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Companies registration in Hong Kong

In 1997, under the agreement between China and the United Kingdom, Hong Kong became a Special Administrative Region in the Republic of China. In accordance with this agreement, China committed to adhere to the principle of "one country - two systems", by which existed  Hong Kong's political and economic system and most of the laws in force there remain unchanged until 2047.

Hong Kong has historically developed and flourished as a transit port, serving many countries in the Asia-Pacific region, as well as a major industrial center with a low cost of production, however, the emergence of competitors in the other Asian countries reoriented the Hong Kong business, particularly in the area of financial services.

Hong Kong is the third largest financial center in the world (after New York and London), the ninth largest economy in the world and occupies the 11th place in the list of the largest exporters of services. GDP per capita is higher than in the UK, Canada and Australia.

By the volume of foreign assets of the banking sector , Hong Kong is in the 5th place, by the volume of foreign exchange turnover - in the 6th and the market capitalization of the stock exchange - Hong Kong is the largest in Asia, excluding Japan. On the territory of the largest concentration in the world, the number of international banks, including 80 of the top 100 institutions, is the regional headquarters of more than 3000 multinational companies.

Since 1992, Hong Kong operates the busiest container port in the world, whose volume of cargo is increased annually by 20%. Its ship's registry is considered the standard of quality and ranks 14th among all the ports.

The Government has consistently pursued a policy which promoted business development.  Other countries and cities in the Asia-Pacific region such as Shanghai or Singapore can create effective competition to Hong Kong as a financial and trade center, but it is unlikely they will be able to recreate this unique blend of Western and Chinese wisdom professionalism.

While China opens to the world through membership in the WTO (World Trade Organization), Hong Kong is a natural channel for Chinese exports to the West and a convenient base for international companies participating in the development of the expanding Chinese economy.

Peculiarities of taxation in Hong Kong:

·         In Hong Kong operates a territorial principle of taxation. The tax is levied only on income profits extracted from sources in Hong Kong, or resulting from the activities in Hong Kong territory (Article 15 of the Law "On Tax Administration");
Set rather low tax rate - 16.5%;

·         No indirect taxes;

·         No taxes on capital gains, dividends, royalties received or sent abroad;

·         In Hong Kong there are very few restrictions on foreign investment and the movement of income and capital, enabling  the freecirculation of funds;

·         There is no foreign exchange control, no tax on  trade in gold, stocks and futures.

Bank accounts management is easy and safe, mainly operated through internet banking.

 

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