Non-profit Organization Charitable Institution
Incorporation of a company limited by guarantee in HK
Hong Kong Company limited by guarantee is mainly established for the purposes of enhancement of education / training (like association or society), religion, relief of poverty, environmental protection, trust and foundation, and betterment for the community. Most companies fallen into this type is not for profit. Please note that it may not be a charitable institution, a group of members may form this type of company for pursuing their interests for or not for profit.
The basic and minimum structure of a Hong Kong company limited by guarantee is having at least 2 members, 2 directors and 1 company secretary. The address of the registered office and secretary must be in Hong Kong. The company is obliged to file Annual Return annually with the audited accounts.
Incorporate Approved Charitable Institution (ACI)
Generally speaking, for an institution or a trust to be a charity, it must be established for purposes which are exclusively charitable according to law. If the objectives of the company is not-for-profit and for charities etc.., we may assist for in the application for approved charitable institution and incorporate the company for such purpose.
Charitable Purposes are:
- Relief of poverty;
- Advancement of education;
- Advancement of religion; and
- Other purposes of a charitable nature beneficial to the community not falling under any of the preceding heads.
Some tax advantages to ACI – tax exemptions
Exempted from profits tax, if it carries on a trade or business:
If (i) the profits are applied solely for charitable purposes, and (ii) the profits are not expended substantially outside Hong Kong, and either (iii-a) the trade or business is exercised in the course of the actual carrying out of the expressed objects of the institution or trust; or (iii-b) the work in connection with the trade or business is mainly carried on by persons for whose benefit such institution or trust is established.
Application for Approved Charitable Institutions
If you have your existing Hong Kong Company, with not-for-profit motive, and consider it as non-profit organization (“NPO”). You would like to apply for approved charitable institution, we may assist the application. During the process, client is required to amend / modify the memorandum and articles of association (M&A’s) to fit such purposes.
We will prepare the documents and assist the application.
Incorporation fees (Euros)
- Registration and Processing Fees in HK – € 2,925.00
- 1st year annual maintenance fees – € 1,200.00 /annual (*)
- BRF – Registration Fee to HK Government (HK$ 2,600) – € 0.00
- Registered office in Hong Kong, as legally required – € 680.00 /annual
- Prepare and draft of Memorandum & Articles of Association – € 325.00
- Local HK Company Secretary, as required – € 250.00 /annual
- Filing annual returns – € 980.00 /annual
- Opening of Corporate Bank Account in HK with ABN AMRO, HK – General disbursements – € 870.00 (optional)
- 2nd set of Certified Statutory documents for bank account opening purposes – € 350.00
- Hand Plier Company Seal – € 75.00
- DHL Delivery of documents – € 70.00
The Annual Fees are concerned with the following services:
Annual Statutory Fee, which includes:
- Local incorporation agent to provide you all services relating company matters (registered agent facilities);
- Filing statutory returns with official departments, required, to be the company active and alive;
- Liaison with the registered office and the registered agent in the jurisdiction of incorporation, attending to the payment of the Annual Government License Fees and other government fees.
Annual Compliance Fee, which includes:
- Attending to routine compliance matters (inclusive of periodic file reviews), reviewing official correspondence received and other routine matters incidental to good corporate governance.
Full serviced Virtual Office
A service provided for those who incorporate offshore but simultaneously wish to offer the company a high degree of credibility internationally, and simultaneously grant everyone, client, provider, or official entities, to contact you, and that such contact will reach you, either by mail, phone or fax, and that you can receive it and process it.
- Dedicated and exclusive telephone number in HK – € 750.00 /annual
- Set up fee – € 50.00
- Initial deposit to cover call diverting to your phone line outside HK – € 500.00
- Dedicated and exclusive fax number in HK – € 550.00 /annual
- Set up fee – € 50.00
- Initial deposit to cover fax re-forwarding charges – € 200.00
You can select and contract any of the above services with us.
An optional service for condifentiality and privacy
It is a perfectly legal device which preserves the privacy of an individual. It is designed to help a person who would rather not disclose their interest or association with a given corporate body.
