Hong Kong is quickly becoming the economic capital of the world. The city has a per capita income of almost $50,000 and is the ideal place for anyone to start a new company.
It offers numerous business advantages over other places. From a favorable tax system to full ownership, there are countless reasons behind everyone rushing to set up a company in Hong Kong.
Hong Kong has been the focal point of trade between the west and east for hundreds of years; the laws in the city are designed in a way that encourages foreign investment. The huge number of foreign companies based inside it is one of the major reasons behind the economic advancement of Hong Kong.
Setting up a company in Hong Kong is a good idea for your business because of various factors; some of the most important ones have been discussed below:
- Easy to Set Up
Setting up a company in Hong Kong is super-easy and can be done much more conveniently than in any other city. Get Started HK offers the best Hong Kong incorporation services that allow you to get started with your business in Hong Kong without having to go through any trouble. There is no red tape because of which everything works efficiently and instantly. You can save a lot of time and money by starting a business in Hong Kong.
- Favorable Tax System
Hong Kong has one of the most business-friendly tax systems in the world. The income tax is capped at 15 percent while the corporate tax rate is a mere 16.5%, making Hong Kong’s tax system one of the most favorable in the world. Furthermore, there are no taxes on capital gains or dividends. The tax laws are the most important when it comes to setting up a business, which is why Hong Kong is one of the best places to start a business.
- Free Economy
Hong Kong’s economy is considered one of the freest in the world and ranks among the top countries on the Global Economic Freedom Index. It is based on the principles of free trade and is an ideal place for foreign investment. The city also has high foreign exchange reserves along with the best baking system in the world. The government interference is also minimal, making Hong Kong the best place for foreign investors.
- Full Ownership
Unlike other countries, in Hong Kong, you can get 100% ownership of your enterprise and do not have to partner up with nationals. The shareholders do not have to be citizens of Hong Kong, and the director can be the lone shareholder; there are no restrictions of any kind.
Hong Kong is one of the most advanced cities in the world when it comes to infrastructure. It has state-of-the-art land, sea, and air ports, combined with the finest communication system. The transport system within the city is also one of the most modern.
- Access to Mainland China
The most attractive aspect of opening a company in Hong Kong is the access that it offers to a market of over a billion people. The city is a Special Administrative Region of China and allows privileges that investors wouldn’t get otherwise. This prospect of reaching the Chinese market is another attractive facet of starting a business in China.