Hong Kong

Contributed by Aall And Zyleman Company Limited. [www.aallandzyleman.com ]

Population:  about 7 million

Size:  423 square miles

Currency:  pegged to US dollar at HK$7.8 to US$1

Corporate tax rate:  16.5% on onshore profit

Income tax:  up to a maximum of 15% for those with annual income over US$300,000  No taxes on capital gains, dividends and interests.

Hong Kong companies:  companies with liability limited by the issued share capital takes about 2 weeks to be incorporated.  Normally the share capital is HK$1,000 divided into 1,000 shares of HK$1 each, with 2 shares of HK$2 in total issued.  The company requires a minimum of one director, one shareholder, and one local secretary.  Meetings of directors and shareholders can be held anywhere in the world.

OECD:  Hong Kong is on the white list.

Languages:  Chinese and English.

Foreign exchange control:  no control.

Stock market:  6th largest in the world.  At the gateway to the vast Chinese market, Hong Kong is an international trade and financial centre in the same rank as New York and London.  A Hong Kong company will not be perceived as a tax haven company.

Foreign currency reserve:  US$277 billion as of June 2011, the 10th highest in the world.

Unemployment rate:  3.2% during July to Sept of 2011.  Averaged 3.77% from 1981 to 2010.

Hong Kong airport:  over 40 times elected as the world’s best airport. 

Freest economy:   for the 33rd consecutive year Hong Kong is again in 2011 named the freest economy in the world by a Canadian free-market think tan, for the city's low taxes and government spending.

Port of Hong Kong:  the deep water port is the 3rd busiest in the world.

Office rental:  prime office space the most expensive of the world at over US$17 per square foot per month.

Shopping space:  the 2nd most expensive in the world at US$1,695 per square foot per year during the 3rd quarter of 2011.

Residential prices:  a certain old house was sold for over HK$1.1 billion (US$141 million) in 2010.  The owner acquired it in 1951 at HK$110,000.  The appreciation in 59 years is over 10,000 times.  In 2011 the house changed hand again at HK$1.3 billion.

Retail sales:  grew 27.5 per cent year on year in the third quarter of 2011.

Taxis:  voted the 3rd best in the world.

Life expectancy:  life expectancy of Hong Kong men at 80 years is the longest in the world.  Women the 2nd longest at 85.9 years.

Tourism:  Visitors to Hong Kong during the first six months of 2011 reached a record high of 19.331 million.

Foreign investments:  Foreign direct investments into Hong Kong amount to US$69 billion during 2010, which is the third highest figure in the world, after the US and China.

Big Four:  KPMG's new global chairman, Michael Andrew is the first of the chairmen of the "Big Four" firms who stations in Hong Kong because of Hong Kong's access to China and Southeast Asia.

International companies:  A survey by property consultancy CB Richard Ellis found that 68.2 per cent of the world's 280 largest international companies have a presence in Hong Kong, following by Singapore, Tokyo and London.  They also found that 92 per cent of international banking and finance firms have an office in New York and London, following by Hong Kong at 88 per cent.

Ritz Carlton Hotel:  the world’s tallest hotel which occupies the top 102nd to 118th floors of the world’s fourth tallest building, International Commerce Centre.

Billionaires:  Forbes in 2011 reported that Hong Kong has 36 billionaires, comparing with 32 in UK, 26 in Japan, 8 in Switzerland, 14 in France, 14 in Italy, 17 in Australia and 24 in Canada.

Homes of billionaires:  the most expensive of the world at average GBP6,700 per square foot.

IPO:  in 2010 Hong Kong has maintained its position as the largest listing market by fund-raising size in the world, with about US$57 billion raised.  Overseas and local companies are queuing up to be listed.

Restaurants:  5 of the world’s best 100 restaurants are in Hong Kong, according to UK magazine ‘RESTAURANT’.

Food:  4 of the 50 most delicious food in the world are from Hong Kong, according to a vote organized by CNNGo.

Auctions:  Sotheby’s and Christie’s organized their biggest sales in Hong Kong, New York and London.  Sales of Sotheby’s in Hong Kong exceeded US$1 billion in 2011.  Hong Kong has taken over London as the second biggest wine auction centre. 

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