Businesses thrive because the owners pay attention to the small bucks that do not slip away. One of the ways to save money is by avoiding taxes. This means you avoid paying taxes in the legal way and save massive amounts. The way forward is through Hong Kong private companies.
Buy an old company to start
These companies have many old companies in their stock that you can buy and transfer the ownership. They have valid working banking accounts that you can use. So, from day one, you can begin your business without any trouble. You only need to pay a flat registration fee to the private company.
By paying the fees for company registration Hong Kong region to the company, you become owners of the new offshore company. You must go to Hong Kong to pay this amount of $1,050 but you can pay the amount without going there. Then, this amount becomes $1,151 which includes an additional $100 courier fees.
Form the new company
When you form your company, you get the formation package. This includes a Block File that has the certificate of incorporation (CI) five sets of the constitution (M&A), a registry of the shareholders, a business certificate (BC) a register of the company secretary, a register of charges, and a register of directors. In addition to these the private company that helps you with the formation also gives you these for one year:
- Provision of registered office address
- Provision of public fax line
- Provision of collection of mails
- Appointment of company secretary
- Provision of public telephone line
- Provision of company business address
For creating an offshore bank account, you need to pay $200 when you come to Hong Kong. You can also create one without coming to Hong Kong but the fee will rise to $350. This is for preparation of documents and allied services. They will give reports that include professional reference letters, and business name cards. They also make the brief company website and business plans.
Pay the fees
After you finish the company registration Hong Kong offshore region, you need to pay the annual maintenance fees. This fee includes the renewal and tax filing fees for No Business Done in Hong Kong. It also includes the Legal Tax-Free Application Purposes fee. This comes to $1,300. By paying this, you become eligible to various facilities such as these:
- Preparation of annual returns
- Preparation of specific power of attorney to file the tax
- Provide further information to Hong Kong Tax Department
- Make application/collect the Hong Kong Business Registration Certificate
- Submit profit tax return
- Solve corporate tax issues
- Prepare and issue Declaration Report on Non-business engaged in Hong Kong
- Follow up activities to enquiries made by the Tax Authorities
Along with the above, you also get the same facilities you got for the Hong Kong company formation such as provision of public telephone, fax, company secretary, and registered office address. You also get a registered company business address. They also provide for the collection of mails for the period of one year.