Company registration in Hong Kong + Bank account in Switzerland

To begin with, let us recall the previous financial crisis in Cyprus. All banking activities came to a standstill due to the government’s incompetence and the country’s dependence on the EU. Every entrepreneur experienced a painful stagnation of capital in bank accounts. Companies lost hundreds and thousands of euros when their business activities froze. Sea vessels dropped their anchors and the surplus slowly but steadily melted away like air…

The company does not tolerate financial delays. If they occur, it is time to reconsider your activities or the partners you work with. An offshore company registered in Hong Kong combined with a business account opened in a Swiss bank would be powerful instruments to support you in any situation.

An offshore company in Hong Kong + a corporate account in Switzerland

Those who want to minimize the chance of suffering such losses are looking for a reliable option to diversify their funds. A good solution would be to register an offshore company in Hong Kong or move it to this booming Asian destination.

The second part of our comprehensive service is a business bank account in Switzerland. This is a jurisdiction that actually created the financial service standards that command respect in their own right. The opportunity is particularly interesting given the extremely high level of security and the status/reputation of the Swiss banks.

Let’s move on to the practical part of the procedure. At this stage, we will consider step by step how to register an offshore limited liability company in Hong Kong and open a business account in a Swiss bank for it. If you are 18 years of age or above, you have the right to register a full-fledged company that allows you to conduct legal business activities in and outside Hong Kong.

Establishment of an offshore company in Hong Kong:

• a separate legal entity
• limited liability of the owners
• a stable structure
• the procedure for raising capital and transferring ownership is easier compared to other business structures, such as sole proprietorships and partnerships

OFFSHORE COMPANY FREE EXPERT CONSULTATION

on which jurisdiction is best for
your business, preferred tax system,
corporate structure.

How to register an offshore company in Hong Kong

The first and most important step is your intention to register an offshore company (Ltd) in Hong Kong and open a business account in Switzerland (to replace Cyprus, for example) – and all that within one comprehensive service . If so, contact us at kgn@kgn.dk for professional advice on setting up an offshore company in Hong Kong and opening a company account in a Swiss bank.

The next step is to sign an agreement with our company for the provision of consulting services, so that you can start the business registration process and start collecting documents for a solid bank in Switzerland. All services are of course confidential. If the customer wishes, we are ready to give him the opportunity to control each step of the procedure, but you can just as well trust our experienced experts and let them do the work for you.

The price for the service is 7090 EURO. The prepaid service package includes:

• Execution of documents
• Public charges
• Production of seals
• Registration of the offshore company’s legal address in Hong Kong
• Secretary’s services
• Preparation of a notarized set of documents required to open an account in a Swiss bank
• Transfer of a package of documents certified by a notary from Hong Kong to the Swiss bank

Once you have paid the fee, we are in the process of preparing all the necessary documents. Our experts prepare one part of the official papers and it’s up to you to pick up the other (make sure you’ve signed the forms if required by the rules). Once this stage is completed, you send us your package required to register an offshore company, we add the documents we prepared and transfer the whole set to Hong Kong. Documents needed to open a business account in a Swiss bank are required later.

Package of documents for company registration:

• Application for business registration
• Company name. We recommend preparing 2-3 additional options if the main one is rejected.
• The registered office . By default, we offer registration at our Hong Kong office address (the PO Box option is prohibited under Hong Kong company law).
• A brief description of the business activities that will be carried out by your offshore company in Hong Kong . You must briefly describe your company’s activities. These may include trade (retail, wholesale), provision of services (specify which), investment, etc.
• Details of shareholders, directors and secretary.
• Liability of members/participants .
• The size of the company’s authorized capital at registration . The standard share capital of a Hong Kong company is HKD 10,000 (10,000 shares of HKD 1 each). You can only pay for one share, i.e. 1 HKD.
• The number of shares owned by the founders . A Hong Kong company can only have registered shares. Bearer shares are prohibited.

In addition, you will need:

• Copy of memorandum of association and articles of association. These documents will be prepared by our professional registrar who deals with the registration of companies in Hong Kong.

Personal documents for non-residents (shareholders and directors of an offshore company in Hong Kong) :

• A notarized copy of a foreign passport (an internal passport is not accepted as proof of your identity)

You may come across a notary who says that he does not certify a copy of the passport. In this case, order a translation from a sworn translator and stitch it together with a copy of the original, and then notarize it. The notary himself can recommend the nearest sworn translator.

