Hong Kong

Hong Kong is the significant international financial, service and shipping center in the world. It is also information highly developed international city with the most free trade port, which is the reason that numerous merchants come to here to register Hong Kong Company to develop the business and improve the company image.

A limited liability company (LLC) is established by one or more shareholders, it shall be limited to the capital contributions, and the company should take limited responsibility. Shareholders undertake the limited to investment assets of the company if the company losses. As for other personal name assets, it will not be affected.

Unlimited company is established by one to six shareholders, the company should undertake unlimited liability for the debts of the company. It means that the proprietors of the unlimited company and partners should contribute all the assets under their personal name property when the company assets are insufficient to settle debts.

According to the Hong Kong Companies Ordinance, All the Limited Company registered in Hong Kong must appoint at least one company secretary. Their responsibilities will involve the following categories: First, submit the annual return and other required forms to the Companies Registry on a regular basis. Second, basing on the company directors/shareholders provide the meeting information to formulate the internal meeting record and resolution. Third, Print company stock to the shareholders. Forth, update record of the company.

Key Corporate Features

 

 

BVI

The British Virgin Islands (BVI) is a member of the British Commonwealth and self-governing in 1967. Since introducing its International Business Company (IBC) legislation in 1984 enhanced the jurisdiction’s popularity. Flexibility has been a critical factor in explaining this phenomenal success.

The BVI has established a solid international presence and enjoys a reputation for cutting-edge, progressive and user-friendly legislation with quality services.

Law and Taxation

BVI’s legal system is based on English common law supplemented by local ordinances. There are no taxes levied on Business Companies with the exception of the annual government licence fee which is USD350 for companies with the number of authorised shares issued up to 50,000. Companies that fail to pay their licence fee by the due date are subject to penalties and those that fail to pay five months after the due date will be struck off the Register. There are no exchange controls or restrictions on the flow of currency in or out of the territory.

Key Corporate Features

 

Samoa

Samoa’s offshore corporate legislation was originally introduced in the late 1980s and was based on Cook Islands legislation.

However, it now includes numerous enhancements, making it more user-friendly to suit the requirements of the Asian market.

Law and Taxation

There are requirements for Samoan companies to prepare Registers of Directors, Secretaries and Members and for these to be kept at the Registered Office.

The register of members or a copy of the register shall be maintained at the Registered Office within 1 month of the date of incorporation.

The shareholders may waive the requirements for audited accounts.

Key Corporate Features

 

Seychelles

Seychelles is an independent Republic within the British Commonwealth with a good political stability with a democratically elected Government. The Seychelles economy is primarily based on tourism, commercial fishing and the offshore financial services industry.

Its success has been enabled through the Seychelles striking the right balance between sound regulatory practices and pleasing the market.

Law and Taxation

Seychelles is governed by civil law except for the corporate legislation and criminal law which are based on English common law. The principal corporate legislation governing IBCs is the International Business Companies Act (IBC Act) 1994. IBCs are exempted from tax on business activities or transactions carried on outside of the Seychelles. An IBC can be converted to other resident companies such as Companies Special Licence (“CSL”).

The CSL is a Seychelles domestic company (incorporated under the Companies Act 1972), which is granted a special licence under the Companies (Special Licences) Act 2003. A CSL can take advantage of the Seychelles’ steadily expanding network of double taxation treaties which include China, Indonesia, Malaysia, Mauritius, Thailand, S. Africa, Botswana, Oman, Cyprus, UAE and Vietnam.

Key Corporate Features

 

Cayman Islands

The Cayman Islands are a British Overseas Territory which comprises three islands in the Caribbean Sea.

The financial services sector is one of the main industries in the Cayman Islands, and there is a substantial commitment to the continued development of the offshore financial services industry.

Throughout the global community the Cayman Islands is recognized as a sophisticated international financial center.

The reputation and popularity of the Cayman Islands have increased significantly, particularly in Asia, as it is one of only two offshore centres approved by the Hong Kong Stock Exchange for public listing in the Hong Kong bourse. The Cayman Islands established its own Stock Exchange in 1997.

Law and Taxation

Cayman Islands’ companies law is based on English common law. There are two types of Cayman Islands companies: the Exempted and the Non-resident. The ongoing licence fees for a Non-resident Company are slightly less than that for an Exempted Company but a Non-resident Company must submit a more detailed annual return and as such, have not gained much favour in Asia. The Cayman Islands received a Royal decree in 1798 that freed them from taxes in perpetuity and this decree remains in force. Exempted Company names do not have to end with the suffix ‘Limited’ and they may apply for a 20- year tax exemption certificate, further enhancing their tax exempt status. Furthermore, the company name may be expressed in Chinese characters, so long as its translated name is provided.

In November 2001, a new agreement with the United States (US) for the exchange of information was signed. This provides for the exchange of information, upon request, for criminal tax evasion, civil and administrative matters relating to US federal income. The agreement applies to criminal tax evasion for taxable periods commencing 1 January 2004, and to all other tax matters for taxable periods commencing 1 January 2006.

Key Corporate Features

 

Macau

Macau also spelled Macao, is one of the two Special Administrative Regions of the People’s Republic of China, the other being Hong Kong.

Macau is an offshore financial centre and a free port with no foreign exchange control regimes, and funds can flow in and out freely; thus many investors have been attracted to invest in Macau.

Law and Taxation

 

• Tax allowance for the first MOP300,000 net profit. (To be increased to MOP600,000 in coming year).
• Easy statutory compliance, Companies are only required to submit M1,M3/M4 to the Government of Macau.

 

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