Mise en place d'un family office in Hong Kong requires careful planning and compliance with regulatory requirements. Below is a step-by-step guide to help navigate the process.

Step 1: Choose a Company Type and Name

The most common structure for a family office in Hong Kong is a Société anonyme, which provides limited liability to shareholders, restricting their financial risk to their share capital.

Key Requirements for Incorporation

• Nom de l'entreprise: Must be unique, not offensive, and comply with local regulations. Names containing terms like “bank,” “trust,” or “insurance” require special approval. A limited company must have “Limité” at the end of its name.
• Administrateurs et actionnaires: Au moins un administrateur et un actionnaire are required. The same person can hold both positions. Directors must be at least 18 ans and can be local or foreign individuals.
• Capital social: No minimum share capital requirement.
• Secrétaire général: Handles statutory records, corporate filings, and ensures compliance with Hong Kong regulations.
• Adresse du siège social: Every Hong Kong company must maintain a local registered office address.
• Représentant désigné: Responsible for maintaining the Significant Controllers Register (SCR) and reporting the ultimate beneficial owners (UBOs) to authorities.

Step 2: Company Incorporation Process

Incorporating a company in Hong Kong is straightforward and requires the following documents:

• Incorporation Form:
  • Form NNC1 (for companies limited by shares)
  • Form NNC1G (for companies not limited by shares)
• Statuts de l'association: Outlining the company’s structure and governance.
• Business Registration Notice (IRBR1): Issued by the Business Registration Office.

Once submitted, incorporation typically takes a few days, after which the company receives its Business Registration Certificate (BRC) and Certificate of Incorporation (CI).

Step 3: Opening a Bank Account

A corporate bank account is essential for operating a family office. Banks may require different levels of documentation, but the following are typically necessary:

• Documents d'incorporation: Business Registration Certificate, Certificate of Incorporation, and Articles of Association.
• Preuve d'identité et d'adresse: Passports and address proof (such as a utility bill) for directors, shareholders, and beneficial owners. Documents must be in Anglais ou chinois.
• Plan d'entreprise: Outlining the nature and purpose of the family office.
• Curriculum Vitae (CVs): For directors and key shareholders.
• Proof of Business Activities: Documentation supporting the legitimacy of the company’s activities.
• Dépôt initial: Certaines banques exigent un dépôt minimum pour activer le compte.

Since each bank has its own requirements, it is advisable to check in advance and prepare accordingly.

Step 4: Obtaining the Necessary Licenses

Depending on the scope of its activities, a family office in Hong Kong may require a license from the Commission des valeurs mobilières et des contrats à terme (SFC). Licensing depends on whether the office manages investments, provides financial advice, or executes trades.

Common SFC Licenses for Family Offices

A Bureau unifamilial (SFO) managing only the assets of a single family may not require an SFC license, provided it does not offer investment services to third parties. However, Bureaux multifamiliaux (MFO) that manage assets for multiple families will likely need SFC authorization.

Final Considerations

Mise en place d'un family office in Hong Kong offers significant advantages, including a strategic location, favorable tax environment, and strong financial infrastructure. However, compliance with company registration, banking, and licensing requirements is crucial to ensuring smooth operations.

For further assistance in setting up a family office in Hong Kong, reach out to a professional advisory firm to ensure regulatory compliance and a seamless setup process.