The introduction of the new NNC1 form: What is the major difference?
The Companies Registry of Hong Kong tend to update their system once every ten years or so. In fact, it recently updated it’s internal system – e-registry in order to better improve its efficiency and conveniency for people to submit incorporation documents. This article will explain the main differences between the old and new version of NNC1 form as well as the benefits of the new version.
Business Nature
The differences between the old and new version are actually minimal with just some minor adjustments in the newer version. In the new version, there is an option where you can declare the nature of your business. In the newly updated system, there are as many as 90 categories of business nature to declare so you can pick the one that suits your business the most. Generally speaking, “retail trade” is amongst one of the most popular business natures declared on the new NNC1 form because most people nowadays are entrepreneurs. “Import & Export Trade” is also another popular category as global trade has always been an integral part of the business world. One of the benefits of declaring your business nature is that it shows greater transparency of your business especially when the public try to look up your company.
Privacy Protection
Additionally, there is an option where you can provide your Hong Kong contact number on the new NNC1 form but it is totally optional whether you want to disclose that information. Similar to the old version, you can also choose to disclose your company’s email address which is also optional. In terms of declaring the company director’s address, there is a new addition in which the new form specifically lists out the exact lines for flat number, name of the building, street name and district/county etc. This can show how detail-oriented the new form is compared with the old version. Since the NNC1 form is easily accessible online, anyone is welcomed to download any particular company’s NNC1 form with an additional fee. The information of the company’s director will be shown such as their full name, addresses shares, and passport number. However, for passport number, it will always be shown partially in order to protect the director’s privacy. Hence, all it shows is the director’s nationality and their partial passport number.
Service Provider
The last but not the least, the new version requires all TCSP firms to provide their TCSP license number as well as their business registration number. This is another great example that shows how the Companies Registry is trying to better the incorporation form at great lengths. The public will now have more information when they look up a certain company so they can tell exactly which provider it is using.
This basically sums up the differences between the old and the new version of the NNC1 form and we hope this article has helped you better understand the benefits of the new version. If you have further questions or would like to form a company with us, please do not hesitate to contact us via email at info@cheapincorp.com or message us at +852 5404 0902 on WhatsApp.