The Practical Aspects of Setting Up a Business in Hong Kong. John Ashwood Managing Director Vistra (Hong Kong)

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "The Practical Aspects of Setting Up a Business in Hong Kong. John Ashwood Managing Director Vistra (Hong Kong)"

Transcription

1 The Practical Aspects of Setting Up a Business in Hong Kong John Ashwood Managing Director Vistra (Hong Kong) Breda May, 2012

2 Options for setting-up a business in HK: Limited company Branch of a foreign parent company Representative office (non-profit generating activities only) Main applicable laws (and Government authorities): Companies Ordinance (Companies Registry) Inland Revenue Ordinance (Inland Revenue Department) Every person engaged in business in or from Hong Kong must have a valid Business Registration Certificate (BRC) 2

3 Structuring a Hong Kong Limited company: Company name For private company, must end with Limited Statutory officer and shareholder requirements HK resident secretary HK registered office address Minimum 1 director Minimum 1 shareholder All shareholder and officer information is publicly available 3

4 Share capital structure considerations: Authorised versus paid-up (issued) capital Minimum paid-up capital = 1 share/hk$1 What paid-up capital should my company have? No debt to equity rules No thin capitalization rules Perception/substance issues? Special licencing issues? Immigration/visa issues?

5 Director appointment considerations: Management and control issues? Substance issues? 5

6 Set-up and activation of a Hong Kong Limited company: File application with Companies Registry Apply for BRC Time to arrange = 1 day Prepare post-incorporation documentation (e.g. officer appointments, share allotments and registers) Time to arrange = 1 to 4 days (depending on urgency) Legally capable of commencing business, entering contracts

7 Opening bank accounts: What are the options? Hundreds of banks in HK BUT, realistically only a handful really accessible and practical Typical commercial account types: Savings accounts Current accounts Bills accounts Currency options: All major currencies, and including RMB ( CNH )

8 RMB ( CNH ) account options: Individuals or companies can now open RMB bank accounts in HK ( CNH accounts) Limitation on individuals on how much they can buy and sell per day (RMB 20,000) No limitation on companies (subject to market liquidity) RMB can be bought for trade or non-trade purposes (exchange rates favour trade) To transfer RMB to trade supplier in China, recipient must have registered with China bank and Govt. authorities otherwise funds will be rejected Currently tendency is still to settle in USD Future will see more settlements in RMB 8

9 Bank account opening requirements: Regulated by HKMA Minimum KYC compliance requirements UBO details, incl. background Certified copy of passport Certified copy of residential address proof (less than 3 months old) Nature of business and source of funds Face-to face interview with bank by UBO* (* exception where Vistra has approved intermediary status with certain banks) Time to arrange = 2 to 4 weeks (typically) 9

10 Bank account operation: usual modes Cash Cheque TT, letter or fax instruction Internet/on-line banking LC Bank cards

11 Bank credit facilities and collateral requirements: For new companies, loans must usually be secured by either; - Standby Letter of Credit (SBLC) - Cash on deposit (will lend 99% based on same currency) Same for issuing LC Credit card facilities secured by cash deposit (2 to 3 times credit limit) Debit cards are available without collateral (incl. UnionPay linked cards) 11

12 Employing and terminating staff: Applicable laws are Employment Ordinance and Minimum Wage Ordinance IRD requirements Mandatory Provident Fund (MPF) requirements Worker s compensation insurance (compulsory) Medical insurance (usual) Annual and sick leave Long service leave Termination

13 Outsourcing administrative and/or financial functions: An effective and cost efficient alternative (or addition) to hiring own staff Separate core operational and ancillary administrative and/or financial functions Add security and confidentiality Typical outsourced services incl.; Statutory company administration (incl. company secretarial) Accounting Payroll Trade and treasury 13

14 Foreigners working in Hong Kong (immigration): Must have a valid working visa issued by Immigration Department Applicant must submit various documentation incl.; Application form Sponsoring employer business plan (or track record if in existence for several years) Financial forecasts or copy of financial accounts (usually 3 years) Benefits of hiring the applicant (versus a local ) Benefits to HK economy (e.g. local employees etc.) Time to arrange = 8 weeks (can be less in practice) Permanent Residence or PR status maybe attained after 7 years continuous residence

15 Business premises options: Short term office lease (e.g. serviced offices) minimum 6 months Long term office lease (e.g. separate leased offices ) minimum 2 years Buy Commercial retail and warehouse facilities Technically cannot conduct business from residential premises

16 Statutory annual compliance obligations: Hold Annual General Meeting File Annual Return Prepare audited financial statements File profits tax return 16

17 Taking profits out of Hong Kong companies: No restrictions on payment of dividends, other than usual (from available profits) Interim and final dividends may be paid No currency or exchange controls in HK No Withholding Tax (WHT) on dividends paid to foreign shareholders 17

18 Voluntary closing down of a Hong Kong company: Options available; - Deregistration - Formal liquidation Time to arrange = 6 months (deregistration) to 12 months (liquidation) 18

