Investors who wish to start Hong Kong blockchain companies will need to follow the regular procedure for incorporation and registration.
These types of companies use blockchain technology in order to deliver solutions for digital innovation and transformation for businesses and agencies in many different fields.
Entrepreneurs who open a blockchain company in HK can enter many different industries, and, while banking and finance are common applications for this technology, it is not limited to these two fields.
Read below to find out more about company formation in Hong Kong from our team and how you can start this type of business.
Frequently asked questions about Hong Kong blockchain companies
Our company formation experts in Hong Kong answer a number of blockchain-specific questions below. For more information on the applicable laws in Hong Kong, please reach out to us with your questions.
How is blockchain used in Hong Kong?
Hong Kong encourages innovation and has welcomed the use of blockchain. Blockchain can be used across many industries, out of which we can mention banking and finance as the most common one, but also logistics, healthcare and pharmaceuticals, transport, marketing, developer services and even for government purposes.
While this list is not an exhaustive one, investors who open a blockchain company in Hong Kong have multiple options.
What are the key issues related to blockchain technology in HKSAR?
While there is no specific blockchain law that addresses this particular field, the Government and the Securities and Futures Commission (SFC) in Hong Kong have set forth various policies on the one hand to promote the use of blockchain (as encouraged by the Government) and for the regulation of virtual assets (as part of the SFC’s approach).
Entrepreneurs who wish to set up Hong Kong blockchain companies can discuss these in further detail with a member of our team. We offer complete assistance when you set up a company in Hong Kong.
Are any special licenses needed?
As previously mentioned, there is no specific blockchain law presently applicable in HKSAR. However, investors who wisht to start Hong Kong blockchain companies should know that the Hong Kong Monetary Authority has granted virtual banking licenses starting with 2019.
Although virtual banks are subject to the same requirements, the applicable supervisory issues will be adapted in order to meet this new business model.
Steps needed to set up a blockchain company in Hong Kong
Setting up a company in Hong Kong is a straightforward process for which a number of steps are required:
- Choose the type of company: in most cases, as well as for the needs of investors who open a blockchain company in Hong Kong, the commonly used business form will be the private limited liability company;
- Choose the company name: this needs to be unique; a pre-registration name check can be performed;
- Prepare the documents: these are the Memorandum and the Articles of Association, along with the IDs of the founders and other relevant documents;
- Register the company: all companies are registered with the Companies Registry; this can be a fast process if all the documents are presented in the required form.
Subsequent steps include opening a bank account and hiring employees.
Our team can detail all the steps needed to set up a company in Hong Kong.
Start a blockchain company in HK with our help
Our team is able to assist investors who wish to open a blockchain company in HKSAR.
If you want to start a company involved in this field, with a strong focus on digital innovation, Hong Kong can be the ideal location for incorporation.
Blockchain is an evolving and promising market, as highlighted by the statistics below:
- – spending on blockchain solutions could continue to grow in coming years, amounting to almost $19 billion USD by 2024;
- – in 2021, cross-border payments had the largest individual blockchain technology use, accounting for 16% of the global blockchain market;
- – China offers the second-largest percentage of funding for blockchain companies in the world, 18% of the total funding between 2015 and 2019 (surpassed by the United States as the top funder).
Contact us if you want to set up a blockchain company in Hong Kong.
We offer complete assistance for those setting up a company in Hong Kong, as well as services related to virtual offices.