Hong Kong is easily one of the most traveled cities in Asia. With its lush gardens, surreal urban forest, and vibrant city life, the city attracts tourists from all over the world. Apart from its high standards of living and natural beauty, Hong Kong also offers major perks to business owners including competitive tax rates, a stable economy, and many government incentives.
Today we will be counting down the biggest reasons why companies choose Hong Kong to be the headquarters for their new or existing business endeavors.
No Complicated Procedures
Registering a business is a tiresome and lengthy process in most countries. Many people are held back from achieving their goals and starting their first business due to the complications surrounding the process.
Hong Kong has eliminated this problem by offering one of the simplest and shortest registration processes. You can benefit from the Hong Kong company setup program which allows you to register a company, obtain a registered business address, or even open a corporate bank account in no more than 12 hours.
It’s no wonder companies are registering their businesses in Hong Kong and opening new branches every day.
Low Tax Rates and Government Support
No one likes to spend large sums of their hard-earned money on taxes. Hong Kong offers one of the friendliest and most transparent tax systems in the entire world. Business owners only have to pay taxes on the amount they earn within the city.
Everything they earn outside the city is tax-free. Furthermore, there are no additional taxes like capital gains tax, dividend taxes, VAT, etc. The government also offers additional incentives to business owners encouraging them to register their business in the city.
The booming industry and friendly system allow people to grow their businesses exponentially.
Unique Location and Booming Economy
Hong Kong’s unique location allows it to act as a major financial center of China and a gateway to other high-economy Asian countries. Businesses can work in the middle of a thriving environment and make influential connections.
Furthermore, owners can have bank accounts in any part of the world and sell their products and services to other countries without any restrictions.
Workforce and Infrastructure
The citizens of Hong Kong have great ethics and are well-educated. Companies can boost their sales and grow their companies by hiring local talent. The labor is also cheaper as compared to other countries like the US.
The infrastructure of a city tremendously affects businesses. Hong Kong has one of the most well-established infrastructures in all of Asia. With fully-developed road networks, modern buildings, an international airport, and even a port.
The simple immigration laws allow people to easily move into the city and live there permanently. Others can benefit from the workforce laws which allow you to remotely hire anyone in the city for your registered business.
With its transparent business laws, major incentives, and established legal and banking systems, Hong Kong offers a deal that is tough to compete with. Many people have benefited from the simple procedures and have grown their businesses exponentially without leaving their countries.