19 Important tax planning considerations, including: Home jurisdiction tax issues; - shifting of business profits - Management and control - Receipt of dividends, or other forms of remuneration Double Tax Agreement (application) issues; - Substance and beneficial ownership requirements Transfer pricing and other related company transactions Important to obtain professional tax advice 19

Doing business in Hong Kong

Doing business in Hong Kong I. INTRODUCTION Doing business in Hong Kong Tim Drew Partner timdrew@robertwang.com Karen Yan Associate karenyan@robertwang.com Robert Wang Solicitors 1 On 1 July 1997, sovereignty over Hong Kong transferred

More information

* For applying Corporate Renminbi Savings Account: Customer must provide a separate Corporate RMB Services Application Form

* For applying Corporate Renminbi Savings Account: Customer must provide a separate Corporate RMB Services Application Form HSBC Business Account Opening Form Note: Please complete in block letters and tick where applicable Date: For Bank Use Only Customer / Account Number Account Type Current Account Statement Saving Account

More information

Legislative Council Panel on Financial Affairs. Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong

Legislative Council Panel on Financial Affairs. Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong CB(1)870/14-15(04) For discussion on 1 June 2015 Legislative Council Panel on Financial Affairs Proposal to Attract Enterprises to Establish Corporate Treasury Centres in Hong Kong PURPOSE In his 2015-16

More information

Notes to the unaudited interim financial report

Notes to the unaudited interim financial report Notes to the unaudited interim financial report 1. Activities and corporate affiliation The Bank, through its branches and subsidiaries, provides a range of banking, financial and related services. The

More information

Hang Seng Bank Limited. PPL871 X-Card CUP Important Note (01/2016) (LT) PDF

Hang Seng Bank Limited. PPL871 X-Card CUP Important Note (01/2016) (LT) PDF Hang Seng Hang Seng Platinum Card / Credit Card / 1. Applicant(s) must be Hong Kong residents and be at least 18 years of age with minimum annual income of HK$150,000 or above (except Full-time student).

More information

PENA LIMITED HONG KONG COMPANY SECRETARY TARIFFS

PENA LIMITED HONG KONG COMPANY SECRETARY TARIFFS PENA LIMITED HONG KONG COMPANY SECRETARY TARIFFS I. COMPANY INCORPORATION BASIC PACKAGE II. SHELF READY MADE COMPANY PACKAGE III. SHELF READY MADE COMPANY ON DEMAND IV. COMPANY SECRETARIAL SERVICES V.

More information

THE SETTING UP OF A LEGAL ENTITY IN HONG KONG

THE SETTING UP OF A LEGAL ENTITY IN HONG KONG THE SETTING UP OF A LEGAL ENTITY IN HONG KONG The legal entities most commonly used by foreign investors wishing to set up in Hong Kong are: Which legal entities may a foreign investor establish in Hong

More information

Paper F6 (HKG) Taxation (Hong Kong) Monday 7 June 2010. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants

Paper F6 (HKG) Taxation (Hong Kong) Monday 7 June 2010. Fundamentals Level Skills Module. The Association of Chartered Certified Accountants Fundamentals Level Skills Module Taxation (Hong Kong) Monday 7 June 2010 Time allowed Reading and planning: Writing: 15 minutes 3 hours ALL FIVE questions are compulsory and MUST be attempted. Tax rates

More information

Formation of APAN Legal Entity in Hong Kong. P T Ho APAN Council Meeting 25 January 2008

Formation of APAN Legal Entity in Hong Kong. P T Ho APAN Council Meeting 25 January 2008 Formation of APAN Legal Entity in Hong Kong P T Ho APAN Council Meeting 25 January 2008 Proposed Option APAN incorporated and registered as a Public Limited Company by Guarantee in Hong Kong Under Companies

More information

SEYCHELLES IBC INCORPORATION AND BANK ACCOUNT PACKGAE #BVIBC03

SEYCHELLES IBC INCORPORATION AND BANK ACCOUNT PACKGAE #BVIBC03 KAIZEN CERTIFIED PUBLIC ACCOUNTANTS LIMITED ROOM 2103, FUTURA PLAZA, 111 HOW MING STREET KWUN TONG, HONG KONG TEL: +852 23411444 FAX: +852 23411414 EMAIL: INFO@BYCPA.COM Shenzhen Office, China Room 2508,

More information

HONG KONG LIMITED COMPANY INCORPORATION PACKAGE (6 working days) Company name search & Documents (NNC1 writing & Article of Association drafting).

HONG KONG LIMITED COMPANY INCORPORATION PACKAGE (6 working days) Company name search & Documents (NNC1 writing & Article of Association drafting). ' HONG KONG PRIVATE LIMITED COMPANY INCORPORATION HK$ 5,700 (US$ 760-690) BASIC FULL PACKAGE CREATION & 1 YEAR SERVICES HONG KONG LIMITED COMPANY INCORPORATION PACKAGE (6 working days) A new Hong Kong

More information

Investing in Asia Pacific 2015: Hong Kong

Investing in Asia Pacific 2015: Hong Kong Investing in Asia Pacific 2015: Hong Kong Australia China Hong Kong India Indonesia Japan Korea Malaysia Maldives Singapore Taiwan Thailand Vietnam Audit Tax Advisory All lasting business is built on friendship.

