List of Chambers of Commerce in Hong Kong

August 24th, 2021 by

As a leading financial hub in Asia, Hong Kong is home to several notable and active Chambers of Commerce.

Even if your business is located outside of Hong Kong, being registered in Hong Kong could avail your business of many membership benefits from a range of Chambers of Commerce.

That’s why we put together this list of Chambers of Commerce you can check out.

Interested in your business joining a chamber in Hong Kong? Set up your business in Hong Kong today with Air Corporate and we’ll even introduce you to some notable chambers that can help you grow.

Hong Kong Chamber List

Chamber Name Contact Details 
Hong Kong General Chamber of Commerce Website:

Email: [email protected]

Phone: (852) 2529-9229

Austrian Chamber of Commerce in Hong Kong and Macau Website:

Email: [email protected]

Phone: +852.3105.0152

British Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: + 852 2824 2211

American Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: (852) 2530 6900

Canadian Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: +852 2110 8700

Danish Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: +852 6428 2667

European Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: +852 2511 5133

Malaysian Chamber of Commerce in Hong Kong & Macau Website:

Email: [email protected]

Phone: +852 29978668

French Chamber of Commerce in Hong Kong Website:

Email: [email protected]

10. Hong Kong Thailand Business Council Limited Website:

Email: [email protected]

Tel: (852) 3606 9066

11. Indian Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: (852) 2523 3877

12. Irish Chamber of Commerce in Hong Kong Website:

Email: [email protected]

13. Israel Chamber of  Commerce in Hong Kong Website:

Email: [email protected]

Phone: +972-3-5161372

14. Korean Chamber of Commerce in Hong Kong Website:

Tel: (852) 2544-1713, (852) 2544-2791

15. Finnish Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: +852 9071 6414

16. Hong Kong Japanese Chamber of Commerce and Industry Website:
17. New Zealand Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: +852 5931 8841

18. Singapore Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: 2838 3733

19. Belgium-Luxembourg Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: +852 6925 2537

20. Spanish Chamber of Commerce in Hong Kong Website:

Email: [email protected]

Phone: (852) 2529-9229

21. Swisscham (Hong Kong) Limited Website:

Email: [email protected]

Phone: (852) 2524 0590

22. German Industry and Commerce Limited Website:

Email: [email protected]

Phone: +852 2526 5481

Each Chamber of Commerce has its set of membership requirements and benefits.

It is best to shortlist the Chambers you want to join and request them for a membership packet so that you have a clearer picture and you can make up your mind about joining.

Why should you join a Chamber of Commerce?

Becoming a member of these chambers is a sure-fire way for new businesses in Hong Kong, such as yours, to explore networking opportunities.

Anyone who wants to do business in a new market like Hong Kong can reach out to their local chamber for assistance. 

Apart from networking, chambers also offer other benefits to the members.

For example, companies get a chance to earn referrals and add more credibility to the business.

Members are featured in the chamber newsletter and online directory, which provides more visibility to the business and helps it grow.

They also enjoy exclusive deals and discounts on various services and attend events.

So if you are planning to set up a company in Hong Kong, don’t forget to apply for membership to a local chamber.

We have created a list of the Chambers of Commerce in Hong Kong that you may be interested in checking out.

Need help to start a business in Hong Kong?

If you need any assistance with incorporating a business in Hong Kong, Air Corporate is here to help. 

We can get you set and open for business with a local Hong Kong bank account in just under 48 hours.

So get in touch with us and breeze through the process of incorporation without breaking a sweat.

What are Management Accounts for Hong Kong SMEs?

August 20th, 2021 by

For most SMEs, monitoring the business finances is the best way to measure performance and mitigate losses.

To do this, you’ll need more than the regular audited annual accounts or daily entries.

Instead, you’ll need an account that shows your business’ financial position over some time. 

Here’s where management accounts come in handy.

Management accounts are great for monitoring a business’ financial performance for a given period.

A management account shows the current economic condition of your business and helps you make better decisions for your small business.

If you own a small business in Hong Kong and you’re wondering if and why you need a management account, keep reading to find out all you need to know about management accounts for Hong Kong SMEs. 

What are management accounts for Hong Kong SMEs?

Management accounts for Hong Kong SMEs are cumulative financial statements for a given period during the business’ financial year.

Thus, management accounts could be prepared monthly, quarterly, or even bi-annually. 

As the name implies, management accounts are prepared for the executives or managers of the business.

