Hong Kong has long established itself as an international business hub to rival those of New York and London. In 2016, Hong Kong ranked as the 5th easiest territory to do business in globally. 2017 looks as if it will see Hong Kong bumped up to number 4 and it is easy to see why when you consider that it is possible to register a new company online in Hong Kong in a day for the nominal fee of 1720 HKD or around $220 USD.
Here we’ll present you with 5 reasons on why you should be doing business here in Hong Kong:
- Easy Business Registration for Foreign Nationals
Hong Kong is one of the few locations worldwide that will easily allow someone of foreign nationality to open a business. Most countries create significant barriers to entry for anyone looking to register a business who isn’t a citizen. These include the compulsory hiring of the host countries’ nationals under a quota system as well as the requirement to have a national as an equity business partner.
- A High Quality Infrastructure
Hong Kong’s shipping and air transport capabilities are world renowned. Hong Kong has positioned itself as the go to location for anyone wishing to ship products into and out of the East Asia region. If your business is in logistics or freight forwarding then you have probably already considered Hong Kong as your next business location.
Hong Kong’s developed telecommunications infrastructure is also available to all at reasonable cost helping frequent visitors reduce their operating costs.
- A Fair Tax System
Hong Kong has established itself as somewhat of a tax haven with some of the lowest personal and corporation tax rates in the world. Becoming tax resident in Hong Kong may see your tax liabilities significantly reduced so we would suggest getting in touch with a financial advisor who will be able to advise further.
- A Transparent Legal System
Hong Kong is known for a providing a healthy business environment where disputes are settled fairly and amicably. Competition is regarded as important and so unfair business practices which seek to undermine competitors are rarely tolerated. This includes the abuse of market power and the merging of companies that would result in a monopoly.
- Free Trade for All
There is a free trade policy in place for Hong Kong which means minimal tariffs and barriers to entry. There are also no limits to foreign onshore or offshore investment, allowing you to maximise turnover and profit.
If you haven’t already made the move to Hong Kong then now is your chance. Book a plane ticket, accommodation and book a business centre in Hong Kong where you’ll be able to base yourself initially whilst you familiarise yourself with the corporate culture. Many people have already made the jump so utilise the power of networking and get in touch with likeminded people to learn tips and gain advice that will help you in your transition.
The future is bright in Hong Kong so consider making the move today and allow your business to reap the benefits.