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Introduction to Hong Kong City

Hong Kong Advantages

No capital gains tax
 
No dividend tax
 
No sales tax
 
No VAT
 
Common law jurisdiction
 
Free port
 
Low corporate tax
 
Proximity to China
 
CEPA agreement
 
Top financial Center
 
International banking 
 
WTO member
 
APEC member
 
Efficient transportation
 
Skilled workforce

Hong Kong had been a British colony for over a hundred years before itssovereignty transferred to China by United Kingdom on 1st July 1997.Hong Kong became a Special Administrative Region (HKSAR) of the People’s Republic of China, a separate economic entity under the concept of “one country, two systems” embedded in the Basic Law, considered to be HongKong’s constitutional document.

Legal System

Although part of China, Hong Kong BasicLaw retains its common law commercial structure with English origins aswell as its way of life, and the rights, freedoms of its residents. Thecourts conduct its affairs in English and continue to administer justice independently and will remain as common law jurisdiction.

Taxation System

Hong Kong is considered to be freest and most competitive economies in the world. A common question being asked, whether it has no tax?. Although this is untrue, in fact Hong Kong is low and simple tax jurisdiction for corporate profit tax at 16.5% based on ‘territorial principal’ and no sales tax, no capital gains tax, no dividend, no VAT. Any profit derived from offshore business deals by Hong Kong company may exempted from tax.

Business Entities 

Hong Kong company law does not offer offshore and onshore concept.  All the companies incorporated in Hong Kong under one legislation and no minimum capital required for companies, except forlicensed institutions such as banks, deposit-taking companies, insurance and securities or commodities dealers.
 

Banking

Hong Kong is one of top financial center in the world and offers wide range of financial products and services available for investment. Hong Kong has all major international banks providing private banking to their clients with strong client confidentiality laws. Hong Kong government initiated deposit protection scheme (DPS) in 2011 with international standard to provide protection limit of HK$500,000 per depositor, per bank, to maintain confidence in Hong Kong’s banking system.

Currency

The Hong Kong Dollar, pegged to the US Dollar since October 1983 atUS$1=HK$7.8 and fully convertible without any exchange control.

Hong Kong's Benefits

Hong Kong is member of World Trade Organization (WTO) and Asia-PacificEconomic Co-operation (APEC) and important international trading,logistics hub in Asia and separate customs territory from China. HongKong has excellent communication facilities; its public transportationsystem considered to be the most efficient in the world and Hong Konghas highly productive work force contributing to the success of HongKong economy.

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