Generally, bosses will order a Company Kit Set (Green Box) after incorporating a limited company in Hong Kong, which contains various items related to the registration of the new company, but many fresh entrepreneurs do not know much about them. This article will hence explain the functions of the Green Box and what it includes.
What is a Green Box (Company Kit)?
In Hong Kong, once you have completed company incorporation (CI) and business registration (BR), a Green Box will usually be given. As the name suggests, a Company Kit is a dark green box with the name of the company shown on one side. Inside the Box, there are several kinds of legal document indicating a company’s business information, and items proving the legitimacy of the corporation.
What is inside a Company Kit?
The contents of a Company Kit may vary depending on the application method and choice of service provider, but generally speaking, a Green Box consists of the following:
- Company Signature Chop
- Company Round Chop
- Common Seal
- Articles of Association
- Statutory Book
- Share Certificates
- Board Minutes Book
What is a Company Kit used for?
Company Signature Chop
The Company Signature Chop is also known as the financial seal or rectangle seal. It is best for signing contracts, bills, internal company documents, etc. The Chop is designed with a space for signature, thus it must be signed by an authorized person in order to be legally valid. The colour is commonly blue or purple.
Company Round Chop
Company Round Chop can also be known as the amendment chop. There are two inner rings in the circle, with the company’s English name and an asterisk sign shown on the outer one. The Round Chop is usually purple or atomic blue. You can stamp it beside a correction on paper for acknowledgement, or to sign off a parcel, but not to confirm contracts.
The Common Seal is made of metal. It is usually round in shape, engraved with the company name to be later embossed on a sticker, which is then affixed to documents. The seal allows the authorized person to sign on behalf of the company and is often used for important documents such as legal deeds. However, since 2014, the Companies Ordinance has allowed Hong Kong companies to opt out of the use of the Seal, so it has rarely been used in recent years.
Articles of Association
Articles of Association (AA) is crucial to the establishment of a company. It could be useful when applying for a corporate bank account. AA states the details on the responsibilities of the members of the company, the share capital of the enterprise, and the terms and conditions of the organization.
Business Registration Certificate (BR), Certificate of Incorporation (CI)
The two certificates are proofs of the incorporation of a company. They are mainly used as the supporting documents for tax return, bank account opening, and audit report, etc.
For recording information and registers of directors, shareholders, company secretaries and for keeping minutes of directors' meetings, minutes of shareholders' meetings, statutory forms, etc.
Share certificates shall be used as a certificate of transfer, purchase or sale of shares in a company.
Board Minutes Book
Where minutes of meetings of the directors are kept.
Is Company Kit necessary?
In the digital age, the need for a physical Green Box is decreasing as many documents can be stored in electronic form. However, the Company Kit still embodies the milestone in the formation of a company and its contents are valued for communicating with external parties, such as the process of opening bank accounts, loan application, issuing invoices and signing legal documents. In addition, it is better to keep the company chops physically in the Kit.
How to apply for a Company Kit?
Firstly, the responsible person has to set up and register the company according to the Companies Registry's guidelines, and then purchase the Kit through a specialist shop. There are also service providers for company incorporation offering Green Box order services simultaneously, so that clients can complete both in one setting.
OneStart Business Centre offers Hong Kong company incorporation service packages, which allow entrepreneurs to choose their own service content. You can set up a company, order the green box, rent a business address, and enjoy company secretary services all at one stop! To get started, please call 3575 6888 or WhatsApp OneStart Business Consultants to learn more!