When establishing a company in Hong Kong, obtaining a Hong Kong Certificate of Tax Residence is an important consideration. This certificate proves the company’s tax residency status in Hong Kong and can be used to claim tax benefits under double taxation agreements. One question that often arises is whether a company must have a physical office in Hong Kong in order to obtain this certificate. In this blog post, we will explore this question and explain how Corporate Service Providers (CSPs) can help.
Do You Need to Have a Physical Office in Hong Kong?
Yes, to obtain a Hong Kong Certificate of Tax Residence, the Hong Kong company must have an office, personnel and a main bank account in Hong Kong. The company’s office must be a physical space where business activities are conducted and where the company’s books and records are kept. The personnel can be either employed by the company or outsourced through a third-party service provider. The main bank account should be maintained in Hong Kong.
How Can Corporate Service Providers Help?
Corporate Service Providers (CSPs) can play an important role in helping companies obtain a Hong Kong Certificate of Tax Residence. They can assist with finding a suitable office space, sourcing qualified personnel, and setting up a Hong Kong bank account. In addition, CSPs can provide ongoing support with compliance and governance, ensuring that the company remains in good standing with the authorities.
Conclusion
To obtain a Hong Kong Certificate of Tax Residence, a Hong Kong company must have a physical office, personnel and a main bank account in Hong Kong. While this requirement may seem daunting, Corporate Service Providers can assist with the process and help ensure that the company remains fully compliant with local tax laws and regulations. With the support of a reputable and experienced CSP, companies can establish a strong presence in Hong Kong and take advantage of the city’s favorable business environment.
