That’s it – the overseas company registration in Hong Kong will be done within 1–3 working days – best to add another 7 days for opening a business bank account.
Read more:
The steps to register an overseas company in Hong Kong.
5 – When can foreigners start an overseas company registration in Hong Kong?
Foreigners can start a business in Hong Kong any time of the year without restrictions.
6 – What nationalities of foreigners can start an overseas company registration in Hong Kong?
All nationalities, even nations that may be sanctioned by the West such as Iranians, Russians, or Syrians. The key issue is the physical substance in the sanctioned countries. For example, banks or fintech institutions can onboard Russian clients as long as they are not physically residing in Russia or conducting any business there.
For Russians, we definitely recommend to book a call with us as your situation is very different and we can look into how we can make it also work for you. Best to send contact us first with some information (where you live, where your clients are from, what type of business you have).
As Hong Kong CPAs we have a good network with banks and fintech companies that offer business accounts service have even helped nationalities with tougher sanctions to open a bank account. We provide personalized advice for the account on-boarding process, like how to streamline the KYC (know-your-client) procedures.
Read more:
Contact us to see how we can help in your case as well.
7 – Can foreigners start an overseas company registration without residency?
Yes, a residency is not required for starting a business in Hong Kong.
The only requirements are:
- being over 18 years of age
- have a passport
- have proof of address
8 – Can foreigners start an overseas company registration in Hong Kong without coming to Hong Kong in-person?
Yes, foreigners can start the overseas company registration in Hong Kong without being there in person – not even for business bank accounts (unless you want to open a business bank account with a traditional bank account like HSBC).
You actually not have to present once in Hong Kong (neither during the overseas company registration nor later during the overseas company operations).
9 – Can foreigners start an overseas company registration in Hong Kong without having Hong Kong clients?
Yes, they can – it is an advantage not having Hong Kong clients because this allows you to apply as an offshore company and enjoy 0% corporate taxes.
Read more:
Find out more about the requirements to be granted the 0% corporate taxes.
Note:
This is not granted per default – you have to apply for it. As CPAs we are very familiar with the process and the checklists the government uses to grant a 0% tax label. If you want us to help you as well, for an annual fixed price, let us know.
10 – Can foreigners start an online business in Hong Kong?
Yes, they can. All of our foreign clients have online businesses in Hong Kong.
This means a business model that is done digitally over the internet (marketing, software development, digital course creation, online shop, etc.).
11 – Can foreigners start an overseas company registration in Hong Kong and have business bank accounts?
Yes, of course – we personally only take on clients where we can guarantee that we can open a business bank account in Hong Kong because let us be honest: What is a Hong Kong company worth it if you cannot have a business bank account.
That is why we have a consultation call with anyone who wants to start working with us or just need legal advice.
Generally, we advise starting a business bank account with fintech banks such as Airwallex.
In case you want to start a business bank accounts with big corporate banks such as HSBC, it would be best to start out with fintech banks first and then after 6 months to open the account at HSBC (it becomes much easier!).
FAQ: Register overseas company in HK
1 – Can a non-resident register a company in Hong Kong?
Yes.
You don’t have to be a resident in Hong Kong to open a company here. You simply need a passport and proof of residency.
Pay attention: If you are from a sanctioned country (Russia, Ukraine etc.), you may still open a company in Hong Kong, but you cannot live in either country or do/offer business (have clients) there. Banks will not open a business bank account for you if they see you do business with such countries on your website or they see transactions from those countries.
2 – Can I have Russian clients with a Hong Kong company?
No, you cannot. The banks will not flag transactions with Russian and ban your business account.
3 – Can Russians open a Hong Kong company?
Yes, Russians can open a company in Hong Kong.
However, doing business with Russians (both B2C or B2B) are not allowed (meaning money cannot be received from Russia, but you can receive money from Russians living overseas).
4 – Can Brazilians open a Hong Kong company?
Yes, absolutely. We already helped several Brazilians who work with clients in the US in software engineering to open a company, a business bank account in Hong Kong and bill their clients.
When Brazilians register a Hong Kong company, they should prepare proof of residency in Brazil (e.g. residency card, bank statements with name and address) and their passport.
5 – Can foreigners in Brazil open a Hong Kong company?
Yes, totally.
We have Germans and Americans who live in Brazil and work with US and European firms.
They live in Brazil and have registered their company in Hong Kong, thus have a business bank account in Hong Kong and bill their clients through the Hong Kong company.