More information

An overview of using Hong Kong as a platform for trade and investment with China. Daniel Booth Director Vistra (Hong Kong)

An overview of using Hong Kong as a platform for trade and investment with China. Daniel Booth Director Vistra (Hong Kong) An overview of using Hong Kong as a platform for trade and investment with China Daniel Booth Director Vistra (Hong Kong) Breda May, 2012 The role of Hong Kong A recognized and respected jurisdiction for

More information

Hong Kong Company Formation (Procedures)

Hong Kong Company Formation (Procedures) Hong Kong Company Formation (Procedures) The Companies Registry is responsible for providing services to incorporate local companies with or without limited liability and register non-hong Kong companies;

More information

Guidance Notes to Applicant for Opening Corporate Investor Account in CCASS

Guidance Notes to Applicant for Opening Corporate Investor Account in CCASS 香 港 中 央 結 算 有 限 公 司 ( 香 港 交 易 及 結 算 所 有 限 公 司 全 資 附 屬 公 司 ) Hong Kong Securities Clearing Company Limited (A wholly-owned subsidiary of Hong Kong Exchanges and Clearing Limited) Guidance Notes to Applicant

More information

Paper P6 (HKG) Advanced Taxation (Hong Kong) Friday 9 December 2011. Professional Level Options Module

Paper P6 (HKG) Advanced Taxation (Hong Kong) Friday 9 December 2011. Professional Level Options Module Professional Level Options Module Advanced Taxation (Hong Kong) Friday 9 December 2011 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A

More information

GUIDE TO SETTING-UP A BUSINESS IN HONG KONG 2014-2015

GUIDE TO SETTING-UP A BUSINESS IN HONG KONG 2014-2015 We are a member driven organisation enabling our members to share knowledge & to develop business relations in and between The Netherlands, Hong Kong, mainland China and the Asia Pacific Region GUIDE TO

More information

OVERVIEW TABLE OF CONTENT

OVERVIEW TABLE OF CONTENT OVERVIEW Qualification Programme (QP) comprises four modules and a final examination. The coverage of each module is defined in competency-based terms. Competencies are set at the level of the newly-qualified

More information

HONG KONG Corporate information:

HONG KONG Corporate information: HONG KONG Corporate information: Hong Kong is the richest city in China, its economy is one of the most liberal in the world. It is a financial and commercial hub of global significance. Hong Kong is a

More information

Private Company: SWEDEN

Private Company: SWEDEN Private Company: SWEDEN Limited Liability Company [Aktiebolag /AB] Partnership [Handelsbolag / HB] Limited Partnership [Kommanditbolag / KB] Formation and Registration Bank Accounts Professional Administration

More information

New York invoice. Date: Thursday, October 10, 2013 Invoice No: 2013 004 012. Professional services rendered Notes Year 1

New York invoice. Date: Thursday, October 10, 2013 Invoice No: 2013 004 012. Professional services rendered Notes Year 1 Our client s name Company Reg. No.: 921530 Address to be advised Date: Thursday, October 10, 2013 Invoice No: 2013 004 012 Professional services rendered Notes Year 1 US$ Year 2 US$ New York company formation

More information

A Quick Guide to Hong Kong s Financial System and Services

A Quick Guide to Hong Kong s Financial System and Services A Quick Guide to Hong Kong s Financial System and Services www.thechinfamily.hk Contents Financial Regulatory System Markets and Products Investing and Trading Safeguards Getting Useful Information 8 8

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (Consolidated) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

2011 Meridian Partners Limited. Meridian Partners Trade Financing

2011 Meridian Partners Limited. Meridian Partners Trade Financing Meridian Partners Trade Financing About Us Meridian Partners provides you with the legal requirements of a registered office address in Hong Kong, a corporate secretary, telephone, fax and mailing services.

More information

www.boasecohencollins.com 2303-7 Dominion Centre, 43-59 Queen s Road East, Hong Kong Tel: (852) 3416-1711

www.boasecohencollins.com 2303-7 Dominion Centre, 43-59 Queen s Road East, Hong Kong Tel: (852) 3416-1711 www.boasecohencollins.com 2303-7 Dominion Centre, 43-59 Queen s Road East, Hong Kong Tel: (852) 3416-1711 1. Why Hong Kong? Hong Kong is one of Asia s most popular cities for doing business because of

More information

HKD230.00* HKD100.00 56% HKD180.00 HKD50.00 70%

HKD230.00* HKD100.00 56% HKD180.00 HKD50.00 70% Welcome to CBS Online. You can now manage your corporate bank accounts more conveniently over the internet anytime, anywhere. CBS Online is applicable to most of the operating system of tablets, mobile

More information

Hong Kong Co., Registration From (HKG01)

Hong Kong Co., Registration From (HKG01) Hong Kong Co., Registration From (HKG01) New Registration Shelf Registration 1.Applicant Detail Name : Tel : Fax : Email : Address : 2.Proposed Company Name 1 st choice English Chinese 2 nd English choice

