General Partnership in Hong Kong — Crypto & Web3 Formation Guide
Prioritize jurisdictions with clear Virtual Asset Service Provider (VASP) frameworks like Switzerland, UAE (ADGM/VARA), or Singapore. Offshore hubs like BVI or Cayman are popular for token issuance, but ensure you have a solid legal opinion on token classification.
Last verified: June 13, 2026
Corporate Tax
15.0%
State Tax
0.0%
Formation Cost
$300
Annual Fee
$300
Forming a General Partnership in Hong Kong as a Crypto & Web3 means a total tax burden of 15.0% and an official formation cost of $300. This guide covers the steps, tax breakdown, banking options, and compliance requirements — all from verified data.
First-year total cost
≈ $1,600
Ongoing (per year)
≈ $600
Why General Partnership for Crypto & Web3?
A business model focused on blockchain technology, decentralized finance (DeFi), NFTs, DAOs, or token issuance. This model requires highly specialized legal structuring to navigate evolving global crypto regulations and secure fiat banking access.
Ideal for
- Token issuers and DAOs
- DeFi protocol developers
- Blockchain infrastructure providers
- Web3 gaming studios
- Crypto exchanges and wallets
Challenges to watch
- Severe difficulty in opening traditional fiat bank accounts
- High legal and compliance costs for VASP licensing
- Rapidly changing and fragmented global regulations
- Complex tax reporting for digital assets
Key decision criteria
- Does the jurisdiction offer a clear legal definition for utility vs. security tokens?
- Are there accessible crypto-friendly banks or EMIs?
- What are the capital gains and corporate tax rates on crypto assets?
- Is a VASP or equivalent digital asset license required?
Estimated breakdown (based on avg. $500,000 revenue)
Simulate with your own revenue →
VAT / Sales Tax
Standard rate 0%. Hong Kong does not levy any Value Added Tax (VAT), Goods and Services Tax (GST), or general sales tax.
Banking & payments for Crypto & Web3
Opening a traditional bank account in Hong Kong can be challenging for non-resident partners due to strict Anti-Money Laundering (AML) regulations, often requiring an in-person interview. However, digital alternatives like Airwallex and Statrys offer a fully remote and streamlined onboarding process. These fintech platforms are highly recommended for foreign founders to quickly access multi-currency banking.
Supported payment gateways
Remote-friendly accounts
Airwallex
A leading global financial platform offering multi-currency accounts, corporate cards, and fast remote onboarding for Hong Kong businesses.
Statrys
A popular fintech alternative in Hong Kong providing multi-currency business accounts, forex services, and dedicated account managers.
Currenxie
A digital business account provider offering global virtual accounts and competitive foreign exchange rates for cross-border trade.
General Partnership formation steps
Choose a unique business name that complies with the Business Registration Ordinance.
Draft and sign a comprehensive Partnership Agreement detailing profit sharing, roles, and dissolution terms.
Register with the Business Registration Office (Inland Revenue Department) within one month of commencing business.
Pay the Business Registration Fee and PWIF Levy (HK$2,350 for a 1-year certificate as of April 2026).
Obtain the Business Registration Certificate (BRC) and display it prominently at the principal place of business.
Open a corporate bank account in Hong Kong, which requires the BRC, partnership agreement, and KYC for all partners.
Apply for any specific industry licenses or permits required for your business activities.
Crypto & Web3 FAQ
Where is the best place to incorporate a Web3 startup?
Popular choices include Switzerland (Zug), UAE (Dubai VARA/ADGM), Singapore, and offshore hubs like BVI, Cayman Islands, or Panama for foundation structures and token issuance.
Do I need a special license to launch a token?
It depends on the token's utility and the jurisdiction. Security tokens always require strict licensing. Utility tokens may not require a license, but operating an exchange or custodial wallet usually requires a VASP license.
Can I open a traditional bank account for a crypto company?
It is notoriously difficult. Most traditional banks de-risk crypto businesses. You will likely need to rely on specialized crypto-friendly banks, EMIs (Electronic Money Institutions), or OTC desks for fiat on/off ramps.
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Related guides
Complete General Partnership guide
Taxes, requirements, banking, compliance
General Partnership cost calculator
One-time and annual cost breakdown
🇧🇬 Crypto & Web3 — Single-Member Limited Liability Company (EOOD)
Tax 10.0% · formation $30
🇨🇾 Crypto & Web3 — Variable Capital Investment Company (VCIC)
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🇨🇾 Crypto & Web3 — Company Limited by Guarantee
Tax 15.0% · formation $265
🇨🇾 Crypto & Web3 — Sole Proprietorship
Tax 0.0% · formation $100
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