How to enjoy your business and banking set up in Hong Kong 🇭🇰 in interview with M Services GmbH partner - Mrs. Alice Ng , Paifang Limited

1) Who are your regular clients in terms of the nationalities of shareholders, profiles of the businesses, their connection to HK?

A: Our clients are international businessmen and they are from different countries
worldwide. That means we are dealing with clients of different nationalities. For example many of them are from Europe e.g., Hungary, Cyprus, Russia, Ukraine, Germany, as well as some from North and South America e.g., Canada, USA, Brazil, and some from Asia of course e.g., Mainland China, Singapore, Malaysia. Further south we have clients from Australia and New Zealand. Then we also have client from central Asia eg. Uzbekistan, Kazakhstan, Kyrgyzstan.
Paifang specialize in corporate management and secretarial services and do not assist clients in their businesses. Therefore, our clients have different businesses themselves, and we help them in matters relating to government filings, secretarial services etc. They may do business like trading, manufacturing, consulting services, e-commerce etc. Many of them conduct their business outside Hong Kong and use Hong Kong companies as vehicles to do business, as there are a lot of advantages of Hong Kong companies. So, every client is doing different business and he/she needs a company to conduct his/her business.

2) Do you specialize exclusively on HK or you cover also other jurisdictions in Asia for business clients?

A: We specialize in HK company formation and management, and all matters relating to the services in HK e.g., trademark registration, legal opinion by lawyers, accounting & tax matters by chartered accountants, renting of office, attestation of documents by Embassy etc. But of course we also do company formation in other jurisdictions e.g., Singapore which is a very popular location for company formation and they have similar filing procedures as HK companies. We also do Malaysian companies, BVI companies, Marshall Islands, Seychelles, Bahamas etc. We co-operate with different professional registered agents in these countries to provide seamless and efficient services to our clients. Currently, we are also doing registration of mainland companies and assist clients to open bank accounts and do monthly accounting and tax filing with Chinese government. So I would say we can serve most needs of our clients.

3) I know your company since 2018. A lot of events challenged the world banking and business environment since then. What has remained so attractive about HK companies and banks and may be even gained on positive improvements?

With international clients is the main factor that they choose us. We understand how to assist international clients who do not have presence in HK. It is important to provide efficient and hassle-free services to them. Second thing we are proud of is that we have a team of professional partners in HK to cater with different services clients need. For instance, we work with a team of chartered accountants in HK who are experienced to do accounting and auditing work for HK registered companies with wide range of business. Be it trading business or service-orientated business or e-commerce business, our experienced accountants can communicate and deal with ourclients and provide quick and professional services, of course, Paifang will take an active role in the process. We also have legal support from our associate legal firm who can provide services like notarization of documents, issue legal opinions, in some cases, the legal firm even represented clients in court cases. Therefore, what we provide is one-off contact point for our clients. The third reason why our clients choose us is that we have competitive and open fee schedules. In this field of fierce competition, we cannot just give good service but with high fee. Instead, we always provide clients with tailored services and our exact quotation, without any hidden fee. Many other secretarial companies give very cheap fee
to attract clients and then there will be a lot of hidden fees that you need to pay afterwards. We always listen to clients’ need and offer tailored services with competitive fee. In fact, we always receive request from clients asking Paifangt o take-over the secretarial work of their existing companies, becauset h e current secretarial companies present them with unexpected invoices from time to time, and the services they receive are not professional. So, you see, clients like to work with professional firms like Paifang.