From a single look at its impressive skyline, it’s easy to see that Hong Kong is one of the world’s top centers for business. As a regional and global financial center, Hong Kong is one of the best places in the world to establish a business as a foreign expatriate or retiree.
Whether you’re starting the next big Internet business or a small, dependable asset, Hong Kong is a great place to establish your business. Home to some of the world’s most affordable tax laws for any business that operates outside of Hong Kong, incorporating your company in Hong Kong is a great way to save money that would otherwise be spent on taxation and fees.
Hong Kong is one of the world’s most popular offshore business centers, hosting tens of thousands of businesses owned by foreign expatriates and business people. Unlike many other countries in the region, Hong Kong does not require company owners to have a local presence in the city itself to open and operate a business.
Opening a business in Hong Kong is simple. A large variety of companies operate in Hong Kong that specialize in helping foreign expatriates and retirees open their own company. The cost is very affordable, with a single-director company often able to be opened for as little as $1,000 USD and in a time period as rapid as two days.
When opening a business in Hong Kong, there are several simple requirements that founders will want to take into account. First is a form of identification. In order to register a company, you must provide a valid form of identification such as a passport. You must also provide proof of your own address, particularly if you are to be listed as the sole director and shareholder of the company.
Finally, you will need to have a company secretary in order to complete the company registration process. Many accounting and business services firms in Hong Kong offer secretarial services for an affordable fee, making them a reliable option for people that do not wish to incorporate their company with another secretary.
Hong Kong is home to some of the world’s lowest business taxes, making it easy to operate your business without fear of paying more tax than you need to. Due to the region’s source-based tax laws, any income that your business earns from activities that occur outside of Hong Kong – for example, selling online products to customers in the United States – is exempt from any taxes.
Due to its status as a leading financial center, Hong Kong is also one of the easiest places in the world to open a business bank account. A variety of large international financial chains such as HSBC and Bank of China offer business banking services to foreign company owners, making it exceptionally easy to manage your company’s finances from Hong Kong.
Due to its low taxes, its fantastic range of banking services, and its easy company incorporation and management process, Hong Kong is a fantastic place to base your business activities. Whether you are a retiree or a business-focused expatriate, operating your business from Hong Kong is a wise decision that will save you money, time, and stress compared with other East Asian destinations.