More information

1.1 For Hong Kong residents who have not opened any account under the CASH Financial Services Group (CASH FSG)

1.1 For Hong Kong residents who have not opened any account under the CASH Financial Services Group (CASH FSG) Celestial Securities Limited ("CSL") Electronic Trading Account - US Stocks Trading Policy A. Account Opening 1. Individual Account and Joint Account 1.1 For Hong Kong residents who have not opened any

More information

COUNTRY PROFILE HONG KONG

COUNTRY PROFILE HONG KONG COUNTRY PROFILE HONG KONG 1. Economy and foreign investments 2. Tax Rates 3. Tax Treaties 4. Tax Credits 5. Property Tax 6. Excise Tax 7. Stamp Duty 8. Capital Duty 9. Estate Duty 10. Other duties, fees

More information

all Standards MTs defined in the Standards MT Message Reference Guides, effective in Standards MT Release 2009 as of 21 November 2009.

all Standards MTs defined in the Standards MT Message Reference Guides, effective in Standards MT Release 2009 as of 21 November 2009. List of MT Messages The following table lists: all Standards MTs defined in the Standards MT Message Reference Guides, effective in Standards MT Release 2009 as of 21 November 2009. For each message type,

More information

Ministry Of Finance VAT Department. VAT Guidance for Financial Services Version 4: June 09, 2015

Ministry Of Finance VAT Department. VAT Guidance for Financial Services Version 4: June 09, 2015 Ministry Of Finance VAT Department VAT Guidance for Financial Services Version 4: June 09, 2015 Introduction This guide is intended to provide businesses offering financial services with information about

More information

Guide for SMEs in Obtaining Business Loan from Lending Institutions. The five steps of obtaining business loans

Guide for SMEs in Obtaining Business Loan from Lending Institutions. The five steps of obtaining business loans Guide for SMEs in Obtaining Business Loan from Lending Institutions Part I. The five steps of obtaining business loans 1. Gather information - Obtain information on the type of loan you are interested

More information

DBS BANK (HONG KONG) LIMITED

DBS BANK (HONG KONG) LIMITED DBS BANK (HONG KONG) LIMITED INTERIM FINANCIAL DISCLOSURE STATEMENT FOR THE SIX MONTHS ENDED 30 JUNE 2004 TABLE OF CONTENTS Page Unaudited consolidated profit and loss account 2 Unaudited consolidated

More information

Consolidated Interim Earnings Report

Consolidated Interim Earnings Report Consolidated Interim Earnings Report For the Six Months Ended 30th September, 2003 23th Octorber, 2003 Hitachi Capital Corporation These financial statements were prepared for the interim earnings release

More information

Renminbi (RMB) corporate and treasury services in London

Renminbi (RMB) corporate and treasury services in London Renminbi (RMB) corporate and treasury services in London City of London RENMINBI SERIES London offers an extensive range of RMB corporate banking services including: o Corporate accounts; o Term deposits;

More information

KAIZEN 启 源 HONG KONG. Limited Liability Company GENERAL INFORMATION

KAIZEN 启 源 HONG KONG. Limited Liability Company GENERAL INFORMATION KAIZEN 启 源 Limited Liability Company HONG KONG GENERAL INFORMATION Location Hong Kong is on the south east coast of China and consists of a large number of islands and a part of the mainland totalling

More information

Opening your business account. Incorporated Society

Opening your business account. Incorporated Society Opening your business account Incorporated Society Thank you for considering AIB as your business partner. We are committed to providing real value to every customer, and to delivering the highest standard

More information

Industrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day *

Industrial and Commercial Bank of China Limited Dealing frequency: Daily on each business day * APRIL 2016 This statement provides you with key information about Income Partners RMB Bond Fund (the Sub-Fund ). This statement is a part of the offering document and must be read in conjunction with the

More information

Standard Chartered Bank in Hong Kong

Standard Chartered Bank in Hong Kong Standard Chartered Bank in Hong Kong The history of Standard Chartered in Hong Kong dates back to 1859. It is currently one of the SAR's three note-issuing banks. Standard Chartered PLC listed on both

More information

LIST of Currency and Other Operations Performed by Residents and Non-Residents

LIST of Currency and Other Operations Performed by Residents and Non-Residents Annex 2 To Instruction of the Bank of Russia No.138-I as of 04 June 2012 On procedure for residents and non-residents to provide authorised banks with documentation and information concerning currency

More information

EXCHANGE CONTROL IN FIJI

EXCHANGE CONTROL IN FIJI [A] EXCHANGE CONTROL IN FIJI INTRODUCTION Exchange Control encompasses Government s regulations with regard to the buying and selling of foreign currency and related transactions between Fiji and the rest

More information

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope)

PAYMENT SERVICES AND SYSTEMS ACT (ZPlaSS) CHAPTER 1 GENERAL PROVISIONS SUBCHAPTER 1 CONTENT OF THE ACT. Article 1. (scope) Legal notice All effort has been made to ensure the accuracy of this translation, which is based on the original Slovenian text. All translations of this kind may, nevertheless, be subject to a certain

