Company Formation – Getting Prepared
The very first step in company formation is to decide on the type of company you would like to incorporate in Hong Kong. We have introduced you to the two major different types of company: Limited Company and Unlimited Company. Today’s blog, we will guide you through the procedures of company formation at the Companies Registry. You could also skip most of the document handling and registration steps during incorporation, if you seek help from professionals like OneStart Business Centre.
Step 1: Which type of Company I would like to incorporate?
If you choose to incorporate your business as a limited company, you might have to further decide on how the liabilities would be limited. Either to be limited by shares or by guarantee.
If your limited company is limited by shares, it means that the liability of shareholders would be limited in accordance to the amount unpaid on the shares held. If your limited company is limited by guarantee, it means that there is no share capital and the liability of shareholders would be limited to the amount that shareholders undertook to contribute to the assets of the company when it’s incorporated.
Step 2: How to name my Company?
Before entering the procedure of company formation, you must have named your new business in mind. However, naming a company differs from naming your newborn baby, there are still regulations and guidelines for company naming in company formation.
Your company name could be in either Chinese or English, but a combination of the two is not allowed. The English limited company name must end with the word “Limited”, while the Chinese limited company name must end with the characters “有限公司”. Moreover, the Chinese characters of your Chinese limited company name should only contain traditional Chinese characters that can be found in the specified Dictionary. This means that no simplified Chinese will be accepted. These naming rules are strictly regulated by the Section 102 of the Companies Ordinance.
As regulated by Section 100(1)(a) to (d) of the Companies Ordinance, your limited company should not be having the same name as the companies listed in the index of company names provided by the Registrar of Companies. Owners of business could conduct an online free-of-charge search through the Cyber Search Centre or go to the Companies Registry’s Public Search Centre to see if your proposed limited company name is a valid one or not.
Step 3: What documents to prepare for company formation?
Before you deliver your application to the Companies Registry and submit payment of related fees, you should make sure you have the following documents filled in and ready.
- Incorporation Form: either the Form NNC1 (for limited company limited by shares) or the Form NNC1G (for limited company not limited by shares)
- A copy of the company’s Article of Association: specifying the company name, members’ liabilities, liabilities or contributions of members, share capital and initial shareholdings and so on
- A Notice to Business Registration Office
Form filling and drafting a proper formal Article and Notice could be quite a difficult task, but OneStart Business Centre is here to help. All you have to do is to provide our professional staff with the information listed as follows:
- Proposed name of the new company for company formation
- Shareholders’ information
- Name of the first Director
- Company Secretary’s information
- Company business address
- Copy of Passport, HKID or other identity documents
Some of you readers might remember, in the past blogs, we have talked about the roles of Company Secretary for few times. The appointment is a must for the successful incorporation of a limited company. Therefore, OneStart Business Centre would also like to offer you help with our Company Secretary Service.
Once we have received all these information, we would start the company formation process. You might notice that there is no specific form you would have to fill for us. All you need to do, is to make sure the information you have provided is valid and check all the documents you would have to sign. OneStart Business Centre would handle all the other steps on your way of company incorporation for you.
Step 4: Company Formation – Successful!
Once the Companies Registry finished processing the submitted documents, the Certificate of Incorporation and Business Registration Certificate will be issued. Electronic form of the Certificates will be sent to the registered email address. For the hard copy form, notification for in person pick-up at the Registry would be faxed to the presentor of the documents.
It is required by the Registry that upon successful company formation, the hard copy of the Certificates must be collected in person on the presentation of the faxed notification and identification document or company chop.
If you are using the Company Formation services from OneStart Business Centre, we would need a written authorization form from you, in order to help you to collect the Certificates at the Registry for you.
After finishing this long and complicated list of procedures, you have finally formed your Company and have a BR with you! Taking this very first step in your business is not easy. That is why OneStart Business Centre would hope to make sure you don’t get frustrated on the way of Company Formation.
Interested in OneStart Business Centre’s Company Incorporation and Company Secretary services? Phone in to our hotline 3575 6888 or WhatsApp our helpful consultants!