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Hong Kong, the southeastern tip of China with the total area of 1,104 square kilometers and 7 million population, is a leading destination for financial growth. Official languages are Cantonese, Chinese and English. Hong Kong became a Special Administrative Region (SAR) of People’s Republic of China on 1st July 1997.
As a leading financial and business center, for the past 20 years Hong Kong has been ranked consistently within top 20 countries for GDP per capita globally.
Hong Kong government is highly praised for continuously developing a business-friendly environment and preserving the city’s reputation as the easiest place to do business. Adopting economic policies of free enterprise and trade allows entrepreneurs from around the world to set up their companies in Hong Kong.
Hong Kong is competitive yet full of opportunities for aspiring businesses, especially for small and medium-sized enterprises (SMEs) being the city’s backbone and accounting for over 98% of its commercial institutions.
Primary attraction for doing business is that Hong Kong boasts a simple tax system offering:
Two-tiered flat rate profits tax regime (8.25% on the first HK$2 million of profits; 16.5% on profits above HK$2 million);
Profits arising from outside Hong Kong are not be taxed;
No sales tax, VAT, or dividends tax.
There are five types of business models in Hong Kong:
Partnership;
Sole proprietorship;
Company limited by shares (most common type);
Company limited by guarantees;
Branch office.
Strategic Location
The main entrance point to Chinese and Asian markets;
Member of Free Trade Agreement (CEPA);
Beneficial withholding tax rate for dividends and royalty in China.
Stable Economy and Financial Environment
Dominant business and financial centre; high GDP;
No control over foreign exchange;
Legal system based on British Common Law.
Solid Business Environment
Top-class infrastructure; multiple business opportunities especially for SMEs;
Quick, inexpensive and easy company formation;
Inviting foreign investment policy;
Unrestricted foreign ownership.
Simple Taxation
No VAT, capital gain dividend tax and withholding tax;
No VAT, capital gain dividend tax and withholding tax;
Tax Exempted for Non-HK source;
Two-tiered profit tax regime;
Double Taxation Avoidance Agreements.
Hong Kong Company Benefits
Advantages of setting up a business in Hong Kong:
Hong Kong as a gateway to Mainland China;
Simple tax regime – a flat rate of 16.5%;
Excellent reputation of banking and financial system;
Fast, cheap, and simple company set up;
Attractive foreign investment policy – no restriction on foreign ownership;
Distribution of dividends is not taxable, inheritance tax has been abolished;