More information

INVESTING VIA THE NETHERLANDS OVERVIEW, FEATURES AND STRUCTURING POSSIBILITIES

INVESTING VIA THE NETHERLANDS OVERVIEW, FEATURES AND STRUCTURING POSSIBILITIES INVESTING VIA THE NETHERLANDS OVERVIEW, FEATURES AND STRUCTURING POSSIBILITIES Contents 1. General: Tax rate and tax base, tax treaty 2. Trademark structure 3. Interest free loan structure 4. Confidentiality

More information

ATOMEX-Europe 2013. 8-9 October 2013, Brno, Czech Republic

ATOMEX-Europe 2013. 8-9 October 2013, Brno, Czech Republic ATOMEX-Europe 2013 8-9 October 2013, Brno, Czech Republic VTB today VTB is a backbone Russian bank, which has built an international financial group. VTB Group possesses a unique international network

More information

Hong Kong Company Compliance Requirements and Costs

Hong Kong Company Compliance Requirements and Costs Shenzhen Office, China Room 2508, Shenhua Comm. Bldg., 2018 Jiabin Road, Luohu District, Shenzhen Tel: +86 755 8268 4480 Fax: +86 755 8268 4481 Shanghai Office, China Room 1022, Yunsun Tower 2025 Zhongshan

More information

Contents. About RMB...2. About Bank of China...3. About Bank of China Johannesburg Branch...4

Contents. About RMB...2. About Bank of China...3. About Bank of China Johannesburg Branch...4 RMB BUSINESS Contents About RMB...2 About Bank of China...3 About Bank of China Johannesburg Branch...4 The Evolution of Bank of China Johannesburg Branch RMB Business...5 Overseas RMB Personal Business...6

More information

A Quick Guide to Hong Kong s Financial System and Services

A Quick Guide to Hong Kong s Financial System and Services A Quick Guide to Hong Kong s Financial System and Services The Investor Education Centre is supported by the financial regulators 1 Contents Financial Regulatory System Markets and Products Investing and

More information

Becoming a Participant of

Becoming a Participant of Admission Criteria and Operational Requirements for Becoming a of Hong Kong Securities Clearing Company Limited Hong Kong Securities Clearing Company Limited (A wholly-owned subsidiary of Hong Kong Exchanges

More information

Notes for foreign currency payments at HSBC

Notes for foreign currency payments at HSBC Notes for foreign currency payments at HSBC There are some foreign currencies that require on the part of HSBC specific indications to process payment orders Currently, this applies to the following currencies:

More information

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002

CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 Unaudited Unaudited Note Turnover 2 5,576 5,803 Other net losses (1) (39) 5,575 5,764 Direct costs and operating expenses (1,910)

More information

Bank of Zambia. Bank of Zambia Balance of Payments Monitoring Guide (2013)

Bank of Zambia. Bank of Zambia Balance of Payments Monitoring Guide (2013) Bank of Zambia Bank of Zambia Balance of Payments Monitoring Guide (2013) Bank of Zambia Balance of Payments Monitoring Guide (2013) Document Information AUTHOR VERSION 3.00 PROJECT Bank of Zambia Balance

More information

p r o v i d i n g c o n f i d e n c e t h r o u g h p e r f o r m a n c e

p r o v i d i n g c o n f i d e n c e t h r o u g h p e r f o r m a n c e Hong Kong Services p r o v i d i n g c o n f i d e n c e t h r o u g h p e r f o r m a n c e HOW TRIDENT TRUST CAN ASSIST YOU IN HONG KONG Trident Trust has had a multilingual presence in Hong Kong for

More information

Order form Hong Kong Incorporation service FORMATION OF LIMITED COMPANY

Order form Hong Kong Incorporation service FORMATION OF LIMITED COMPANY Order form Hong Kong Incorporation service FORMATION OF LIMITED COMPANY The completed form should be posted to the address below. Work can start on the basis of a sent application (Scanned) form to tomas@startupr.com

More information

Fees and Charges. 華 僑 永 亨 銀 行 股 份 有 限 公 司 OCBC Wing Hang Bank Limited

Fees and Charges. 華 僑 永 亨 銀 行 股 份 有 限 公 司 OCBC Wing Hang Bank Limited Fees and Charges 華 僑 永 亨 銀 行 股 份 有 限 公 司 OCBC Wing Hang Bank Limited Table of Contents 1. Deposit Service 1.1 Current Account 4 1.2 Savings / Statement Savings Account 4 1.3 Deposit Cheque 4 1.4 Deposit

More information

Formation and Management of Macao Corporation

Formation and Management of Macao Corporation FACT SHEET Formation and Management of Macao Corporation A Macao corporation is a company registered under the Commercial Code of Macao which is either:- 1. An unlimited liability company 2. A mixed liability

More information

INNER CITY MINISTRIES LIMITED (incorporated in Hong Kong with liability limited by guarantee and not having a share capital)

INNER CITY MINISTRIES LIMITED (incorporated in Hong Kong with liability limited by guarantee and not having a share capital) REPORT OF THE DIRECTORS The directors present herewith their annual report together with the financial statements for the year ended 31 December 2014. PRINCIPAL ACTIVITY The principal activity of the association

