There Are Plenty of Opportunities For Individuals to Start A Business in Hong Kong
Hong Kong isn’t just another place for those looking to start a business; it is a haven. Let’s say it this way, various factors define how successful a business can be. Hong Kong provides you with a business environment that promotes all of the variants. If you are thinking of establishing a company in Hong Kong, then it is the right time for doing so; and here are the reasons to start a business in Hong Kong.
Hong Kong is located in the heart of Asia, often seen as the gateway to mainland China. This means Hong Kong is a part of one of the strongest economies in Asia. In turn, this opens a pathway to business with other countries all over the world including India and America. Safe to say, Hong Kong has the connections to almost every country of the modern world, while the import/export system is very convenient. People from all around the globe trust China for their products, and you can use it to your advantage by opening a business in Hong Kong. So, Hong Kong is the place you want to locate your business in if you want one of the best places to grow.
Ease of Starting Business
It is very easy to start a business in Hong Kong. There are a lot of supports locates in the place which helps you start your company in the place. Forming a company in Hong Kong is very simple in every field. In fact, you can easily have a Hong Kong startup to your name if you want. The company registration process is almost the same for every type of business. There could be a slight difference, of course, but for the most part, it’s the same. No unnecessary questions asked, your startup application is approved if you have a good idea. For more information, here is how you can register a business in Hong Kong.
Extraordinary Tax System
Had this article been written a year ago, the Hong Kong corporate tax rate 2017 was only 16.5% of the business profit. Impressed already, right? Good news for you, the Hong Kong company tax rate 2018 is only 8.25% for every HKD 2 million profit. There’s an increment of 16.5% after that. Well, sounds good, and on top of that, you forget about GST/VAT, export taxes, capital gains tax and dividend tax, none of these exists place. Hong Kong has a single-tier tax system, which means your company is only taxed for the profits it makes inside Hong Kong. We have more about this in the types of taxes in Hong Kong.
Similar Facilities for Foreigners
The comfort for foreigners running a Hong Kong business is definitely one of the main reasons to start a business in Hong Kong. Hong Kong does not discriminate. Starting a company in Hong Kong as a foreigner will give you similar experiences as a local starting a business in the place. All the incentives which the government brings target both the local and expats. Also, the tax system has the same application for everyone living in Hong Kong.
Another good thing for the foreigners is that it is not hard to get a business visa if you have a good idea, and you can bring in your family with the Hong Kong business visa scheme; the Entry for Investment. As there are people from various backgrounds, you can expect to be familiar with the Hong Kong society in no time.
World Class Facilities
Hong Kong looks fancy, and it is fancy living in Hong Kong. There is no shortage of facilities, and you will have access to everything you need to make your business successful in the technological world. Hong Kong is known for its innovation and development. Thus, the nation’s companies have extensive use of technology and the internet. These facilities we are talking about don’t only make your Hong Kong business simpler, but also make it comfortable living in the place. So, the beneficiaries in this corruption free-state is another one of the reasons to start a business in Hong Kong.
Corporate Bank Account Options
The choices you have with the banking facilities is also one of the reasons to start a business in Hong Kong. According to the HKMA Register of Authorized Institutions and Local Representative Offices, there are 190 accredited financial institutions in Hong Kong, among which there are 154 licensed banks, 19 restricted license banks, and 17 deposit-taking companies. Also, these companies have 1,309 local branches. Also, 48 foreign banks have their local representatives in Hong Kong. Remember that these numbers stand as of April 30, 2018. Therefore, it is set to increase depending on when you are reading this article.
With so many banking options, you get many facilities, and all of them are going to contribute to your business running smoothly in Hong Kong. Here is more about opening a corporate bank account in Hong Kong.
All of these reasons to start a business in Hong Kong combine to give Hong Kong companies some of the most freedom in the economic world. Well, you can contact us if you are interested in opening a company in Hong Kong.