Hong Kong is a unique country to start your own business. There is minimal taxation among the whole of Asia, which is one of the simplest in the whole world. Furthermore, there is no value-added tax and sales tax on the island, which attracts business owners from different countries. Hong Kong island also has a special port status of the free port. All goods and commodities which are being imported here are not being taxed, except for only a few items.
For new entrepreneurs, this island is positioned with an ease of doing business, which is also extremely simple to open in the first place. There is no capital gains tax as well as dividends. There is high yield in percent, there are assets inherited. The highest tax rate is only 16% of the
income tax. The real estate tax is 15%, given the simple and easy way to understand the system of
deductions. The social burden of the trading firms on the island is limited to five percent of the contributions to the pension insurance Fund. If the origins of your profits are outside the island, they are not being taxed.
For all the above reasons, Hong Kong is a very desirable and beneficial place for business development, especially if it is positioned in Russia and China. In this area, a territorial tax law takes place, so companies are not divided into residents and non-residents. However, the control of financial transactions is carried out by a large number of regulatory authorities from different countries. Hong Kong is not an offshore location.
In Hong Kong, the risk of doing business is extremely low. Here, the residents of many countries outside of the island are developing entrepreneurship. For non-residents of the country, there are many advantages, which makes it highly profitable to develop your business.
Among those are the following ones:
- adaptability of the territory to the import and export of goods;
- clear and loyal legislation that applies to the subjects of any commercial activity and nationality;
- strict control of corruption;
- impartial judicial structure;
- supporting the competitiveness of incorporated companies;
- free access to the world market;
- freedom of speech;
- there is no control over the dissemination of information.
The island is actively developing business, which is dedicated to working with Asia and Europe. In Hong Kong representatives of different countries of the globe are merging, even though they may be working in different business sectors and directions. If you want to start your business or enter a new level of business, this island will be the best option.
You can contact our consulting company upon all issues of business management, registration, and maintenance. Many years of experience in different countries, knowledge of the law, logistics, doing business in a particular country, gives us the opportunity to provide effective support to each client.