Different Types of Companies
There are five types of companies that can be formed. The types of companies that may be formed are –
public companies limited by shares
private unlimited companies with a share capital
public unlimited companies with a share capital
Company Limited by Guarantee
A company limited by guarantee is required to have at least 2 directors and a body corporate must not be appointed as a director. Such a company is required to file annual returns together with certified true copies of the relevant financial statements, directors’ reports and auditor’s report in respect of every financial year of the company.
Companies limited by guarantee ("the Guarantee Companies") are required to comply with the requirements in the CO applicable to Guarantee Companies.
Examples of some requirements are:
- Requirement for holding of annual general meeting ("AGM") within 9 months after the end of the company's accounting reference period;
- Guarantee Companies may qualify for the reporting exemption; and
- Members of Guarantee Companies are entitled to appoint proxies.
An escalating scale of annual registration fee payable for the delivery of an annual return of a company limited by guarantee is to encourage compliance of statutory filing requirement. In the case of late delivery, substantially higher registration fees are payable. The escalating fee scale is the same as the one applicable to a private company limited by shares and is as follows:
(a) if the annual return is delivered within 42 days after the company’s return date $105
(b) if the annual return is delivered more than 42 days after but within 3 months after the company’s return date $870
(c) if the annual return is delivered more than 3 months after but within 6 months after the company’s return date $1,740
(d) if the annual return is delivered more than 6 months after but within 9 months after the company’s return date $2,610
(e) if the annual return is delivered more than 9 months after the company’s return date $3,480
Requirement to notify the Registrar of an increase in the number of members
Where a company limited by guarantee has increased the number of its members beyond the registered number, the company must, within 15 days after the increase is resolved by the company or takes place (whichever is the earlier), deliver to the Registrar for registration a notice of the increase.
Non-Private Companies Limited by Shares
Non-private companies limited by shares are "public companies' and are defined as companies other than private companies or Guarantee Companies, These companies are required to comply with the requirements in the CO applicable to public companies for delivering the annual return to the Registrar for registration.
How Bestar can Help
Bestar can help in a number of ways, including:
Choosing the right business structure: Bestar can help you assess your business needs and goals to determine the best business structure for your company. They can also help you with the registration process and provide ongoing support.
Obtaining the necessary licenses and permits: Bestar can help you navigate the complex licensing and permitting process in Hong Kong. They can also help you stay up-to-date on any changes to the regulations.
Setting up your accounting and bookkeeping: Bestar can help you set up your accounting and bookkeeping systems to ensure that your financial records are accurate and compliant. They can also provide ongoing support to help you manage your finances.
Managing your payroll: Bestar can help you manage your payroll in accordance with Hong Kong law. They can also provide advice on employee benefits and compensation.
Providing consulting and tax advice: Bestar can provide you with consulting and tax advice to help you make informed decisions about your business. They can also help you with any tax-related compliance matters.
In addition to these services, Bestar can also provide a number of other support services, such as:
Business consulting: Bestar can provide you with business consulting services to help you with strategic planning, marketing, and other aspects of your business.
Human resources support: Bestar can provide you with human resources support to help you with recruitment, hiring, and employee relations.
Office and IT support: Bestar can provide you with office and IT support to help you with your day-to-day operations.
Bestar is a trusted advisor to companies in Hong Kong. They have a team of experienced professionals who can help you with all aspects of your business, from setting up your company to managing your finances. If you are looking for a reliable and experienced business services provider in Hong Kong, Bestar is a great option.
Here are some additional details about the services that Bestar can provide to companies:
Business structure: Bestar can help you choose the right business structure for your company, taking into account factors such as the number of owners, the amount of capital investment, and the level of liability you are comfortable with.
Licenses and permits: Bestar can help you obtain the necessary licenses and permits for your business, including those related to employment, taxation, and environmental compliance.
Accounting and bookkeeping: Bestar can help you set up and maintain your accounting and bookkeeping systems, ensuring that your financial records are accurate and compliant.
Payroll: Bestar can help you manage your payroll in accordance with Hong Kong law, including calculating salaries, deductions, and taxes.
Consulting and tax advice: Bestar can provide you with consulting and tax advice to help you make informed decisions about your business. They can also help you with any tax-related compliance matters.
Business consulting: Bestar can provide you with business consulting services to help you with strategic planning, marketing, and other aspects of your business.
Human resources support: Bestar can provide you with human resources support to help you with recruitment, hiring, and employee relations.
Office and IT support: Bestar can provide you with office and IT support to help you with your day-to-day operations.
If you are a company and you are looking for a reliable and experienced business services provider, Bestar is a great option. They have a team of experienced professionals who can help you with all aspects of your business, from setting up your company to managing your finances.
If you would like to know more, please contact Bestar.
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