Investors who want to set up an insurance company in Hong Kong will need to obtain the necessary authorizations from the Insurance Authority. This is mandatory both for local companies and for foreign companies that want to carry out insurance-related businesses in the city.
Overseas companies that want to set up their insurance company in Hong Kong can also do so in the form of a branch office. Alternatively, the insurance company can open a subsidiary. Regardless of the business type you choose, our company registration agents in Hong Kong can help you obtain the necessary authorization for performing insurance activities and at the same time start the company incorporation process.
We invite you to watch a video about the insurance sector in Hong Kong:
Authorization requirements for insurance companies in Hong Kong
Any insurance company must receive an authorization from the Hong Kong Insurance Authority before commencing any business operations in the city. Insurance brokers must also receive an authorization from the same authority or they must be registered with one or both insurance broker bodies existing in the city. These are the Hong Kong Confederation of Insurance Brokers or the Professional Insurance Brokers Association.
Businesses can apply for an authorization for a long-term business or a general business but not both. A fee applies for the authorization for insurance companies. If all the required documents and forms are submitted accordingly, the Insurance Authority will issue the authorization in approximately four months.
It is recommended that the company applying for an insurance authorization responds to the inquiries made by the Insurance Authority and observes the main requirements, such as the paid-up capital of the company or the solvency margin. Our company registration agents in Hong Kong can help you meet all of these requirements.
Company formation in Hong Kong
Insurance companies can set-up their business in the form of one of the available types of legal entities. They can also open branches or subsidiaries or, the most popular business form, the limited liability company.
Authorized insurers or reinsurers must appoint a “fit and proper” company director or controller. This is one of the requirements expressed in the Insurance Companies Ordinance.
Call us now at(+44)203-287 0408 to set up an appointment with our company formation experts in Hong Kong. As our client, you will benefit from the joint expertise of local lawyers and consultants for opening an offshore company in Hong Kong.
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