• Proof of residential address (utility bills)

Please note that the document must not be older than 3 months at the time the package of documents is submitted to incorporate an offshore company in Hong Kong, and it must also be translated into English and notarized. Or it can be a notarized translation of the civil passport into English (the main page with the photo and your signature and the page with the address).

• A letter of recommendation from the bank

Personal documents for residents (shareholders and directors of an offshore company in Hong Kong):

• A copy of the Hong Kong Identity Card

Personal documents of company shareholders and directors (copies of the parent company’s registration documents):

• Certificate of Incorporation
• Memorandum & articles of association
• The company’s other corporate documents

Remember to provide a notarized translation into English for each document!

Please note that an offshore company can be incorporated in Hong Kong on a remote basis. You don’t have to waste your time visiting Hong Kong (unless you want to). But if you want to check every step of the registration process personally, we can give you this opportunity!

Once all documents are collected, we will check them carefully. If no problems are identified, the practical registration phase begins.

Basic requirements for a company in Hong Kong:

• At least 1 (one) shareholder, who can be a natural person or a legal entity, resident or non-resident
• At least 1 (one) director, who can be a natural person or a legal entity, resident or non-resident

Please note that at least one director of an offshore company in Hong Kong must be a natural person!

• Company Secretary in Hong Kong (Hong Kong resident only)

Attention! The details of the directors, shareholders and secretary of an offshore company in Hong Kong are given to the company registrar and published!

The process of incorporating an offshore company in Hong Kong takes only a few working days on average. At the final stage, you will receive confirmation of successful registration. We will send you a set of documents issued by the Companies Registry and the Hong Kong Inland Revenue Department. These documents will ensure the legality of the company’s activities as a legal entity.

Confirmation documents that you receive in hard copy:

• Certificate of Incorporation , issued once at the incorporation stage
• Business Registration Certificate , which is issued annually by the Hong Kong Inland Revenue Department
• Memorandum & articles of association
• Certificate of Shares, the main document of an offshore company in Hong Kong, which contains information about the number of company shares, their distribution among shareholders and the names of the shareholders
• Form NC1 (a registration form with a company registration mark), a confirmation document where company details are registered (see below)
• Registered office agreement for provision of a legal address signed by the director of an offshore company in Hong Kong on the one hand and the registration agent providing a legal address on the other hand
• Minutes of the first meeting of directors – decisions on the appointment of the first director, secretary, acceptance of the company’s main seal, distribution of shares, appointment of a secretary and approval of the legal address
• Board register
• Register of members

The data contained in form NC1:

• Name of the offshore company in Hong Kong
• Legal address
• Registered Secretary (name and address)
• The first director, his residential address and passport details
• Share capital, distribution of shares among shareholders, information about shareholders (names, passport details, residential addresses)

You should also receive a set of company seals:

• The most important one is a metal seal with a convex surface and the inscription “Common Seal” to be used on important documents (share certificates, real estate deeds, general power of attorney)
• A plastic seal is a stamp with the words “For and on behalf of[virksomhedens navn] “
• The authorized signature is placed on contracts, invoices and other commercial documents. This seal bears the signature of the person acting on behalf of the company. It can be a director or other authorized person who acts on the basis of a board decision or a power of attorney.
• A small round plastic seal (containing the company name) has no legal force and is placed on ordinary documents, for example postal receipts. It is sometimes also put on invoices.

After we register your offshore company in Hong Kong, we will send you a package of original documents to the address you provided by courier or transfer them to you during your personal visit to Hong Kong (courier services are subject to a separate fee) !

The cost of incorporating an offshore company in Hong Kong

The exclusive status of the service is often the reason for a significant price increase. But we do not consider this approach right, as we expect long-term cooperation and prefer to form a friendly (loyal) customer base. Therefore, do not be surprised that the amounts below are relatively modest.

Please note that the indicated price does not take into account risks of force majeure or the impact of other factors that will require an increase in the amount of legal work and, as a result, additional costs.