More information

i-account General fees (A) Deposit services Monthly service fee 1, 2 (based on the Average Daily Relationship Balance 3 in the preceding month) Waived

i-account General fees (A) Deposit services Monthly service fee 1, 2 (based on the Average Daily Relationship Balance 3 in the preceding month) Waived i-account General fees Category (A) Deposit services Monthly service fee 1, 2 (based on the Average Daily Relationship Balance 3 in the preceding month) HK$5,000 or above Below HK$5,000 Temporary overdraft

More information

Hong Kong is increasingly seen as a necessary operations

Hong Kong is increasingly seen as a necessary operations 1 TIMOTHY LOH Financial Services & Law Review Setting Up In Hong Kong: A Guide for the Finance Industry Hong Kong is increasingly seen as a necessary operations center for the financial industry. It is

More information

i-free Banking Service Guide

i-free Banking Service Guide i-free Banking Service Guide Content 1. i-free Banking Service 1.1 Deposit Services 1.2 RMB Services 1.3 Payroll and Payment Services 1.4 Investment Services 1.5 Insurance Services 1.6 Loans Services 1.7

More information

1 2. TRADING PASSWORD

1 2. TRADING PASSWORD Table of Content Page 1. LOGIN PASSWORD 1 2. TRADING PASSWORD 1 3. LOGIN 1 4. PLACE ORDER 3 5. TRANSACTION STATUS 4 6. CHANGE ORDER (REDUCE QUANTITY) 5 7. CANCEL ORDER 6 8. FUND DEPOSIT 7 9. FUND WITHDRAWL/TRANSFER

More information

CASH CLIENT S SECURITIES ACCOUNT OPENING INFORMATION FORM CORPORATE ACCOUNT (ABCI Securities Company Limited ABCIS )

CASH CLIENT S SECURITIES ACCOUNT OPENING INFORMATION FORM CORPORATE ACCOUNT (ABCI Securities Company Limited ABCIS ) Account Code: W h o l l y O w n e d S u b s i d i a r y o f A g r i c u l t u r a l B a n k o f C h i n a L t d ( E x c h a n g e P a r t i c i p a n t o f T h e S t o c k E x c h a n g e o f H o n g K

More information

BOARDROOM LIMITED (Registration No. 200003902Z)

BOARDROOM LIMITED (Registration No. 200003902Z) BOARDROOM LIMITED (Registration No. 200003902Z) FIFTH QUARTER FINANCIAL STATEMENT AND DIVIDEND ANNOUNCEMENT FOR THE FIFTEEN MONTHS ENDED 30 SEPTEMBER 2014 PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS

More information

A SWITCHING GUIDE. for non-personal current accounts including SME (Small & Medium Enterprise)

A SWITCHING GUIDE. for non-personal current accounts including SME (Small & Medium Enterprise) A SWITCHING GUIDE for non-personal current accounts including SME (Small & Medium Enterprise) Contents 1. The Current Account a. Key features b. Convenience c. Accessibility d. Support 2. Opening an account

More information

Opening your business account. Company

Opening your business account. Company Opening your business account Company 1 Thank you for considering AIB as your business partner. We are committed to providing real value to every customer, and to delivering the highest standard of service

More information

Half Year Financial Statement And Announcement for the Period Ended 31/12/2010

Half Year Financial Statement And Announcement for the Period Ended 31/12/2010 AUSSINO GROUP LTD Company Registration No.: 199100323H Half Year Financial Statement And Announcement for the Period Ended 31/12/2010 PART I - INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2

More information

The Things You Need to Know Before and After Forming a Legal Entity - From the Company Secretarial Perspective 成 立 公 司 你 要 知

The Things You Need to Know Before and After Forming a Legal Entity - From the Company Secretarial Perspective 成 立 公 司 你 要 知 The Things You Need to Know Before and After Forming a Legal Entity - From the Company Secretarial Perspective 成 立 公 司 你 要 知 Speaker: Tim Hui 15-March-2011 Hong Kong Arts Administrators Association Disclaimer

More information

Health Insurance Companies Tab. Monthly cash inflows and outflows of public health insurance companies

Health Insurance Companies Tab. Monthly cash inflows and outflows of public health insurance companies Health Insurance Companies Tab. Monthly cash inflows and outflows of public health insurance companies Coverage: Health insurance companies operating in the field of public health insurance, which are

More information

BUSINESS BANKING FACILITIES APPLICATION FORM

BUSINESS BANKING FACILITIES APPLICATION FORM BUSINESS BANKING FACILITIES APPLICATION FORM A P P L I C A T I O N F O R M F O R U O B C R E D I T F A C I L I T I E S To expedite your application, please complete the form in full and submit the following:

More information

Temporary Measures on Overseas Use of Foreign Exchange Insurance Funds 保 险 外 汇 资 金 境 外 运 用 管 理 暂 行 办 法