Nominee Services – Fees
- Provision of Nominee Shareholder – € 450.00 /annual
- Provision of Nominee Director – € 850.00 /annual
- Certified and apostilled Power of Attorney (POA) – € 650.00
Other documents provided
- Nominee Services Agreement
- Declaration(s) of Trust
- Resignation letter(s) signed and undated
Worldwide corporate bank accounts
International recommended banks:
- ABN AMRO, Hong Kong
- Alliance Leicester Commercial Bank, UK
- Anglo Irish Bank, Vienna, Austria
- AP Anlage & Privatbank AG, Switzerland (Group Parex Bank)
- Atlantic International Bank, Belize
- Baltikums, Latvia
- Bank of Bermuda Ltd (owned by HSBC), Bermuda
- Barclays Bank, Isle of Man and Gibraltar
- Credit Suisse, Zurich, Switzerland
- Dexia Banque, Luxembourg
- FBME Bank Ltd, Cyprus
- First Caribbean International Bank, in Turks & Caicos
- HSBC, Panama
- IndyMac Bank, USA
- Lloyds TSB Bank, Isle of Man and Jersey
- Loyal Bank, St Vincent & The Grenadines
- National Bank of New Zealand, Auckland
- NBC Nuevo Banco Comercial, Uruguay, Montevideo
- Parex Bank, Latvia
- Provident Bank, Belize
- Rietumu Bank, Latvia
- SG Hambros Bank, Gibraltar
- Standard Bank, Isle of Man, Jersey and Mauritius
- Amongst others…
If either of these banks or jurisdictions to set up your corporate bank account suits you, we shall be very pleased to assist you.
Our services before you deal directly with the bank by yourself:
(a) If extra legalization and/or corporate documents are required by the bank, additional fees apply;
(b) Bank own account opening fees and costs (if any) will be charged from the first deposit to your account;
(c) Bank fees and costs are not included into our bank introduction fees;
(d) Any of the banks above always have their final word, after due diligence processed, by accepting you or not as their customers, depending on their on evaluation; however, you are always free to open your company’s bank account by yourself, with some other bank of your selection.
(1) The above description is not an offer or soliciting to provide financial services of any kind inclusive but not limited to buying any security or investment product or receiving an investment advice from us. Bank fees and account opening terms inclusive due diligence requirements are subject to change from time to time without notice;
(2) After the account has been opened you deal directly with the bank by yourself, entirely at your own risk and at your sole discretion; we may not be responsible for any changes in the legal or financial status, requirements, fees and commissions of the aforesaid Banks.
- Certificate of Incorporation
- Memorandum & Articles of Association
- Share Certificates
- First Minutes
Delivery of documents
Time to required getting your company’s name approved
How to start incorporation process
Documents and information required
- In case you do not contract our Nominee Services, we need you to provide us the names of the persons who will be appointed by you as shareholder and Director for the company. We shall need scanned copy of passports and Utility Bill as proof of address; should you wish to appoint Corporate Bodies to act as Shareholders and Director (Members) please provide us scanned copies of their certificates of Incorporation and Registered addresses;
- In case you will contract our Nominee Services, it will be required the same documents but just of your person, as the Beneficial Owner of the company, as its attorney, to enable us to issue the Power of Attorney in your behalf;
- Also 3 – 4 alternative names will be required to enable us to make the name search and approval for the company.
Time to incorporate
In case you may have any further matter or question to clarify, please don’t hesitate to contact us, before taking your decision.
Our company licensing services
— What we do and do not do
Our company is EXCLUSIVELY engaged in assisting worldwide clients, either individuals or corporate entities, to get duly and properly licensed with local Regulators and Financial Authorities to get respective official licenses to legally carry out their cryptocurrency or financial related business activities.
TBA & Associates Tax Business Advisors does not provide or carry out any sort of Cryptocurrency or Financial services!
Disclaimer: While TBA & Associates strives to make the information on this website as timely and accurate as possible, the information itself is for reference purposes only. You should not substitute the information provided in this article for competent legal advice. Feel free to contact TBA Customer Services for advice on your specific cases.