Unlike annual audited accounts, which can be shared with the public, in the case of a public company, and with shareholders and third parties, management accounts are only presented to the business owners who utilize these accounts to make daily and long-term decisions for the business. 

Why are the benefits of management accounts for SMEs?

Management accounts provide vital insights required to improve business processes or expand a business.

For example, you can identify and monitor trends in your sales, expenses, and income which can help you improve your business finances and increase productivity. 

More specifically, your Hong Kong small business needs management accounts for the following reasons:

1. Cash Flow Management

A management account gives business owners up-to-date cash flow information.

You can easily spot income and expenses trends in a management account and plan your cash flow management strategy to avoid a financial crisis. 

2. Tax and dividend planning

In computing a company’s tax liability, accountants use management accounts.

For example, tax officials in Hong Kong often consult management accounts to assess whether Hong Kong tax authorities have correctly calculated a company’s profits tax obligation. 

Companies also use management accounts to determine if dividends would be paid in any year. 

3. Improved auditing process

Auditors often need other financial documents to review your business’ financial statement, and the management account is excellent for this.

Also, if you consistently maintain management accounts for your small business, you’ll be able to identify accounting issues and remedy the errors before the auditors’ audit.

4. Fraud detection

Management accounts also help you detect fraud and malpractices easily since you’ll be reviewing your business finances at shorter intervals. 

5. Informed decision-making

A management account helps small businesses to make well-informed business and investment decisions.

For example, you’ll be able to determine when to cut costs to maximize earnings and increase profit with management accounts.

You’ll also know when to invest cash not being used. 

What is the content of a management account?

Preparing a management account is less daunting if you know the content of a management account.

You’ll also be able to interpret and understand the management account if you know its content. 

Typically, management accounts show a company’s:

1. Cash flow statements

Management accounts show the cash flow statements of a business for a period of time.

With this, you can monitor the inflow and outflow of cash for your business for a month or more.

A cash flow statement shows how much money was received in a given month compared to the previous month, how much was spent, any changes to the business’ cash reserve, and the closing bank balance. 

2. Profit and loss statement

A management account will show the flow of the income earned by the business and expenses incurred as well.

This is referred to as a business’ profit and loss statement.

This gives a company insights into actual business performance. 

3. Statement of financial position

The statement of financial position or balance sheet forms part of the management account.

It highlights your business assets, liabilities, and equities.

In addition, it shows your business’s current financial position for the period in view.  

4. Executive Summary

Apart from the specific books of accounts in a management account, management accounts contain key points on different aspects of the business, such as turnover ratios, profit margins, and expenses.

These are usually stated in the executive summary of the management account. 

The executive summary also shows the performance of the different units of your business.

This allows you to compare the performance of the business units.  

5. Key Performance Indicators (“KPI”)

KPIs are indicators that can be used to specifically identify your business goals and monitor how your business is achieving these goals.

As a result, KPIs are frequently used to assess a company’s progress toward its objectives.

A management account usually includes the business KPIs and shows how the business has achieved the goals.

This way, you’ll be able to track short-term and long-term objectives for your business. 

Does your small business need a management account?

While there are several advantages of creating a management account for your small business, it is not compulsory.

Hence, you do not have to produce management accounts for your small businesses. 

But certain circumstances make having a management account desirable. Here are some of these instances

1. When your business needs to make projections using accurate data

 Your small business needs a management account if your business needs accurate financial data to improve day-to-day or long-term business activities.

2. Requests from external parties

 External parties such as auditors, tax authorities, investors, and other stakeholders may demand management accounts when an audited account is unavailable.

Thus, it may be desirable to create management accounts for your small business to meet up with third-party requests.  

3. Management accounts are essential for startups

 If your business is a startup, it may be desirable to have a management account drawn up before completing a financial year and preparing an annual account. 


Management accounts are essential for scaling your small business.

The insights you gain from the management accounts will help you make timely decisions to improve your business growth and profitability. 

If you own a small business in Hong Kong and you’re considering preparing a management account for your business, feel free to take advantage of our bespoke accounting services for small businesses. 

How to Get a Business Address in Hong Kong Remotely

August 17th, 2021 by

Every year a vast majority of entrepreneurs dream of flocking to Hong Kong to set up their company, thanks to the horde of benefits on offer.

From relaxations on exchange control laws, to low set up costs, there are plenty of reasons why Hong Kong is a popular hub in the Asia Pacific region

However, as per the Companies Ordinance, every business in Hong Kong needs a registered office address to receive communication from the government.

