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Setting up an offshore company in HK

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  1. #11

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    Apr 2008
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    First random result in Google with key word "compare cost of hong kong to bvi company":

    ABSCPA - Hong Kong Limited Company Formation : Hong Kong Company Comparison with BVI Company | Incorporation Requirement (Compare) | Purpose and Benefit (Compare) | Cost in incorporation, Maintenance and Cancellation (Compare)

    As for prices, you have to shop around. I found the best "agents" are the smaller more local companies. They are cheaper, and you have a direct contact by phone/email. Prices vary a lot, really. For the setup it might not matter a lot if you pay a few thousand HK$ more, but if you pay a high price every year you'll just regret that you didn't choose a more humble agent at the beginning (been there, done that).

    Maybe the $2k/year figure from the other thread was for somebody who does everything in-house by himself and is a HK resident, or maybe they just never registered a company before. He might not need a secretary, accountant, auditor and somebody to file the tax. Normally that's arranged or done by your public accountant who sets up the company for you and it costs money. Well, that's basically the money the earn. They don't help you setting up companies for no reason.

    Almost any HK public accountant should be able to provide what you need, even if they don't have a fancy web site.

    Last edited by 100LL; 28-12-2010 at 05:28 PM.
    krypton likes this.

  2. #12

    Join Date
    Dec 2010
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    3
    Quote Originally Posted by Oldtimer:
    Quote: "This will probably be one of the easiest companies ever. It's only purpose is receiving money from affiliate websites (from Europe). So 4 transactions a month and probably once a month a transaction to a personal HK bank account."

    Why have a company? Since you already have a personal bank account in Hong Kong, just transfer the funds in that account.
    The problem is that the company that sends the money does not send the money to a person, they only send it to companies. This is a new rule.

  3. #13

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    What about a Sole Proprietorship? That is a registered business and can take any name you wish. The paperwork is much less onerous than for a company.


  4. #14

    Join Date
    Mar 2008
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    202
    Quote Originally Posted by krypton:
    Also, where can one look for differences between a HK company and a BVI company?
    you should double check with BVI but I use both a HK and a Belize company and the cost and bureaucratic hassles are much lower with the Belize company, mostly because there is no need to audit the books. Google the terms and you will find quite a bit of information.

    Main advantage IMO with a HK company and you can use it to legally invoice more or less fictive services and syphoon profits from companies in highly taxed countries whereas invoices from so called tax havens will be rejected from western tax authorities. Some customers won't accept ro wire money to Belize, BVI etc... companies, although it's tricky for them to know where the company is registered as one can still write a HK adress on the invoices and bank details even if it's a non HK company.

    If the OP doesn't need this, than he'd be better off with a simpler juridiction like Belize or possibly BVI.

    PDLM, fiscally Thailand is waaaaaayyyy backwards, it's quite easy to have a life standard grossly exagerated compared to one's declared income without getting troubled by the tax authorities there.
    Last edited by LuisHK; 01-01-2011 at 10:14 PM.

  5. #15

    Join Date
    Oct 2003
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    Quote Originally Posted by 100LL:
    First random result in Google with key word "compare cost of hong kong to bvi company":

    ABSCPA - Hong Kong Limited Company Formation : Hong Kong Company Comparison with BVI Company | Incorporation Requirement (Compare) | Purpose and Benefit (Compare) | Cost in incorporation, Maintenance and Cancellation (Compare)

    ....
    Maybe the $2k/year figure from the other thread was for somebody who does everything in-house by himself and is a HK resident, or maybe they just never registered a company before. He might not need a secretary, accountant, auditor and somebody to file the tax. Normally that's arranged or done by your public accountant who sets up the company for you and it costs money. Well, that's basically the money the earn. They don't help you setting up companies for no reason.

    Almost any HK public accountant should be able to provide what you need, even if they don't have a fancy web site.
    You're talking about setting up a limited company as opposed to a sole proprietorshp, there's no reason to imagine that he needs to have a limited company for the purposes he describes.

    As to whether transferring his earnings into a dummy HK company is going to save him tax, be legal or be significantly different from not declaring it and hiding it under the mattress, I have no idea. Depends on Thai tax regulations & laws and how strictly they are applied etc. I guess.
    Last edited by dipper; 11-01-2011 at 09:46 AM.