Are you thinking about where to start a new business? Which country are you expanding your business to? Hong Kong is the place for you. Hong Kong is the next hub for startups and innovation.
Hong Kong is a free territory that attracts large amounts of foreign direct investment into its market.
Hong Kong provides all the necessary facilities that an entrepreneur needs to set up his business, such as easy company registration, solid infrastructure, a fair legal system, taxes Easy and viable market for all types of business.
WHAT MAKES HONG KONG A SPECIAL PLACE FOR OFFSHORE BUSINESS?
It is difficult to find a stable business environment, let’s take a look at the factors that make Hong Kong a good place to start a business:
1. The world’s leading economy with complete freedom
Ranked highest on the World Index of Economic Freedom, Hong Kong offers complete freedom in starting a business. Unlike most countries in the world that place many barriers on foreign entrepreneurs, Hong Kong offers them unrestricted tools and access to most of their markets.
A high-quality legal framework, low corruption, and high levels of transparency are also reasons for Hong Kong’s economic growth.
2. Easy to register a business in Hong Kong
The Hong Kong government has created favorable conditions for domestic and foreign entrepreneurs to set up businesses. We have seen lengthy procedures in many countries, the number of documents required, and the number of months and time it takes to set up a simple business; The Hong Kong government has stopped all unsolicited procedures.
Hong Kong has made it easier and cheaper to start a business, which is perhaps why more than 2000 new companies have been registered in the Hong Kong business registry.
3. The location makes it easy to access Mainland China
For 150 years, Hong Kong has served as a route to mainland China and many other Asian markets. Hong Kong companies can use a closer economic partnership agreement than free trade and export duty-free to the Chinese market. However, politics in Hong Kong is slightly different from mainland China.
4. Tax law benefits businesses
When thinking about starting a company in Hong Kong, taxes are not an issue at all. Hong Kong has one of the lowest tax policies in the world. Corporate tax is 16.5%. Entrepreneurs are completely exempt from capital gains, foreign income, and dividend tax.
5. Transparency in the legal system
A legal system that provides transparency and fair transactions for all residents of the country attracts investors from all over the world. Incorporating a company in Hong Kong is very well supported by its legal system. The Hong Kong government has always been friendly to the business community by creating a fair business environment.
6. Sophisticated banking facilities with minimal corruption
As one of the top 5 financial centers in the world, Hong Kong has the highest concentration of the banking sector. 70 of the world’s 100 largest banks operate in Hong Kong.
7. A city to live and make money
Hong Kong has the best commercial infrastructure in the world and meets the needs of its people. The country has more than 50 international schools, low crime rates, and quality medical facilities. Shipping from Hong Kong is known worldwide for its efficiency and on-time delivery.
8. Experts from all over the world
Hong Kong welcomes talent from all over the world to their start-up or business. The Hong Kong government is very supportive of both locals and professionals from around the world who contribute to your economy.
Hong Kong’s immigration policy allows companies to hire professionals such as company secretaries, accountants, engineers, and doctors. Immigration law is very friendly in the country.
A company is not only successful if it is unique or has large capital. Other factors such as a favorable business environment, solid infrastructure, professional help, fair treatment, government support, banking facilities, and customer service also play an important role.
The Hong Kong Special Administrative Region (SAR) of the Republic of China has served these elements for decades, making it a haven for startups. So, if you are thinking of setting up a company abroad, Hong Kong is a wise choice for a thriving business.
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