As a result, some business owners may get cold feet about setting up in a business in Hong Kong because they worry about scouting for a traditional physical office.

After all, there are several logistical and financial challenges one has to deal with. 

If you are in the same boat, we have you covered because setting up a virtual office in Hong Kong is always an option.

You can present yourself as a legitimate business without stepping into a physical office space. 

Here’s a primer on why getting this address is important and how to get one:

Why a remote business address is important

A remote business address is essential for both legal and practical reasons.

As per Hong Kong laws, a local address in Hong Kong is mandatory for incorporation.

You’ll need to provide the business address in your corporate application form and the same is included in the Certificate of Incorporation of the business.

Moreover, the address needs to be a physical address in Hong Kong and a PO box is not sufficient.

Now let’s take a look at the practical reasons for getting such an address.

A remote business address adds to the credibility of your business.

Potential clients and partners get a positive impression about your operations and consider you trustworthy.

Moreover, it is more cost-efficient to set up a remote business address as your overhead expenses are a minimal.

Since you have very few or almost no staff members actually working out of such an office space,  you don’t need to invest much in setting it up or pay for utilities, office furniture, or software. 

When you apply for a business address in Hong Kong remotely, you get the benefits of a ‘brick-and-mortar’ space at a much lower cost.

It also means that you can work from anywhere on a daily basis without having to visit the office space even once.

Lastly, research shows that employees working from a virtual office are more productive than their peers who are chained to their desks.

Getting a business address in Hong Kong Remotely

Before you apply for a remote business address, make sure that the following is in order:

  • Cloud-based email service for smooth email communication
  • Updated Softwares
  • Laptop 
  • Telephone system for managing client calls
  • Video conferencing software
  • Document sharing cloud platform so that you can access everything instantly 

And just in case you are wondering if you need to come to Hong Kong to obtain this address, don’t worry.

Air Corporate exists to help digital nomads set up their business in Hong Kong, take care of all the logistical requirements, and simplify the process. 

No matter which part of the world you are in, we can help you get a business address in Hong Kong.

All our plans include a company secretary service and an address for your company.

You can display the address on the website, company presentations, and business cards

Our plans and pricing are extremely transparent, and we won’t spring any last-minute surprises on you through hidden charges.

We also offer multiple services to help you incorporate and take care of the operations.

With our assistance, getting your company set up in Hong Kong is just as easy as brewing a cup of coffee!

So contact us right away and get ready to experience the joys of doing business in Hong Kong.

9 Reasons Why Companies Register in the Bahamas

August 12th, 2021 by

Congratulations, you’ve decided to start a company.

But have you thought about where you are going to register the company?

Choosing the jurisdiction for your company has a significant bearing on the overall operations, and this is a decision you cannot take lightly. 

The Bahamas has always been on top of the list of founders as a preferred location to register an offshore company for several reasons. 

So read on to find out what’s in store for you if you are headed to this island nation. 

1. No minimum paid-up capital

The corporate laws of the Bahamas don’t require offshore companies (known as International Business Companies as per the Bahamian laws) to have any minimum paid-up share capital.

This means that you have complete control over how much you want to incorporate a company with, and that amount can be as little as you want. 

2. Tax neutrality 

Tax benefits are one of the major advantages of establishing a business in the Bahamian economic landscape. 

You don’t have to pay any taxes — this includes corporate tax, capital gains tax, income tax, inheritance tax, or sales tax.

You are only liable for licensing fees, property and stamp taxes, and tariffs for imports. 

3. Flexible immigration policy 

The Economic Permanent Residency offered by the Bahamian Government makes it easy for individuals to work and live in the country.

Individuals who hold a permanent residence card can clear immigration freely and reside in the Bahamas for any length of time. 

4. Absolute anonymity 

As per the provisions of the International Business Companies Act, 1990, a foreign company can conduct its business in the Bahamas with complete privacy.

Even the names of the shareholders don’t have to be provided to the Corporate Registry.

The companies also don’t have to comply with any annual reporting requirements.

5. No exchange control laws 

The offshore companies in the Bahamas are not subject to any exchange control laws.

They are allowed to transact freely in any currency.

However, any dealings in Bahamian Dollars should be approved by the Central Bank. 

6. No filings are needed  

Offshore companies don’t need to file any statements of accounts.

The only requirement is to maintain the records that set out all the transactions, and the records should be maintained for five years from the date of the transaction. 

 Companies also have the flexibility to maintain the records outside the Bahamas.

