Many people think Hong Kong is the perfect place to start a business. Here are 10 reasons to start a business in Hong Kong.
1) Hong Kong has a superior geographical location
Hong Kong is centrally located in the dynamic and most promising Asia-Pacific region from an economic perspective. All major markets in Asia are within a 4-hour flight, and half of the world’s population is within a 5-hour flight radius. It only takes an hour by car, train or ferry to reach the heart of the Pearl River Delta, the world’s largest production base, which generates 10% of GDP and 30% of China’s exports. In addition, the region itself is a huge consumer market, home to 60 million people.
2) Hong Kong has a simplified tax system with lower tax rates
Hong Kong is considered a tax haven - according to Forbes magazine, Hong Kong has the lightest tax burden in Asia and ranks third in the world for ease of taxation. In Hong Kong, there is no VAT or sales tax, and the entire region is a free port, which means that imports (except for a limited number of products) are exempt from customs duties and excise taxes. Capital gains, dividends, interest income, inheritances are all tax-free. Also, the fact that income generated from goods sourced outside Hong Kong is not taxed is very important. For example, trade between Russia and China. In addition, there is no distinction between local and non-local companies. With all these tax breaks, the region is not officially considered an offshore location, which provides regulatory loyalty for most countries to transfer funds here.
3) Hong Kong is the gateway to mainland China
For more than 160 years, Hong Kong has been internationally recognized as an important link between foreign companies and mainland China. The "important position" of Hong Kong, a small country with rapid business development, is not only geographical, but also historical and cultural, and now it is also a political connection. Hong Kong understands all the nuances and skills of collaborating with Chinese and Western partners, and therefore can reduce the risk rate involved in business cooperation to a minimum.
And despite the different nationalities of these companies, Hong Kong and mainland China have a Closer Economic Partnership Agreement (CEPA), which grants companies registered in Hong Kong a wide range of privileges. For example, all products produced in China will be exported duty-free if you have a local certificate of origin. Liberal financial and tax laws have led to Hong Kong's primary role as a payment channel for accounts and reserves of earnings from the Chinese center.
4) Hong Kong is one of the world’s major financial centers
Hong Kong fully meets the requirements of being a major world financial center. Thanks to very liberal tax and monetary laws, Hong Kong's trading capital flows, trading volumes, trading forms and trading directions are not restricted by any obstacles. The local currency, the Hong Kong dollar, is freely convertible and accepted by the vast majority of banks. It can be used to purchase foreign assets without restrictions, it is an unrestricted financial instrument, and it can also be used to open a variety of bank deposits, establish investment accounts, etc.
5) There are very few risks in doing business in Hong Kong. Hong Kong is consistently rated high for its friendliness to a wide range of industries and its particular adaptability to the business sector. Detailed laws apply to all business companies, regardless of their nationality. All authorities are almost completely free of corruption. Hong Kong's judicial system, based on English common law, is impartial and completely independent of the executive and legislative branches, as well as the Chinese court system. Hong Kong is the best jurisdiction for fair hearings and arbitration of even the most complex disputes.
6) Simple procedures for company registration and easy operation in Hong Kong The procedure for setting up a company in Hong Kong is absolutely simple and, most importantly, very quick and inexpensive. The process of setting up a company "from scratch" takes no more than 4 days, and registering a new company - just half an hour! You don't even have to rent a physical office in Hong Kong. You just have one director/shareholder, who may be a legal person or an individual from any country, and the paid-up capital is only in the amount of HK$1.
7) Hong Kong is a transportation hub connecting the world
Hong Kong is located at the crossroads of trade flows from Asia to Europe and to the Americas. It is China's window to the outside world, and trade through Hong Kong accounts for 30% of China's trade volume. In addition to its geographical location, Hong Kong also has the advantage of modern transportation infrastructure.
8) Hong Kong is an ideal place for innovation to be realized.
In the vast markets of mainland China and Asia in general, Hong Kong has high-tech infrastructure, world-class research centers, professionals, relatively comprehensive measures to protect intellectual property rights, and convenient access to scientific research business models, all of which make Hong Kong the ideal place to implement even the most daring innovations. For private companies engaged in research in Hong Kong, the SAR government has created numerous and easily accessible specialized research centers to promote the development of promising ideas. They are equipped with the latest technical equipment and provide effective assistance to budding scientists.
9) A highly qualified workforce
Some of the most famous schools not only in Asia but also in the world are located in Hong Kong. In addition, many local students have received good higher education in economically developed countries such as the United States, the United Kingdom, Australia, etc. This ensures that the working population in the region has a good level of knowledge. Coupled with the inherent Chinese business style with national characteristics and the Chinese people's respect for work and discipline, the business in the region has achieved amazing results.
10. Unique Hong Kong business culture.
Hong Kong's self-proclaimed slogan is "Asia's World City". It's true. Eastern and Western cultures collide here, creating a unique socio-cultural blend that is reflected in business. Only here is the Western emphasis on efficiency and performance closely linked to the Eastern tenacity and attention to detail. In this context, the language of business communication advocates the use of common English.
If you decide to open a company in Hong Kong, you will definitely need to have a Hong Kong office phone number.
But many times people who set up an office in Hong Kong do not need to open a real physical office here. The reason is that the real estate prices here are very high, so renting an office in Hong Kong is a huge financial burden. So the perfect choice is to set up a virtual office in Hong Kong. This means that you do not need to pay any expensive rent, taxes, purchase office equipment, and pay salaries to office staff. You can own a Hong Kong company as long as you have your own website and local phone number.
Hong Kong phone numbers start with 852 and are easy to identify. The price of a virtual number is only $50 setup fee and $30 monthly fee. You can view all Hong Kong phone number prices and find available phone numbers below.
If you purchase this type of phone number, it will definitely look like a local Hong Kong phone number that is commonly used. Therefore, people who call this number will be able to reach you no matter where they are. Because you can set up forwarding calls, it can be forwarded from your Hong Kong phone number to your local phone number, mobile number, Skype account or SIP device in China, which is very convenient. As long as you are on 898tele.comRegister,chooseThe phone number you want and the minimum amount (setup fee and first month's fee).
The Hong Kong city phone number you selected will be connected within 24 hours.
You can also purchase a phone number from any other country; it's hereYou can find out why virtual phone numbers are so popular in different countries.
Please visit 898tele.comRegisterIn your personal call room you can see which countries and cities have available phone numbers and what their prices are.
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