Hong Kong elects its own legislature and maintains its own court structure.
The Future of Hong Kong Under the “one country – two systems” philosophy, the SAR has executive, legislative and independent judicial power. The capitalist system, legal structure and lifestyle remain unchanged. Hong Kong remains a free port with a free flow of capital and a freely convertible Hong Kong dollar. With China pushing forward with the modernisation of its own economy, the PRC has expressed the wish that Hong Kong should assist in this endeavour. It has stated that its future development will be based on market led reforms with socialist characteristics and this has led to the opening up of its economy to foreign investments. It is widely recognised that Hong Kong is and will continue to be a significant gateway to China.
Language
The official languages are English and Chinese, with English being used in the commercial and political context and Cantonese Chinese used widely in industry and domestic trade.
Currency
The Hong Kong Dollar, which is officially pegged to the US Dollar.
(1 US$ = HK$ 7.74 to HK$ 7.78)
Exchange Control
None.
Type of Law
Common Law based on English Common Law.
Principal Corporate Legalisation
Companies Ordinance (Cap 32).
Company Information
Type of Company for International Trade and Investment is a Private Company limited by Shares.
Procedure to Incorporate Submission of Memorandum and Articles of Association and a Declaration of Compliance. A Notice of Situation of Registered Office is also required to be filed within fourteen days of the date of incorporation.
A Hong Kong corporation cannot undertake banking or insurance activities or solicit funds from or sell its shares to the Public.
Language of Legislation and Corporate Documents Chinese and English.
Registered Office is Required, and must be maintained in Hong Kong.
Time to Incorporate Approximately two weeks from the submission of documentation. Θ Name Restrictions A name that is similar to or identical to an existing company. A name that constitutes a criminal offence or is otherwise contrary to the public interest. A name that implies royal or government patronage.
Names Requiring Consent or Licence Building society, Chamber of Commerce, co-operative, imperial, Kaifong, mass transit, municipal, royal, savings, tourist association, trust, trustee, underground railway, bank, insurance, assurance, reinsurance, fund management, asset management and investment fund.
Suffixes to Denote Limited Liability Limited.
Disclosure of Beneficial Ownership to Authorities is not required.
Dubai
