Hong Kong
The business environment in Hong Kong is known for its favorable conditions and has been ranked as one of the world’s most business-friendly economies. Hong Kong offers numerous benefits for companies looking to establish a presence in the region.
Strategic Location
Hong Kong’s strategic location in Asia makes it a gateway to China and other major markets in the region. Its proximity to mainland China enables easy access to the world’s second-largest economy.
Business-Friendly Policies
Hong Kong follows a free-market economy with low taxation and minimal government intervention. The city has a transparent legal system and robust intellectual property protection, fostering a favorable business environment.
Low Taxation
Hong Kong is renowned for its low tax regime. The corporate tax rate is a flat rate of 8.25% under HKD 2M profit and 16.5% above, and there is no capital gains tax, sales tax, or value-added tax (VAT). Moreover, Hong Kong has a territorial tax system, which means that companies are only taxed on income generated within Hong Kong, providing a competitive advantage for businesses.
Well-Developed Financial System
Hong Kong boasts a robust and internationally recognized financial system. It has a freely convertible currency, the Hong Kong Dollar (HKD), and offers access to a wide range of financial services, including banking, investment, insurance, and fund management.
Statutory Information
Shareholder(s): individual or corporate
Director(s): individual or corporate
Company Secretary: service provided by Ouzhou Consulting (TCSP Licensee)
Tax
Profit tax: 8.25% on first HKD 2,000,000
16.5% on income above HKD 2,000,000
Dividend tax – 0%
GST – 0%
Financial Statement & Audit
All companies must maintain proper accounting records, prepare annual financial statements, and appoint a local auditor to conduct annual audits per the Companies Ordinance
Banking
Online solution – fast KYC process but allow to receive and send wires along with a corporate card;
Traditional banks – HSBC / CITIBANK / DBS / – longer KYC process but offer the full range of banking services including corporate card, insurance, investment etc.
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