Official Name: Hong Kong Special Administrative Region of the People’s Republic of China
Sovereign state: People’s Republic of China
Languages: Chinese, English
Currency: Hong Kong dollar (HK$) (HKD)
- Consultation (in person, online, phone)
- Helping to prepare your documents
- Start to finish your company registration process
- Immigration services
Hong Kong is a special autonomous region that has been operating under the auspices of the Chinese mainland since 1997. Hong Kong is witnessing the country’s growing trade. Although it has long been considered as a place of trade exchange, but today with a modern approach in terms of transit and banking is one of the important centers of trade.
Reasons why Hong Kong is attractive to investors include:
- In 2019, Hong Kong was named the world’s freest economy by the Heritage Foundation. Freedom of trade, along with strong government support for economic and commercial actors, has made the port one of the most popular commercial areas in the world.
- Hong Kong tax system is one of the most advanced tax systems in the world. 14% of the country’s domestic income is tax-related. The personal income tax rate is 15% and the corporate income tax rate is 16.5%.
- Import tariffs in Hong Kong are very low with a few exceptions, and there are currently no tariffs on imports of 149 commodities.
- As the China-US trade war intensifies, Hong Kong’s economic growth slowed to 0.5 percent in the second quarter, but the government hopes the region’s economic growth in 2019 will be between 2 and 3 percent.
By the end of 2018, Hong Kong’s GDP was $ 364.8 billion, which is $ 23.4 billion more than in 2017.
- Hong Kong has been in the top ten with a per capita GDP of $ 48,958 by the end of 2018.
- Although Hong Kong is one of the smallest countries in the world, it was visited by more than 65 million tourists last year. The country’s airport has always been among the three busiest airports in the world in the last five years.
- By the end of 2016, Hong Kong traded $ 437 billion a day, making it the fourth largest foreign exchange market in the world.
- Transportation and trade make up 21.5 percent of Hong Kong’s largest economy, followed by financial services with 18.9 percent and manufacturing with 12.2 percent.
- Hong Kong had $ 533.1 billion in exports and $ 605.3 billion in imports last year. Fifty-five percent of Hong Kong’s exports go to China, and the European Union and the United States are other major importers of Chinese-made products.
What companies do foreigners mostly register in Hong Kong?
Limited Liability Company
What is the income tax for companies and individuals?
Individual tax 15% and corporate tax 16.5%
What is the minimum company registration capital in Hong Kong?
The standard for registering a company in Hong Kong is $ 10,000 Hong Kong, but you can also register a capital in Hong Kong for $ 1.
The benefits of company registration in Hong Kong
- The largest world chamber of commerce in Hong Kong
- Exchanges and trade relations with all countries
- Ideal conditions for shipping, ports and customs
- Favorable tax measures
- Transparency of local institutions
- Political stability
- Freedom of information
- Availability of qualified human resources
- Its convenient geographical location in Asia
The disadvantage of company registration in Hong Kong
- High cost of property and workspace (offices, shops, etc.)
- High salaries, compared to other Asian countries such as mainland China and India
- The over-importance of the financial sector in the national economy
Type of company in Hong Kong
- Limited Liability Company
- Sole Proprietorship
- Foreign Branch
The company registration process
- Submitting a company registration application to the Companies Registration Office
- Specify the company name and get the name confirmation
- Preparation and adjustment of the company’s articles of association with complete information (approved name, type of company, specification of company activities, names of shareholders and amount of shares, names of company managers, company address)
- Registration in the notary
- Preparing seals and company offices
- Introducing the company manager to the bank as the owner of the signature
- Opening a bank account and depositing the initial capital of the company
- Copy of passport and residence information of directors and shareholders
- File a case with the tax office
- Forming a file in the insurance office for personnel