Are you struggling to find a good country to launch your business? Look no further, Hong Kong is your answer to having it all your way. In recent years Hong Kong has proven to be one of the most competitive yet great marketplaces for investors. Since it has emerged as Asia’s premier gateway for international business, alongside Singapore and Seoul. Hong Kong has welcomed most entrepreneurs from the global platform irrespective of the sector or the industry. It has established itself and allowed foreigners to run and operate business operations. Moreover, Hong Kong is considered the ideal place that enables new opportunities for startups and is a part of the rapidly growing economy.
Why choose Hong Kong to set up your business?
o Low Taxes:
Hongkong is one of the places for business practices that has the lowest tax rates, for both corporate and personal. Corporate income tax in Hong Kong is 16.5 percent and personal income tax is from 2 to 17 percent. The idea of paying low taxes attracts expat employees and entrepreneurs to take a much greater proportion of the total income of their hard earnings. Furthermore, Hong Kong does not impose indirect taxes, such as Value-added tax (VAT) or commodity tax (GST).
o No Restrictions on Currency:
As we know many countries have restricted trade, investment, or any monetary-related activity, with only allowing their currency. However, Hong Kong allows you to utilize multiple currencies for businesses. It has no foreign exchange control which makes it convenient to pay and receive payment globally with no imposed laws and restrictions.
o Financial Marketplace and World Banking:
Hong Kong being the financial hub makes it the center of international finance and investment center, allowing it to do money-related activities with ease and easily manage your money. People can easily set up and access their currency business accounts, and save a significant amount on currency conversion when dealing in multiple currencies.
o Easiness to Incorporate Your Company:
It may seem a difficult task to do if you think about setting up an offshore company, but Hong Kong is one place that lets you get this thing done within 7 days. It offers a cost and time-effective process, simple application and document procedure, and no restrictions on overseas directors or shareholders. It does not require you to be physically present to open a company in Hong Kong. Also, there are no minimum share capital requirements, with many companies being opened with $1 share capital.
o Skilled Workforce:
Another key feature to take new heights is to employ a trained and skilled workforce. Hong Kong has extremely reliable and hardworking people which seems hurdle in many countries. The workers are known to be very disciplined and proficient which could help you to reach the global level and therefore flourish your business’s growth.
To sum it up, Hong Kong is not just a financially friendly country but also known for its beautiful landscape, meaningful culture, advanced IT system, and systematic and structured infrastructure. You will be in awe to see it and to believe it. It includes every life blessing that one expects to look for. Hong Kong’s growing economy and potential to reach an advanced level will enable it to dominate the main aspects, which could help the country and potentially increase the chance to lead the world in the near future.
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