However, the registered agent in the Bahamas should be informed about the records. 

7. Flexible rules for appointing a director

Offshore companies only need a single director.

Both corporate and individual directorships are allowed, and the director doesn’t have to be a resident of the Bahamas.

Appointment of nominee directors is also permitted.

The directors are also free to hold their meetings in any location and don’t have to remain confined to the registered office address. 

The Bahamian Company Law doesn’t require you to appoint a company secretary either. 

8. Bookkeeping is extremely simple 

There are no obligations for filing the account or annual returns.

Offshore companies are also not subject to any audit requirements. 

9. Shareholder requirements are straightforward 

You need to have at least one shareholder.

The shares should be registered, but no bearer shares are permitted to be issued by offshore companies.

You can issue both voting and non-voting shares.

Nominees shareholders can be appointed.

No annual general meetings need to be conducted for the shareholders.

Downsides to incorporating in the Bahamas

Despite the advantages, there are certain challenges you may face when incorporating an offshore company in the Bahamas.

In 2018, the Bahamas passed the Commercial Entities (Substance Requirements) Act 2018 (the “Substance Act”) to prevent “shell” companies from being incorporated in the Bahamas to evade taxation in the home country.

As per the provisions of the Substance Act, requires entities, including International Business Companies, that carry out the following activities to prove a substantial economic presence and real economic presence within the Bahamas.

These activities include:

  • banking business; 
  •  insurance business; 
  • fund management business; 
  • financing and leasing business; 
  • headquarters business; 
  •  distribution and service centers business; 
  • shipping business; 
  • commercial use of intellectual property; 

This is also applicable to a holding company that has one or more subsidiaries engaged in such activities.

To fulfill the substance test, a company needs to demonstrate:

  • Full-time employees in the Bahamas 
  • An adequate level of annual expenditure incurred in the Bahamas or expenditure incurred towards outsourcing to service providers
  • Adequate levels of board management and control in the Bahamas
  • Physical offices in the Bahamas or expenditure incurred towards outsourcing to service providers in proportion to the entity’s activities. 

Offshore companies cannot outsource any core income-generating activities to anyone outside the Bahamas.

While outsourcing to a third party within the Bahamas is allowed, the offshore company must exercise sufficient supervision and management. 

Secondly, even though British English is the official language, most of the population speaks English with a Creole dialect.

Some even have a pronounced African accent.

As a result, you may find it challenging to communicate with various service providers and get the paperwork organized. 

Thirdly, court systems in the Bahamas are not very efficient.

There is a significant backlog of cases, and it can take close to 545 days to resolve a commercial dispute.

It’s not surprising that the Bahamas is ranked at 119 in the Doing Business 2020 report. 

So what are my options for registering an offshore company?

While registering a company in the Bahamas looks fantastic on paper due to financial privacy and tax benefits, there are significant challenges involved in navigating your business. 

But that’s no reason to feel disheartened.

Why not head over to Hong Kong, which has emerged as the top choice for entrepreneurs in recent years for setting up an offshore company?

Hong Kong has been ranked 3rd by the World Bank for the ease of doing business and offers several advantages such as an attractive tax system, political stability, superior infrastructure, productive workforce, and access to Mainland China. 

The process of setting up an offshore company in Hong Kong is incredibly straightforward, and you can register with Air Corporate to kickstart the process.

It only takes a few hours to register a company, and you don’t even need to travel to Hong Kong to get everything organized. 

You can rely on our team of experts to guide you and make your dreams come true!

What is MPF and why do you need it?

August 5th, 2021 by

One of the perks of being an employee or a self-employed person is the fixed income you receive daily, weekly, or monthly.

You can always plan your finances and easily take out loans and mortgages for capital-intensive projects based on your earnings. 

But what happens when you can no longer work to earn a living?

How do you ensure that you live comfortably after retirement? 

If you’re resident in Hong Kong, the MPF is the answer to these questions.

Keep reading to find out all you need to know about the MPF. 

What is MPF?

The MPF, or Monetary Provident Fund, is a mandatory retirement savings scheme introduced by the Hong Kong government on December 1, 2000.

The MPF is a privately managed fund for employees and self-employed persons in Hong Kong which enables them to accrue financial benefits for the future. 

With this scheme, you get to save some of your income while working.

You’ll become entitled to receive the accrued benefits upon retirement or other circumstances.

Who needs MPF in Hong Kong?

In Hong Kong, the MPF scheme is compulsory for employees and self-employed persons between ages 18-64 with a few exemptions. 

