The ease of global communications and the variety of ways it can be done has made access to foreign markets easier. However, to really expand overseas business operations from just the occasional consignment dispatch to an ongoing profitable line that will have a positive impact on the bottom line, companies need to have boots on the ground. Nothing can replace a physical presence in the region where business is being done.
Setting up operations in Hong Kong means that you are based where:
The political system is stable.
The environment is business friendly.
The tax regime is simple, clear and transparent.
Starting a business or opening an office is easy and inexpensive.
Foreigners may own 100% of a Hong Kong company and may be the sole shareholder and/or director. There are no requirements for being a local resident or of having any specific nationality.
There is no need to have a physical address. A holding address is enough.
The legal system is based on English common law which is known across the globe and which ensures transparency and fairness.
English is one of the 2 primary languages (the other is Cantonese) and is spoken by a majority of the population.
The banking system is among the best in the world with all major banks having large operations.
A company is free to open multi-currency bank accounts.
The taxation rate is most attractive. Profits made outside Hong Kong are tax-free and the tax rate for revenues above 120,000 Hong Kong Dollars is around 17%.
The business infrastructure is world class.
The corruption levels are among the lowest in the world. In this regard, Hong Kong ranks above Germany, Japan, the UK and the USA.
The economy has been ranked for 17 years as being the freest in the world.
Air and maritime transportation to China and the rest of Asia is among the most efficient and fast.
Expats enjoy a high quality of life.
Hong Kong may not be the only place in Asia to set up an office or business. But it is the best. The growth of businesses that have set up operation here is proof of that. While the ease of setting up a business is well known, that does not mean that you can arrive today and start work tomorrow. There are legal, documentation and compliance requirements that must be met. Intellectual property protection must be ensured. Personnel to work, will need to be found and hired. If a physical office is to be set up, the right location must be found at the right cost. Also, while Hong Kong is an easy place to operate from, it has its own culture and being able to understand that makes working here much easier. Working with a local consultant specializing in providing support services to those looking to start Hong Kong operations will make the process simple and quick and free up managerial resources to focus on the prime objective – hitting the ground running and growing the business and the profits.
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