As a global metropolis with abundant chances, forming a company in Hong Kong provides unmatchable accessibility to an estimated customer market of several millions of people in southern China alone. With sound infrastructure and total legal system of its own, it creates an advantaged economic environment for many entrepreneurs and traders. Thus, Hong Kong is popular with international entrepreneurs looking to enter the markets in China, and also many people set up their businesses here for different goals, which enhance not just the business image only, but also the capability to compete globally. The following information will help you figure out if Hong Kong firm formation is your right strategy through which to attain this.
Many reasons or factors exist that can contribute to the success of a business. Hong Kong is considered one of the greatest places to establish and operate an organization since it focuses on things that matter a lot to businesses. Below are some of the crucial benefits of setting up a business in this city.
It is a worldwide center of information exchange and transportation hub. It is one of the major ports of the planet concerning tonnage of shipping using its own facilities, freight handled and the number of passengers carried.
It provides a vibrant economy driven by the policies of free trade, free markets, and free business for everyone. It has no limitation on inward, and outward investment, no foreign exchange curbs and no foreign ownership constraints. Hong Kong is strategically situated nearby China. Air, rail, road, and sea links are efficient and modern and offer unrivaled access to China’s booming southern states for several foreign entrepreneurs. With moderate tax rate and tax-exempt income never incurred overseas.
With sound infrastructure, political and secure social surroundings, most companies decide to establish operations in Hong Kong because it considered being politically stable and with free market principles.
Enjoy the convenience of a worldwide banking system. Many banks from of 32 foreign countries are there. The Hong Kong banking and financial services is governed by the Hong Kong Monetary Authority (HKMA). The characteristics and benefits of utilizing Hong Kong for personal banks, bank account, businesses and foreign asset assurance are all thorough.
The procedure to form a company here is really easy. You require a minimum of one firm director along with a resident business secretary. You will then verify the business name and company structure. There will be a minimum issued capital demand for HKD 10,000, and paid-up funding requirement is one dollar. There is almost no restriction in the field of business scope once you set up a Hong Kong corporation. There are operational requirements such as opening up a Hong Kong corporate bank accounts and establishing an office. A virtual workplace is an alternative too.