Hong Kong company transfer-in in 2024

Since 2003, Healy Consultants Group assists multinational Clients to set up companies in Hong Kong. Sometimes, Clients also choose to i) ‘transfer-in’ their company to Hong Kong to take advantage of the jurisdiction’s strategic tax, regulatory and annual administrative benefits or ii) ‘transfer-in’ their existing Hong Kong company administration and compliance functions from their existing corporate services provider to Healy Consultants.

• What are the benefits of Hong Kong company transfer-in to Healy Consultants?

  • We have two decades’ experience in company registration, corporate administration, bank account opening, accounting and tax services and legal compliance in Hong Kong.
  • We are a one stop shop providing Hong Kong business set up, administration, legal, accounting, banking, immigration, recruitment and marketing services.
  • Our model allows you to consolidate the management, administration, and accounting requirements of all your global entities under a single umbrella in Hong Kong, enabling you to spend more time running your business, and less time managing its obligations.
  • Our expert consultants will spend time getting to understand you, your business, and your ambitions in order to engineer a Hong Kong solution that is tailor-met to suit your business’ unique individual needs.
  • Healy Consultants Group’s diverse and multi-cultural team can communicate in many different languages, including Cantonese, Mandarin, and other global languages.
  • All engagements with Healy Consultants Group are quoted, agreed and paid-up front. We pride ourselves on ensuring that our Clients are never surprised with any unexpected or unbudgeted costs.

• Hong Kong transfer-in steps

  • Before Healy Consultants Group proceeds with the Hong Kong company transfer-in, our Firm requests our Clients to i) settle the fees payable for the engagement; ii) sign and email back our engagement letter and iii) provide us all requested Hong Kong company documents and due diligence documents from each shareholder, director and beneficial owner of the company. Read our due diligence page for further details on the due diligence process.
  • Healy Consultants Group prepares all the legal company transfer-in documents including i) the company secretary appointment forms ii) the change of legal registered address forms and iii) the resolutions for our client to sign and courier return to Hong Kong.
  • Within two days of receiving the signed documents and submission to the Companies Registry Hong Kong, the company transfer-in process is complete, and we provide our Client the updated company register.

  For more information, visit this page.

• What are the accounting and tax considerations of Hong Kong company transfer-in?

  1. Resident Hong Kong companies are subject to a corporate income tax rate of 16.5%. Resident companies are those which are incorporated or managed from Hong Kong. They are taxed only on net profits arising from sales within Hong Kong.
  2. Hong Kong companies generally benefit from i) exemption on withholding taxes ii) extendable tax filing deadlines and iii) straightforward accounting and tax procedures, mainly because of IFRS standardisation in the country.
  3. If properly structured, non-resident Hong Kong companies are legally exempt from Hong Kong corporate income tax provided the business has i) no active director nor staff in Hong Kong ii) no Hong Kong customers or investors iii) no Hong Kong shareholders or UBOs and iv) no income derived or remitted to Hong Kong. Hong Kong’s tax system is territory-based. Foreign-sourced income is outside the scope of Hong Kong profits tax.
  4. Stamp duty on the transfer of shares in Hong Kong is 0.2% of their value, which is shared equally between the two parties involved. Property tax is levied at a fixed 15% on the value of the property.
  5. Hong Kong does not levy any import or export duties. Excise duty is levied on hydrocarbon oils, spirits, tobacco, cigarettes, and methyl alcohol.
  6. There is no Value Added Tax, GST or any other sales tax in Hong Kong.

  For more information, visit this page.

• What are the regulatory license considerations of Hong Kong company transfer-in?

  Assuming the company is operational, and already possesses the requisite Hong Kong regulatory licences, Healy Consultants Group will annually renew the company’s business registration license and provide our client the latest Business Registration Certificate.

• What are the legal and compliance considerations of Hong Kong company transfer-in?

  1. As of 2018, a Hong Kong business is required to have at least one director who is a natural person. A corporate director can no longer be the sole director of a company. If required, Healy Consultants Group will be pleased to provide your firm with a professional nominee director.
  2. All Hong Kong companies are required to have a local registered office and a resident company secretary. Most of our Clients request Healy Consultants Group to provide these services for their Hong Kong companies.
  3. Recruitment of foreign employees requires the employer to justify that the locals have not been denied the work opportunity. Furthermore, the foreign employee is expected to prove that he/she possesses the credentials relevant to the position.
  4. Residents of mainland China, Taiwan and Macau will require additional documents when applying for an employment visa, such as copies of identity cards and copies of the applicant’s household registration.
  5. All Hong Kong companies must apply for the business license corresponding to their core activity, during the month following incorporation.
  6. Every year, our Client will face the following recurring costs for their active companies: i) business registration renewal ii) annual return filing and iii) audited financial statements.

  For more information, visit this page.

• What are the multi-currency corporate bank account opening considerations of Hong Kong company transfer-in?

  In most cases, companies being transferred-in to Healy Consultants Group will already have a bank account. However, Clients requiring assistance to open a corporate bank account should note that:

  • Hong Kong banks have tightened their account opening procedures, especially for foreign companies. The same applies for merchant accounts for companies that do not have any local Hong Kong customers.
  • Hong Kong banks now require Hong Kong companies to have more local substance before they will approve a multi-currency corporate bank account. Examples of local substance include i) business relationships with Hong Kong customers ii) a physical office in Hong Kong and iii) employees in Hong Kong.
  • It has also become challenging to open bank accounts for start-ups and, small or medium-sized businesses. Because Hong Kong banks are not hungry for business, they show more interest in those companies that can prove high annual turnover.
  • Foreign companies are also required to submit i) a business plan with details of the company’s products and services ii) examples of contracts and invoices generated by and for the newly-incorporated company iii) recent proof of address of the bank signatories (in English) iv) notarised copies of passport and address proof of all bank signatories and v) a bank reference letter for the bank signatories.
  • The bank account opening application can be advanced only after the bank signatory visits the bank branch in person.
  • Some Hong Kong banks like HSBC prefer to communicate directly with our Client and will not put Healy Consultants Group in the loop for security purposes. In this case, Healy Consultants Group will assist our Client to prepare quality answers to the bankers’ questions and requests.

  For more information, visit this page.

• Our fees

  View invoice PDF

• Case study

  Background

  • In July 2021, our South African Client approached Healy Consultants Group to be appointed as their company secretary for their existing Hong Kong entity and provide them with i) secretarial services and ii) legal registered address in Hong Kong.
  • Our Client also requested we supply them a Hong Kong resident nominee director.
  • Our Client provided all the due diligence documents required for company transfer-in, signed the engagement letter and settled our fees.

  Company transfer-in and appointment of nominee director

  • Healy Consultants Group prepared the legal change of company secretary and registered office address forms and the resolutions to be signed by the Client
  • Following signature, our client couriered all the forms together with the certified due diligence documents to Hong Kong
  • Once received in Hong Kong, our company secretary filed the forms with Companies Registry Hong Kong and Healy Consultants Group supplied the confirmation of the changes to our Client.
  • We then supplied our client the due diligence documents of the nominee director together with the forms to be signed for the nominee’s appointment.
  • Our client signed the forms and couriered to Hong Kong for processing.
  • Within two days of receipt of the signed forms, our company secretary lodged the forms with the Hong Kong companies registry.
  • We then supplied our client proof of the nominee appointment, and the engagement was complete.

  Engagement completion

  • Healy Consultants Group completed the company transfer-in and will proceed with annual statutory renewals for the company going forward.