HONG KONG



The Hong Kong Island is located in the South China Sea at the mouth of the Pearl River (Zhu Jiang). Other territories that were added later include the Kowloon Peninsula and the New Territories. The New Territories includes over 200 surrounding smaller islands. The body of water between Hong Kong Island and Kowloon Peninsula is Victoria Harbour, one of the deepest maritime ports in the world. The highest point in the territory is Tai Mo Shan, at a height of 958 metres. Hong Kong`s climate is tropical and prone to monsoons. The population of Hong Kong increased steadily over the last decade of the 1990s, reaching about 6.98 million by 2007. Hong Kong is one of the most densely populated areas in the world, with an overall density of some 6,300 people per square kilometre. Both Chinese and English are official languages. Cantonese is spoken by most of the population. English is widely understood; it is spoken or understood by more than one-third of the population.

History

Although it was occupied since at least as long ago as the Neolithic Age, the territory of today`s Hong Kong remained distant from the major events unfolding in imperial China for most of its history. It did not begin attracting worldwide attention until the 19th centyry. Occupied by the United Kingdom during the First Opium War in 1841, Hong Kong Island was formally ceded by China the following year under the Treaty of Nanking. Parts of the adjacent Kowloon Peninsula were ceded to Britain in 1860 by the Convention of Peking after the Second Opium War. Various adjacent lands, known as the New Territories were then leased to Britain for 99 years from July 1, 1898, the lease expiring on June 30, 1997. Pursuant to an agreement signed by the PRC and the UK on December 19, 1984, the Sino-British Joint Declaration, the whole territory of Hong Kong under British colonial rule became the Hong Kong Special Administrative Region of the PRC on July 1, 1997. In the Joint Declaration, the PRC promised that China`s socialist economic system would not be practiced in Hong Kong and that Hong Kong would enjoy a high degree of autonomy in all matters, except foreign affairs and defence, for 50 years, until 2047.

Politics

Elections are held in Hong Kong when certain offices in the government need to be filled. Every four years, the unicameral Legislative Council of hong Kong`s sixty seats are filled by the electorate. Hong Kong has a multi-party system, with numerous parties in which no one party often has the chance of gaining power alone. The Legislative Council has 60 members, of whom 30 are elected by popular vote in geographical constituties, and 30 elected from functional constituencies. In Hong Kong, legislative elections are held every four years, in years evenly divisible by four.

INCORPORATION DATASHEET
Method of incorporation / registration:	Companies are incorporated by the subscribers.
Company legal form:	Private Limited Company by shares
Company status:	Resident Company
Source of corporate legislation:	The Companies Ordinance
Possible suffixes to company name:	All names must end in Limited
Restrictions on company name:	The terms Royal, Bank, Government etc. may not appear in the company name
Time required for incorporation:	3-5 weeks.
Number of directors:	Min. 1
Number of shareholders:	Min. 1
Capitalisation:	Min. 1 HK$, there is no maximum restriction on the share capital.
Accounting / reporting requirements:	Yes. Audited accounts are required
Type of shares:	Registered
Annual tax and duties:	416 USD
Information publicly available:	Registered office, company secretary, Memorandum & Articles of Association, directors, annual return, shareholders
Disclosure of beneficiaries:	Not required.
Registered office:	Local registered office is required by law.
Registered secretary / agent:	Resident secretary is required by law
Double tax treaty:	Hong Kong has DTTs with mainland China and a number of countries for shipping and aviation

COMPULSORY COSTS (payable prior to registration)

FORMATION FEES
Incorporation fee:	850 USD
Notarial certification:	160 USD
International authentication (Apostille):	160 USD
Legal expenses, filing fees and stamp duties:	100 USD
Issuing of share certificates and initial minutes and forms:	90 USD
Corporate seal:	50 USD
Courier fees:	85 USD
Subtotal:	634 USD
ANNUAL FEES *
Registered office and local company secretary:	990 USD
Annual tax and duties:	416 USD
Negative audit tax return + filing fee	480 USD
Subtotal:	1886 USD
Total:	2520 USD

* The annual fees for the first year of existence of the company are payable prior to registration. Subsequently the amount of 1886 USD is payable annually, beginning from the second year of existence of the company. Non-payment of the annual fees results in the company being struck off the Company Register.

The amount of  2520 USD includes the following services: formation of the company, duties payable to the local authorities for the registration of the company, provision of registered office and registered agent for 1 year, annual tax for the 1st year, luxury leather corporate kit containing Certificate of Incorporation with Apostille, Memorandum & Articles of Association authenticated by Registrar, Appointment of First Directors with Notary Public authentication, share certificates, initial forms and minutes, and 2 company seals. The price contains no hidden costs!

OPTIONAL COSTS
Nominee Director (private person):	590 USD
Nominee Shareholder:	290 USD
Certificate of Incumbency	430 USD
Power of Attorney with Notarial Certification:	390 USD
Notarial Certification or Apostille:	160 USD
Certificate of Good Standing:	430 USD