Hong Kong offers you plenty of opportunities to start a business. The geographical placement near to China and other Asian powerhouses, latest and updated technology, tax-friendly system, digital marketing, and incorporating services from well-grounded and honorable firms attracts many investors to start a business in Hong Kong.
Liberal System Of Economy
Hong Kong is considered as the first country in terms of economic freedom as per the index report of economic freedom that is generated by the Wall Street Journal and Heritage Foundation. The country offers foreign investment, free trade policy and there are no barriers in trade and business for running foreign businesses.
Taxes levied by the Hong Kong administration are very low as compared to other parts of the world. It’s one of the major reasons that entice entrepreneurs to start a business in Hong Kong. There is no bias between the locals and foreigners in terms of taxes. Both have to pay approximately 16.5% tax rates.
Also, the Hong Kong government doesn’t impose a tax on withholding tax, sales tax, capital gains, VAT, estate tax, and tax on dividends. The tax rate for salary is charged only in the income that is generated through the office primarily located in Hong Kong. The maximum salary tax rate is 15%. This type of tax is collected annually as a whole or in two installments.
The next advantage of starting a business in Hong Kong is that no taxes are charged on the business trades and activities that are operated outside the country. You have to pay the taxes for only those corporate works carried out inside Hong Kong.
First-Class Facilities Of Infrastructure
Business infrastructures are the key to attract investors to Hong Kong. Infrastructures ease the business activities and the availability of the latest infrastructure allures the global entrepreneurs for startups in Hong Kong.
There are plenty of commutes, taxis, and trains that are cheap and affordable for public transportation. There is also cost-effective telecommunication that reduces communication costs.
Similarly, it has the 5th most occupied international airport in the world and greater than 85 airlines, also; it has amazing water transportation services, telecom, traveling, cargo-forwarding, and logistic services. This makes Hong Kong: the global business hub.
Simple Process For Business Registration And Incorporation
Unlike any other country, Hong Kong company’s guidelines do not have a lot of restrictions and processes to set up a company. This makes the country an ideal place for startups.
The government of Hong Kong also supports the growing enterprises and the secretarial services HK provided by the well-established accounting firm ensures that your company has met all the requirements to comply with the jurisdiction of Hong Kong and it’s very essential for startups.
3E Accounting Limited is a well-grounded and reliable Accounting firm in Hong Kong that offers you all the essentials to set up a business and provides you reliable advice during your entire business period. Feel free to reach us and use our services to benefit your business.
Jurisdiction Of Hong Kong
The legitimate system of Hong Kong provides transparency to the business. Some laws and guidelines for company registration ensure a smooth set up and operation of business activities. The Hong Kong administration provides several funds, loans, and incubator programs to attract and support foreign entrepreneurs.