If you own a registered Hong Kong business, it is your responsibility to comply with the ongoing regulatory requirements. Once you register a company in Hong Kong, you are required to comply with the relevant corporate regulations of the authorities. One such important compliance requirement is obtaining a Certificate of Continuing Registration (CCR). The Hong Kong CCR is an official document that confirms a company’s continued operation and its good standing.
Although it is not always mandatory to have a Certificate of Continuing Registration, it serves a crucial purpose in Hong Kong. The primary purpose of this article is to explain what a CCR is, its importance, who needs it, and how to obtain it in Hong Kong. This article provides a step-by-step guide to the Hong Kong CCR application process, including detailed considerations for applying for a Hong Kong CCR.
What is a Certificate of Continuing Registration in Hong Kong?
The Certificate of Continuing Registration (CCR) is an official document that confirms the registered company in Hong Kong is maintaining its registration in the jurisdiction. The CCR indicates that the company is either a local or non-Hong Kong company registered or incorporated in Hong Kong. Moreover, it also declares that the company fulfills all the standards set by the Companies Ordinance in Hong Kong. That is why the CCR is also known as the Certificate of Good Standing (COGS).
It is an official confirmation from the Hong Kong Companies Registry that a company remains actively registered and in good standing as of the date of certificate issuance. An important part of a CCR is the company name, registration number, date of formation, whether the company is active or not, and the date the CCR was issued. Providing these details correctly in the application form will prevent difficulties down the line.
While the official proof of company registration in Hong Kong is the Certificate of Registration (CCR), it differs significantly from the Certificate of Incorporation. The CCR is issued when a company remains actively registered and compliant with the laws and regulations. On the other hand, the Certificate of Incorporation is issued upon the company’s initial registration. The Certificate of Incorporation indicates the establishment of a company, while the Certificate of Registration (CCR) provides a point-in-time confirmation of the company’s ongoing registration and good standing.
Why Obtain a CCR for Your Hong Kong Company?
While a CCR is not always necessary for businesses, it can be helpful in some instances.
1. Official Proof of Existence
Proving a registered company’s existence is possible with the help of a CCR. It indicates that the company remains active under the law in Hong Kong. It demonstrates that the company remains based in Hong Kong and continues to conduct its activities there. Additionally, it guarantees the stakeholders that the Hong Kong business is legitimate.
2. Facilitating Business Transactions
In addition to validating its existence, a CCR is required for several types of business actions. Here are some typical instances when it could be helpful to have a CCR.
- If you want to open a bank account in another jurisdiction, you may be required to present the Certificate of Compliance (CCR) issued by the Hong Kong Companies Registry.
- You are required to demonstrate compliance with all applicable laws and regulations when applying for loans or financing. There, you might be asked to present the CCR.
- A CCR is required to enter into significant contracts with other businesses or government entities. It is needed for all kinds of collaborations, both locally and internationally.
- When a business bids on a job or tender, it may be required to present its CCR.
- Additionally, CCRs demonstrate to clients and business partners that a company is legitimate, active, and compliant with regulations.
3. Meeting Regulatory Requirements
A CCR is required to comply with Hong Kong regulations. Following Hong Kong rules is part of any CCR’s obligations. Some regulatory organizations and specific industries may require a CCR to proceed with your plans. Hong Kong’s CCR applies to financial institutions, healthcare professionals, certain NGOs, and select companies.
4. Peace of Mind and Due Diligence
Having a CCR can assure stakeholders about the company’s standing. It enables companies to collaborate with other businesses and perform business operations efficiently.
Who needs a Continuing Registration Certificate in Hong Kong?
If you are wondering who can obtain a Certificate of Continuing Registration, the answer is here. Any company that is registered under the Companies Ordinance in Hong Kong can apply for a CCR. Both local and non-Hong Kong entities registered in Hong Kong are eligible to apply for a Certificate of Compliance with the Rules.
Authorized individuals within the company carry out the application process for a CCR. Directors and company secretaries are authorized to apply for a Certificate of Compliance with the Companies Ordinance in Hong Kong. They need to fill out the application form, provide essential company details, and pay the application fee to obtain a Certificate of Compliance.
In addition to authorized individuals of the company, any member of the public may apply for a CCR concerning any live local company or a registered non-Hong Kong company. There is no specific eligibility criterion beyond being a registered company in Hong Kong to apply for a Certificate of Continuing Registration (CCR).
How can you apply for a CCR in Hong Kong online?
There are two major ways to apply for a CCR- online application and in-person application.
1. Online Application
The online application process of a CCR is convenient and efficient. Companies can apply for the CCR online through the e-Search Services under the Registry’s e-Services Portal. They can visit the Companies Registry’s Cyber Search Centre and navigate to the “Product” section on the website.
To apply for a CCR, companies must submit certain information about their organization. The company’s name and registration number must be completed when applying for the certificate. The application fee for the CCR application in Hong Kong is HKD170.
The digital CCR is typically delivered to the appointed delivery agent. Companies can also collect the certificate from the Companies Registry’s Public Search Centre. They can also choose to get the certificate delivered via post or courier.
2. In-Person Application
Companies that prefer to apply for the CCR in person can file their applications in person. They can apply for a CCC in person at the Registry’s e-Services Centre on the 13th Floor, Queensway Government Offices, 66 Queensway, Hong Kong.
Companies can apply for the CCR in Hong Kong in person by submitting an application form and providing the company’s name and registration number. An application fee of HKD170 is required to submit the CCR application. Generally, the CCR is available for collection within one working day of the application. You can collect the CCR onsite at the e-Services Centre.
Key Considerations and Best Practices
Companies are required to consider the following factors when applying for a Certificate of Continuing Registration.
1. Apply When Needed
Rather than applying for a CCR as a routine procedure, you should apply for it when the need arises. Companies should obtain a CCR when it is required for a specific transaction.
2. Provide Accurate Information
Correct information should be provided when completing a CCR application in Hong Kong. Examine all the details of the company before applying to prevent delays or additional charges.
3. Understand Validity
While the CCR outlines the company’s status on the day it was issued, it does not have a set time limit for its use. The requirements may differ from one school to another.
4. Maintain Records
Keeping an extra copy of your CCR can help prevent delays in transactions or disruptions to your company’s business operations.
Demonstrating Your Company’s Active Status with a Hong Kong CCR
A Certificate of Continuing Registration confirms that the company is still in operation. It demonstrates that a Hong Kong company is still registered and in good standing. It contributes to various business activities, including opening bank accounts, applying for credit, forming business alliances, participating in bids and tenders, and registering and using the CCR as needed, highlighting that the company is transparent and abides by the law.
Demonstrating Your Company’s Active Status with a Hong Kong CCR
A Certificate of Continuing Registration demonstrates the company’s active status. It serves as official proof of a Hong Kong company’s ongoing registration and good standing. Business functions include opening accounts, applying for financing, establishing relationships, participating in bids and tenders, and registering and utilizing the CCR when appropriate, which demonstrates that the company adheres to the law and maintains integrity.
To maintain this status, companies should always ensure that their filings are current and their annual returns are accurate. With Startupr, you can complete Hong Kong company registration and compliance, including help with getting your CCR. With the help of Startupr, managing business legal matters becomes simple, and businesses stay trusted by those in Hong Kong’s market.