Temporary Measures on Overseas Use of Foreign Exchange Insurance Funds 保 险 外 汇 资 金 境 外 运 用 管 理 暂 行 办 法 Temporary Measures on Overseas Use of Foreign Exchange Insurance Funds 保 险 外 汇 资 金 境 外 运 用 管 理 暂 行 办 法 Chapter I General Provisions Article 1 These Measures are formulated in accordance with the Insurance

More information

Asia Market Intelligence Thailand

Asia Market Intelligence Thailand Asia Market Intelligence Thailand Presence HSBC s history in Thailand dates back to 1865, when the Bank appointed an agent in Bangkok. In 1888, a representative office opened in Bangkok, becoming the first

More information

Thinking outside the box: using a BVI/Cayman Islands incorporated company in Hong Kong

Thinking outside the box: using a BVI/Cayman Islands incorporated company in Hong Kong Thinking outside the box: using a BVI/Cayman Islands incorporated company in Hong Kong January 2012 Introduction Stamp duty on transfer of shares Corporate migration Repurchase of shares Financial assistance

More information

ARTICLES OF ASSOCIATION BANK OF CHINA LIMITED

ARTICLES OF ASSOCIATION BANK OF CHINA LIMITED ARTICLES OF ASSOCIATION of BANK OF CHINA LIMITED (Adopted at founding meeting of Bank of China Limited on August 23, 2004; approved by China Banking Regulatory Commission on November 17, 2004; amended

More information

BUSINESS BANKING FACILITIES APPLICATION FORM

BUSINESS BANKING FACILITIES APPLICATION FORM BUSINESS BANKING FACILITIES APPLICATION FORM APPLICATION FORM FOR UOB CREDIT FACILITIES United Overseas Bank Limited 80 Raffles Place #14-05 UOB Plaza 1 Singapore 048624 Tel: 1800 226 6121 uobgroup.com

More information

INSURANCE COMPANIES ORDINANCE (CAP. 41)... (Name of company making this application)

INSURANCE COMPANIES ORDINANCE (CAP. 41)... (Name of company making this application) Form IA-6G INSURANCE COMPANIES ORDINANCE (CAP. 41)... (Name of company making this application) Application for Authorization to carry on General Business in or from Hong Kong 1. We certify that we are

More information

Business Investment Guide Fiji Islands. A step by step guide to establishing a business in Fiji.

Business Investment Guide Fiji Islands. A step by step guide to establishing a business in Fiji. Business Investment Guide Fiji Islands A step by step guide to establishing a business in Fiji. A guide to establishing a business in Fiji Once you have decided to start a business in Fiji there are a

More information

Deposit Protection Scheme Bill

Deposit Protection Scheme Bill Deposit Protection Scheme Bill by the Banking Development Department The Hong Kong Monetary Authority has developed a set of proposals on how the proposed deposit protection scheme in Hong Kong should

More information

COURT APPOINTED LIQUIDATION. Offermans Parners Turnaround + Solvency Solutions 1

COURT APPOINTED LIQUIDATION. Offermans Parners Turnaround + Solvency Solutions 1 COURT APPOINTED LIQUIDATION Offermans Parners Turnaround + Solvency Solutions 1 COURT APPOINTED LIQUIDATION Liquidation is the process used to wind up a Company s affairs and bring its existence to an

More information

1 Regional Bank Regional banks specialize in consumer and commercial products within one region of a country, such as a state or within a group of states. A regional bank is smaller than a bank that operates

More information

CUSTOMER FUNDS PROTECTION AT NEWEDGE FINANCIAL HONG KONG LTD & NEWEDGE BROKER HONG KONG LTD

CUSTOMER FUNDS PROTECTION AT NEWEDGE FINANCIAL HONG KONG LTD & NEWEDGE BROKER HONG KONG LTD NEWEDGE CUSTOMER FUNDS PROTECTION AT NEWEDGE FINANCIAL HONG KONG LTD & NEWEDGE BROKER HONG KONG LTD January 2015 OVERVIEW The foundation for protecting customer property when customer trades with us is

More information

HSBC Mutual Funds. Simplified Prospectus June 8, 2015

HSBC Mutual Funds. Simplified Prospectus June 8, 2015 HSBC Mutual Funds Simplified Prospectus June 8, 2015 Offering Investor Series, Advisor Series, Premium Series, Manager Series and Institutional Series units of the following Funds: HSBC Global Corporate

More information

Personal Account Opening Form

Personal Account Opening Form Note: 1. Please complete in Block Letters and tick where applicable. 2. Information with shading must be completed. Date day / month / year Requested Account Type Information Account Type and Currency

More information

Fundamentals Level Skills Module, Paper F6 (SGP)

Fundamentals Level Skills Module, Paper F6 (SGP) Answers Fundamentals Level Skills Module, Paper F6 (SGP) Taxation (Singapore) Slimming Industries Pte Ltd (SIPL) June 20 Answers and Marking Scheme (a) Lorry acquired on hire purchase The instalments payable

More information

Legislative Council Panel on Financial Affairs. The Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries

