Hong Kong, a world-class home for investors, is a country that ventures in all kinds of legal trades.
Starting a new business in 2023 is a great way to take advantage of Hong Kong's conducive business environment.
Hong Kong as a country has been thriving in business for the last 26 years, and have recorded successes over time. Situated in Southeast Asia, Hong Kong's low taxation system makes it worthwhile for investors to establish their businesses.
Some people may be wondering; why do business in Hong Kong in 2023? Well for starters we've got you covered. Some effective steps are enlisted here on why do business in Hong kong.
Business Incorporation In Hong Kong Is Simple
Setting up a business in Hong Kong is relatively simple. Typically, it takes 7 days to set up a company incorporation in Hong Kong. In addition to saving time, the company registration process and paperwork criteria are simple without constraint. It is also not necessary to be fully available in Hong Kong to incorporate a business.
Hong Kong Has a Low Taxation Rate
Lots of foreign businesses are drawn to Hong Kong, because of its attractive capital gains tax rates. Traders in Hong Kong influence the country's regional concept.
This concept allows them to bypass taxes on profits made outside of Hong Kong. As a result, they end up saving huge amounts of money.
Hong Kong's current tax rates are;
Corporate income tax rate : 16.5%
Property tax rate: 15%
Salary tax rate: 15%
The upsides of establishing a company in Hong Kong are withholding tax on VAT or exempting dividend tax from social security payouts.
Trading And Economic Freedom
Hong Kong offers free trade agreements and free enterprise, thus ruling out taxation on importation and exportation. In Hong Kong, there are currently no constraints on trade policies, shareholding, foreign exchange controls, and investment opportunities. Companies in Hong Kong are pleased with the business-friendly setting with substantial capital inflow and a reliable banking system. Hong Kong also offers a stringent anti-corruption policy.
Detailed Transit Into Mainland China
Situated at the heart of Asia, the key location of Hong Kong captivates investors. Hong Kong has an important function as a selective link to China marketplaces. Thus, leaning on the Mainland and Hong Kong Closer Economic Partnership Agreement, (CEPA).
Flexible Stance On Immigration
Hong Kong has a flexible stance on immigration which promotes investment in private limited companies located in the city. Hong Kong's flexible policy on immigration also allows for the relocation of businesses with operational processes.
According to the Hong Kong Immigration Department foreign buyers from 170 countries are eligible for visa-free entry. Work visas are also available for foreign enterprises that want to consider relocating to Hong Kong.
Detailed possession
Investors can have outright detailed possession of a corporate body and are Hong Kong-based without a municipal resident permit. Your business can be operated from anywhere in the world if you have an authorized address and a bank account.
Furthermore, Hong Kong still lingers as the easiest solution for business growth due to its remarkable territory unifying the east-west disparities. Do you need advice or help in company formation in Hong Kong? Incorporating a company in Hong Kong is made easy with SJH Global as they are committed to providing the highest quality and affordable professional services to their clients.