Set Up HK Unimited Co.
|What is Umlimited Company？|
There is unlimited liability for the owner of the company as all risks of business operation and liabilities should be borne by Proprietor or Partners. In case of bankruptcy, the creditors have right to claim against the private assets of proprietor or partners.
People who commence his own business shall fully consider the form of company : Limited Company v.s. Unlimited Company.
For Setting Up of Hong Kong Unlimited Company, please click here for Application Form.
|Comparison with unincorporated business|
|No. of owner(s)||1 Member||2 －20 Members||1 －50 Members|
|Legal status||No legal status, one can only own assets and sign contracts in proprietor's name||No legal status, one can only own assets and sign contracts in partner's name||Have independent legal status.|
|Debt and liability||Unlimited liability, proprietor faces risk of personal liability or even bankruptcy.||Unlimited liability, partners face risk of personal liability of even bankruptcy.||
Liability of shareholders are limited to issued shares.
Company liquidation normally not affect individual shareholders.
|Tax issues||No statutory audit is required. Private expenses such as Proprietor’ and spouse’ salaries are not tax deductible.||No statutory audit is required. Private expenses such as Partners and spouses’ salaries are not tax deductible.）||Annual statutory audit is required. Directors’ remuneration are tax deductible.|
|Others||Pay Business registration fee per year, but in some circumstances can be waived upon application.||Pay Business registration fee per year, but in some circumstances can be waived upon application.||Pay Business registration fee and annual return fee to Companies registry per year.|
Setting up of Unlimited Company charge and time request.
|Service Fee and Time Required for Setting up of H.K. Unlimited Company:|
|Plan A||Plan B|
|Business Registration Fee||HK$ 250||HK$ 250|
|Our Service Fee||HK$ 400||HK$ 600|
|Time Required(#)||About 4-5 working days||About 7-8 working days|
|Documents Obtained(*)||Business Registration Certificate||Business Registration Certificate, Company Chop and Required Documents for Opening Bank Account|
Remark: (*) For specified industrial/commercial area only, otherwise, client should bear the courier fee.
(#) The time required is counted from the date when all required set-up documents were signed and delivered to us.
|Procedure of Setting up of H.K. Unlimited Company:|
|1.||Client fills in the application form and sends to us with copies of identify card/ passport and address proof of proposed proprietor, partners or agent.|
|2.||We will contact the client in order to confirm all required information has been provided.|
|3.||Client pays the service fee by cheque or bank transfer to our bank account (Hang Seng Bank #265-452193-001 or Bank of China #012-916-0-002670-3).|
|4.||We will prepare required documents in 1 working day.|
|5.||Client must comes to our office to sign the documents.|
|6.||We will then submit the required documents and fees to the governmental department; after that, we will notify the client to collect the relevant documents.|
|7.||Client could open the bank account with provided minutes and Certified True Copies of all relevant documents.|
As unlimited company requires registered office address for governmental department’s record, we provide a set of virtual office services at competitive prices. Please click here for more details.