Persons exempted from remitting funds to the MPF are: 

  1. civil servants, judicial officers, teachers in grant schools, and other individuals covered by provident fund schemes or statutory pension;
  2.  members of occupational retirement schemes regulated under the Occupational Retirement Schemes Ordinance (“ORSO”); 
  3. expatriates employed in Hong Kong or self-employed in Honk Kong for not more than 13 months; 
  4. expatriates who are members of foreign retirement schemes; 
  5.  employees of the European Union Office of the European Commission in Hong Kong;
  6.  domestic workers;
  7. self-employed hawkers; and
  8. persons employed for less than 60 days, excluding casual employees.

Who contributes to the  MPF and what is the contribution rate?

All employers, employees, and self-employed persons not exempted from the scheme contribute funds to the MPF at a fixed rate.

The party to contribute and the rate depends on the minimum and maximum relevant income which is $7,100 monthly or $280 per day and $30,000 monthly or $1,000 per day respectively. 

 If you earn less than the minimum relevant income as an employee, you do not have to contribute to the MPF.

However, your employer will be required to remit 5% of your income to the MPF.

If you earn more than the maximum relevant income, you’ll also not be required to contribute to the fund but your employer needs to contribute $1500 to the fund on your behalf.

If you earn between $7,100 to $30,000 you’ll be liable to contribute 5% of your income which will be deducted from your income and remitted by your employer. 

If you’re self-employed, you must contribute 5% of your relevant income if your income exceeds the minimum relevant income and is less than the maximum relevant income.

If you earn more than the maximum relevant income, you’ll be required to contribute $1500. 

Apart from the mandatory contributions, you may elect to make additional contributions voluntarily. 

Can you withdraw your entitlement from the MPF before retirement?

While the MPF is a great initiative that encourages one to save and plan for the future, certain incidents may occur which makes it pertinent to withdraw one’s accrued benefits under the scheme.

Hence, you may be wondering what it takes to withdraw your accrued benefits. 

Generally, you’ll not be eligible to withdraw your funds until you reach the retirement age of 65.

However, you can withdraw the funds before retirement in any of the following instances: 

  1. If you retire  at age 60
  2. If you’re leaving Hong Kong permanently
  3. If you become totally  incapacitated or suffer from a terminal illness
  4. If you have a balance of $5,000 or less in the scheme

Why do you need it?

If you’re looking for a convenient way to save for the future, you need the MPF.

The MPF ensures that you enjoy the standard of living you were accustomed to while working when you stop working.

The MPF is also beneficial for the following reasons:

You get to enjoy reduced tax liability

The MPF reduces your tax burden as your mandatory contribution will be deducted when calculating your taxable income.

You’ll also not be liable to pay tax on the lump sum and monthly payments you receive as your entitlement. 

Your funds are invested in low-risk assets

Investing part of your salary may seem like a viable alternative to the MPF and it’s possible to get higher returns with such investments.

However, the MPF is ideal if you’re risk-averse or looking for a low-risk investment for your retirement savings.

The law requires each MPF scheme to maintain a capital preservation fund that will be invested in low-risk assets like bank deposits and money market instruments.

The MPF is safe

Retirement savings are meant to cater to your financial needs in the future. Thus, it’s important to ensure the safety of such retirement funds.

The MPF is a secure contribution fund. Several mechanisms have been put in place to ensure the protection of the funds.

For instance, the law requires that all MPF schemes are maintained by MPF trustees.

Qualified custodians which are often authorized financial institutions are also appointed as custodians. It’s highly regulated.

Therefore, it’s safer than most retirement savings options out there.

You earn extra income

The MPF ensures that you earn an additional 5% of your income or a maximum of $1500 depending on your income.

Your employer is mandated to contribute this sum without deducting it from your salary.

For self-employed persons, you’ll also be paying yourself more by contributing the extra sum to the scheme. 


There are several ways to ensure that you live comfortably in your old age or when you can no longer work.

The MPF is a convenient way for residents of Hong Kong seeking to do so.

It is backed by the government and enjoys maximum patronage from many employers in the region.

Also, it is mandatory and non-compliance attracts penalties.   

MPF for Employers

All employers need to provide MPF to every employee in the company.

That means signing up and arranging the payroll disbursements to include MPF in their salary.

Finding a provider and arranging your payroll can be a hassle for a business just getting started.

Open your company in Hong Kong with Air Corporate, and we’ll take care of your MPF needs.