The approximate cost level (total $2,640):

• Registration of an offshore company in Hong Kong (including government fees, preparation of company documents and making of seals) – USD 1,200
• Registered secretarial service (transfer of documentation is charged additionally) – USD 350 per year
• Registered (legal) address – USD 350 per year
• Creation of the company’s Significant Controller Register – USD 350
• A representative who maintains and updates the register of significant controllers – USD 390 per year

State fees and mandatory services one year later ($1,635 in total):

• The government fee for renewing the business registration – USD 300
• Submission of an annual report on the corporate structure of an offshore company in Hong Kong – USD 235.
• Services of the company’s registered secretary – USD 350 per year
• Providing a legal (registered) address (the cost of postal services is not included) – USD 350 per
• A representative who maintains and updates the register of significant controllers – USD 390 per year

Opening a business account with CIM Bank (Switzerland)

This is the second part of the comprehensive service, the delivery of which begins immediately after the offshore company is incorporated in Hong Kong. We send a set of notarized copies of the offshore company’s original documents to CIM Bank (Switzerland).

Please note that you need additional documents to be able to open a business account at the bank:

• Documents proving that you have the right to sign on behalf of your offshore company registered in Hong Kong (Articles of Association, Power of Attorney)
• Personal documents for all beneficiaries and signatories. If you are the only natural person signing the account application form and you are also the sole beneficial owner, you only need one set of documents.

The process of opening a corporate account for an offshore company in Hong Kong with CIM Bank (Switzerland) is very simple. The procedure takes no more than 12 business days on average, which is a good indicator of a solid bank in Switzerland. But it is important to understand that CIM Bank is not a “random” bank in any offshore jurisdiction, but a solid financial institution. Therefore, the documents for opening an account should be prepared as responsibly as possible.

CIM Bank (Switzerland)

In this package of services (related to setting up offshore companies in Hong Kong and opening an account for it with the Bank of Switzerland), we want to offer you the services of CIM Bank, a private financial institution headquartered in Geneva. The bank’s main activities include financial asset management, international payments and transfers, opening current accounts, trading in stocks and bonds, foreign exchange, online trading, credit cards, market research and analysis.

We recommend paying attention to:

• Home banking service . CIM Bank uses it to ensure communication with customers 24/7 non-stop from anywhere in the world. The service allows you to check current accounts, carry out international transactions and monitor all operations on your accounts.
• Each customer of CIM Bank in Switzerland receives a personal manager (Private Banker).
• Accounts in multiple currencies are supported.

Main stages of opening a corporate account for an offshore company in Hong Kong with CIM Bank (Switzerland)

The most important stage is the registration of an offshore company in Hong Kong, which should be over by now – with our help. If so, it’s time to consider opening a business account with CIM Bank (Switzerland). The package of company documents is in our hands now, so we will completely shift our focus to account opening.

Key stages:

• Preparation of an extended package of documents, filling out forms
• Control and attestation of documents by the client
• Sending a complete package of documents required to open a business account to CIM Bank (Switzerland)

And now it is time for us to have patience and wait a little. A business account is usually opened within approximately 2 weeks (if we only count weekdays).

Remember that if you are interested in opening an account in several currencies, you must have a video conference with the manager of CIM Bank (Switzerland), who will consider your case (if you choose a remote opening format)!

As soon as you receive confirmation that a multi-currency account has been opened for your offshore company in Hong Kong, an initial deposit must be made:

• The minimum amount is EUR 20,000
• If you pay a bank fee to open a business account for a company in Hong Kong (EUR 150), the minimum deposit amount will be reduced to EUR 10,000

The rules of CIM Bank (Switzerland) do not allow for freezing. Only the amount of the insurance policy (USD 1,000) can be blocked, but it will be returned to you after you close the account.

Prices for opening and maintaining a business account for an offshore company at CIM Bank (Switzerland):

• Opening a business account is free (or €150, see above)
• Account maintenance – CHF 120 on a quarterly basis
• Maintenance of postal service – CHF 100 per year
• Correspondence – CHF 100 per year (if applicable)
• Electronic banking services are free
• 1 payment card – free of charge
• Compliance fees – CHF 400 per year (if applicable)
• Administrative fees – CHF 500 per year
• Account closure – CHF 300
• The registration of an offshore company in Hong Kong and the opening of a company account for it at CIM Bank (Switzerland) are notable instruments for conducting international business. For more information, please contact us at kgn@kgn.dk.