Just to give you an idea, the first year I had around 55 transactions and I paid 2,800 HKD for the accounting and 6,000 HKD for the auditing. The process was straightforward: I only had to email my purchases and sales invoices, my Paypal and bank statements (you can download them from your online banking service), and an Excel spreadsheet with the list of transactions to the agency accountant responsible, and they took care of everything else https://www.onlinecompanyregister.com/blog/starting-a-business-in-hong-kong.
This was especially important to me, as I’m not a tax expert, and before opening the company, my biggest fear was to screw up during the tax declaration. In fact, the process went smoothly and I haven’t had a single problem in the past 5 years (I opened the company in 2013).
Finally, on March 1, 2019, the Companies (Amendment) Ordinance 2019 came into effect. The Amendment Ordinance requires Hong Kong companies (subject to very limited exceptions) to keep a Significant Controllers Register (the “SCR”) for inspection by law enforcement officers upon demand. The company is required to appoint a local representative and keep an up-to-date register in Hong Kong.
Note that my agency informed me as soon as the ordinance came into effect, sent me the documents I had to fill out (together with detailed instructions on how to fill them out), and let me use their company secretary as my “local representative.” I paid 2,100 HKD for this service. However, the price could be different next year, as this is a new regulation. Thus, I suggest you to ask the details to the agency.
To summarize, the total cost of opening and maintaining a company in Hong Kong is…
5,855 HKD per year for renewing the business license as well as paying for the registered address and the company secretary (however, the first year you’ll have to pay 7,550 HKD, as explained above).
Starting as of the second year, you will also have to pay the accounting and auditing fee. Note that this expense will vary depending on the number of transactions (the more transactions you have, the more you will pay). The auditing fee is also a function of some secondary factors, such as company turnover and others.
Here is an estimation of the accounting and auditing fee: around 8,800 HKD per year (if you have no more than 60 transactions); around 12,000 HKD per year (if you have between 60 and 120 transactions); around 17,700 HKD per year (if you have between 120 and 240 transactions). As stated, the final quotation will depend on the complexity of the company’s operations.
Hong Kong is one of the members of the Financial Action Task Force. Therefore, all Hong Kong banks must follow certain regulations in line with international risk management standards. Therefore, before accepting you as a customer, every bank has the obligation to collect certain documents in order to comply with anti-money laundering laws.
From a practical point of view, if you are a new businessperson (that is, you have never had a business before), you’ll need to provide the following documents (in English) as proof of business in order to open a business bank account in Hong Kong: