Why you should set up business in Hong Kong
05 August, 2016
Without a doubt, Hong Kong is one of the most business-friendly countries in the world. Here are just a few advantages which you will enjoy if you decide to set-up your company in Hong Kong.
Ease of company registration
It takes from 24 hours to five working days to set up a new company in Hong Kong. The business registration can be completed online, directors can be of any nationality, the minimum share capital is $1HKD. The company is required to have at least one director, one company secretary and a registered office in Hong Kong. Registered office address is usually provided by the company secretary.
Earlier this year all banks around the world have introduced stricter and more complicated due diligence and Know Your Customer policy. The requirement for opening new bank accounts have been tightened due to many control measures.
Hong Kong, as the worlds freest economy has decided to say stop and will roll out new guidelines to help banks smoothen the new account opening process. Hong Kong is keen to expand the SME sector and support foreign investors.
Hong Kong companies enjoy one of the worlds lowest tax rate of 16.5%. Every company files a tax return with little audit interference from the HK government.
Highly cooperative relationship with Mainland China
Hong Kong is the best route to begin doing business in China for Western countries. Both Hong Kong and Mainland China governments have agreed to equally recognize certifications, professional qualifications obtained in either nation. Furthermore, Hong Kong suppliers have the advantage of preferential treatment in Mainland China market.
Transparent legal system
Hong Kong has a well-established common law system based on English law. The legal system favors the business environment by providing fair business surroundings.
Besides the above mentioned reasons, Hong Kong is also a great place to live. Low crime rate, many international schools, high-quality health care and stunning nature will make you never want to leave Hong Kong again.
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