Set-up Your Company in Hong Kong
Hong Kong, being one of the most open economies in the world, is the ideal location for business set-up and company formation. Irrespective of whether you are a local or foreign entrepreneur, it is strongly advised to engage the services of a professional firm such as NNRoad; as we have all the necessary experience in handling ongoing regulatory and compliance requirements and are well versed with the local legislation governing companies.
Business entities you can open in Hong Kong
1) Limited Liability Company
A Limited Liability Company (LLC) is a separate legal entity in its own right, involving a simple and hassle-free process. Separately from its members, limited companies in Hong Kong can conduct any enterprise activity. This also gives it the ability to enter into debt and procure assets. Company registration in Hong Kong only requires one director or shareholder (above 18 years old), where a shareholder can also be the director.
2) Branch Office
A Hong Kong Branch Office is not a legal entity, as it is considered as a form of representation or extension of the parent foreign company. Therefore, all debts, liabilities, and profits incurred by the branch will be accountable to the parent company. Opening a branch office in Hong Kong requires an assigned officer who is a Hong Kong resident approving to receive the branch’s legal notices.
Our Company Formation Service Includes:
- Confirm the selection of a business entity type.
- Advise with the initial capital amount, if applicable.
- The business Registration administration process.
- Assist with the Company Secretary service.
- Employees' Compensation Insurance + Office insurance setup.
- Mandatory Provided Fund (“MPF”- mandatory social security fund from employers and employees) account set up
PEO/Employer of Record in Hong Kong
Hire employees in Hong Kong while NNRoad handles all employer liabilities. No local entity needed.
NNRoad is a Professional Employer Organization (PEO) that provides Employment Solutions in Hong Kong, also known as Employer of Record (EoR) services. Many companies opt to outsource their employees to minimize costs and legal risk when expanding their business operations in Hong Kong. NNRoad is specified in helping foreign companies navigate through employment laws and requirements, saving you time so you can focus on core business activities.
- Legally hire local and foreign employees without a legal entity established in Hong Kong.
- NNRoad becomes your in-country employer of record for dispatched employees in Hong Kong. While you will still be responsible for the management of your employees.
Our PEO service includes:
- Hiring and termination of employees/local labor contracts (contract administration - engagement, extension termination and conversion to permanent hire).
- On-boarding and off-boarding employees following Hong Kong labor law practice.
- Complete payroll solution and statutory benefit administration.
- Employee management – employee record retaining, timekeeping, bonus and allowance management, expense and claims, and leave employee database management accordingly to the local law.
- Taking care of legal complexities for the employees according to the Employment Ordinance of HKSAR.
- Local individual income tax reporting, if needed.
Managing Payroll and Human Resources can entail laborious tasks as it consumes a significant amount of your valuable time and effort that could otherwise be devoted to strategic and human resources development activities. Whether it is a large organization or a small company with a few employees, NNRoad can provide you with fully managed payroll and human resources administration services in a professional manner.
- Registering the necessary company and personnel information for payroll calculation in the payroll software and system.
- Calculation of gross salary, salary deductions (e.g. social insurances, unpaid leaves, etc.), and net salary based on information provided by the Company including irregular payments such as incentive/bonus, allowance, severance, retirement payment, travel allowance paid by welfare committee, etc.
- Pro-rata calculation for people who join and final payment calculation for leavers.
- Providing a monthly payroll summary to the Company.
- Payroll Disbursement - Issuing payment invoice to the Company for payroll distribution to employees.
- Working out the statutory leave payments/adjustments as per the client's company policy and Employment Ordinance of HKSAR.
- Year-End Adjustment and Annual Declaration.
- Tax form- 56B only.
Irrespective of size or nature of your company, managing the financial records is a very integral part of any business. Any company must know the proper allocation and utilization of funds. NNRoad provides solutions for your accounting needs with the team of experienced professionals.
- Full set accounting services in compliance with Hongkong legislations and accounting standard.
- Employer annual tax filing (IR56B), lodging objections and holdover claims.
- Complete IR56E sheet for the new hires.
- Complete IR56F sheet for the terminated employees.
- Complete IR56G sheet for the employees on their leaving Hong Kong for good or for a substantial period of time.
- Preparation of Financial statements and Profit/Loss statements.