13 Jul
Hong Kong International Tax Planning
Posted in Business Management, Financial Management by adminThis organizational form will be considered further.
On January, 13th, 2004 the new law on the companies of Hong Kong has come into force. According to the given law the company should have at least one director and the shareholder. The unique director of the private company cannot be appointed by the secretary of the company. Directors and shareholders can be both physical, and legal persons. Directors/shareholders can be any nationality and residents of any country. The full information on directors and shareholders is represented in the Public Register and is public and opened.
The law gives concept of "the shadow director» which means the person, according to instructions and which instructions the director or the majority of directors carry out activity on a regular basis. The made definition does not mention lawyers, auditors and other professional advisers.
The director can be dismissed from a post the decision of the simple majority of shareholders, instead of existing before the requirement - not less than three quarters of voices of shareholders.
Responsibility of shareholders is limited to the size of their individual share in a company authorized capital stock without dependence from, whether the capital has been paid or not.
As well as in England, in Hong Kong there is a difference between the declared and paid authorized capital stock. As the sum of an annual State Tax of Hong Kong depends on size of the declared authorized capital stock, usually declared capital of the Hong Kong companies makes 10 thousand HK of dollars. The minimum let out capital makes 2 actions in cost from HK 1$ everyone.
The registered office of the company should be in limits of Hong Kong necessarily. Besides it, for each company the local secretary (which can be both physical, and the legal body, but necessarily resident of Hong Kong) is necessarily appointed. The original of the Certificate on registration and other constituent documents of the company should be stored In the registered office.
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