Legislative Council Panel on Financial Affairs. The Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries LC Paper No. CB(1)1779/03-04(01) For information Legislative Council Panel on Financial Affairs The Loan Guarantee Scheme for Severe Acute Respiratory Syndrome Impacted Industries Introduction This paper

More information

Buyers Guide to RMB Bonds. Main author: Bryan Collins

Buyers Guide to RMB Bonds. Main author: Bryan Collins Buyers Guide to RMB Bonds Main author: Bryan Collins RMB bond investors need to do their homework first The RMB bond market is a relatively new and exciting investment opportunity, with RMB bond having

More information

ICICI Bank Limited Hong Kong Branch Service Charges

ICICI Bank Limited Hong Kong Branch Service Charges Hong Kong ICICI Bank Limited Hong Kong Branch Service Charges with effect from November 01, 2013 GENERAL, DEPOSIT ACCOUNT & REMITTANCE SERVICES GENERAL SERVICES Banker s Endorsement a. Each endorsement

More information

China Demeter Investments Limited

China Demeter Investments Limited Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Setting up a charity in Hong Kong

Setting up a charity in Hong Kong Setting up a charity in Hong Kong Hong Kong Shanghai Beijing Yangon www.charltonslaw.com Setting Up a Charity in Hong Kong (I) (A) What is a charity? Charity must be established exclusively for charitable

More information

An Introductory Startup Guide for NRB

An Introductory Startup Guide for NRB An Introductory Startup Guide for NRB Who are NRB? A Bangladeshi citizen living abroad with valid status Either as foreign country s permanent resident or with valid work permit In case of a foreign passport

More information

LAW ON FOREIGN EXCHANGE OPERATIONS

LAW ON FOREIGN EXCHANGE OPERATIONS LAW ON FOREIGN EXCHANGE OPERATIONS This Law shall govern: (CONSOLIDATED) 1 I. BASIC PROVISIONS Article 1 1) payments, collections and transfers between residents and non-residents in foreign means of payment

More information

Setting up a business in Hong Kong

Setting up a business in Hong Kong Setting up a business in Hong Kong Contents A Introduction 2 1 General 2 2 Branch or subsidiary 3 Business registration 4 Registration of charges 5 Additional licences and consents 6 Prospectuses B Hong

More information

ARTICLES OF ASSOCIATION OF

ARTICLES OF ASSOCIATION OF ARTICLES OF ASSOCIATION OF SAMPLE LIMITED 樣 板 有 限 公 司 Incorporated the 13 th day of Au gust, 9. HONG KONG No. [COPY] CERTIFICATE OF INCORPORATION * * * I hereby certify that SAMPLE LIMITED 樣 板 有 限 公 司

More information

REGULATORY OVERVIEW. PRC Laws and Regulations Relating to the Product Liability

REGULATORY OVERVIEW. PRC Laws and Regulations Relating to the Product Liability Although our Company was incorporated in the Cayman Islands, a substantial part of our Group s operations are conducted in the PRC and are governed by PRC Laws and Regulations. This section sets out summaries

More information

V. The offers are not applicable to commercial customers.

V. The offers are not applicable to commercial customers. Investors should note that all investments involve risks. Prices of investment products may go up as well as down and may even become valueless. Investors should not only base on this marketing material

More information

KBC Bank Hong Kong branch. We aim to be your preferred banker in Hong Kong

KBC Bank Hong Kong branch. We aim to be your preferred banker in Hong Kong KBC Bank Hong Kong branch We aim to be your preferred banker in Hong Kong Challenges your company is facing today Sales in Europe have surpassed their peak Costs are constantly going up Margins are under

More information

Frequent Asked Questions

Frequent Asked Questions Frequent Asked Questions 1. What are RMB currency futures? What will be the underlying currency pair? RMB currency futures are futures contracts based on the exchange rates between RMB and other currencies.

More information

Signed : Aspiring Wealth Management Hamish Taylor Disclosure Statement 2

Signed : Aspiring Wealth Management Hamish Taylor Disclosure Statement 2 Hamish Jonathan Taylor Primary Disclosure Statement (Authorised Financial Adviser) Name FSPR Registration Number Hamish Jonathan Taylor FSP87763 Physical Address Level 1, 99 Ardmore Street, Wanaka 9305

More information

Metopro Associates Limited

Metopro Associates Limited Metopro Associates Limited Management & Accounting Professional Useful Information for Starting the business in Hong Kong Date : 1 st January 2009 Presented by: Metopro Associates Limited Unit A10, 6/F,

More information

Doing business in Hong Kong

Doing business in Hong Kong Doing business in Hong Kong PKF Hong Kong, formerly known as H. L. Leung & Company, was established in 1968 by Mr. Henry Leung in Hong Kong. After years of development, it has grown to become a medium-sized

More information

Significant Accounting Policies

Significant Accounting Policies Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied

More information

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity;

(Informal Translation) Chapter One. General Provisions. 1- The deposit of securities with the Company or with any licensed entity; CAPITAL MARKET AUTHORITY (Informal Translation) Central Securities Depository and Registry Law No. 93 of 2000 Chapter One General Provisions Article 1 In this Law, the Company means a company licensed

More information