Today, many investors and entrepreneurs are choosing to set up their businesses overseas – especially in jurisdictions like Hong Kong.
You can get professional knowledge of the import-export business from industry experts to settle your business overseas.
As of now, Hong Kong is been considered one of the best cities to establish and run a business, due to the fact that it is scoring high on factors that matter to businesses. Whether it is Strategic location, stable economic and political environment, productive workforce, pro-business environment, attractive tax regime, world-class infrastructure or an effective legal system, Hong Kong contributes to success.
After New York and London, Hong Kong is been recognized as the third-largest financial hub in the world.
Hong Kong is strategically located at the heart of the Asian continent. It is located on the South China Sea coast, with a population of over 7 million people. Hong Kong is –
- Number 4 in the World Bank’s ease of doing business rankings,
- Number 5 in the score for starting a business and is definitely a gateway to China’s markets.
It operates under a territorial tax regime. Hong Kong takes into consideration the prior use of intellectual property when filing for trademarks, patents, copyrights, etc.
Strong economic ties with the ASEAN countries as well as a trustworthy environment for Western investors make Hong Kong a fertile ground for businesses from all around the world.
Hong Kong is also well- situated market for real-time global communications.
Hong Kong does not require employers to withhold income tax. Employees in Hong Kong are responsible for declaring and paying their own personal income taxes.
The following are some vital answers for starting a business in Hong Kong –
- In comparison to the surrounding countries, Hong Kong provides stability and worldwide recognition
- Opening a business in Hong Kong is easy and inexpensive.
- It has a world-class business infrastructure.
- It has held the record for 17 years in a row as the world’s freest economy.
- Hong Kong uses the territorial source principle of taxation, in which profits made outside of Hong Kong are tax -free. There are no capital gains taxes or goods and services taxes in Hong Kong.
- Companies are being permitted to open multi-currency bank accounts.
- English is spoken as one of the two main languages of Hong Kong
- Hong Kong holds the distinction of being one of the least corrupt nations in the world.
- Is been viewed as a global leader in banking and business.
- Setting up a limited liability company (LLC) in Hong Kong can protect you from lawsuits even in Mainland China.
- Hong Kong does not a physical address just a holding address is adequate.
- English common law is prevalent and the legal system is separate from that of Mainland China.
- A foreigner is been permitted to own 100 % of a Hong Kong company.
From the above points, we can conclude that doing business in Hong Kong can be advantages in many ways.