Company formation in HONG KONG
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Company formation in Hong Kong
Hong Kong is primarily a special administrative region and a metropolitan area of China. It is located in South China on the eastern Pearl River Delta. Hong Kong has higher than 7.5 million residents who are from different nationalities. Most importantly, Hong Kong is one of the most densely populated territories globally and boasts an area of 426 sq mi.
The territory was first established as a British Empire Colony in 1841. While, in 1997, China gained the overall territory of Hong Kong. Hong Kong has maintained its separate economic and governing systems despite being a special administrative region of China. It has established its independent systems under one country, two systems principle.
Initially, Hong Kong consisted of populated fishing and farming villages. However, now Hong Kong has become one of the most prominent commercial ports and financial centres globally. Most importantly, Hong Kong has become the world’s 10th largest exporter. The capitalist service economy of Hong Kong has characterized by free trade and low taxation.
In short, Hong Kong is a lucratively developed territory. It also has achieved 4th rank on the Human Development Index. The dense space here has led the city to a highly developed transportation network. Hong Kong has achieved 4th rank in the index of Global Financial Centers. The economy of Hong Kong has capitalized by low taxation and a well-established financial market which attracts most of the investors to set up an offshore company in Hong Kong.
Hong Kong Dollars is the 8th most traded currency in the world. The territory has the largest concentration of UHNWI as compared to any metropolitan area in the world.
Thallium Consulting specializes in setting up an offshore company in Hong Kong and can assist you in offshore company formation.
Benefits of the offshore company set up in Hong Kong
Hong Kong is a well-established territory integrating creativity, entrepreneurial spirits, and opportunities. Most importantly, the metropolitan has ranked as the freest economy territory in the world for years consecutively. Even more, worldwide investors prefer to set up an offshore company in Hong Kong due to its low taxation and world-class facilities.
However, before indulging in the details of how to set up an offshore company in Hong Kong, let’s know its benefits below:
- Top-notch infrastructure and properly equipped communication facilities make Hong Kong one of the top places for offshore company formation.
- Hong Kong is the most liberal economic city in the world. Setting up an offshore company in Hong Kong is inexpensive, quick, and easy.
- Also, Hong Kong is a lucratively developed nation with advanced infrastructure. Offshore company formation in Hong Kong is permissible with 100% foreign ownership. There is no requirement for any special authorization for offshore company formation in Hong Kong.
- The tax system of Hong Kong highly favours offshore company set up. Even more, income from foreign sources is tax-free here.
- Even more, the minimum requirement for paid-up share capital for offshore company formation in Hong Kong is just HKD1.
These are reasons why knowing about different aspects of setting up an offshore company in Hong Kong is essential. We ensure you get the best services at Thallium Consulting for your company set-up needs.
Corporate banking solution for offshore company set up Hong Kong.
At present, Hong Kong is the best jurisdiction for a multi-currency corporate bank account. Here you can easily find a corporate banking solution with advanced facilities. These facilities include internet and mobile banking. It is because the territory offers a higher market openness level, also because of the advanced regulatory environment of Hong Kong that is competitive but transparent.
However, political tensions in the region are threatening to erode the international investors’ confidence. While, despite capital flight fears, cash flow in Hong Kong is on the rise continuously, especially from China.
Due to high inwards cash flow in China, Hong Kong’s corporate bank accounts demand is increasing significantly. Due to this, local banks in Hong Kong have become more selective with their customer selection. They prefer to serve an offshore company set up in Hong Kong that can offer higher annual turnover.
However, to secure a reliable corporate banking solution, a consultant can help you better. Therefore, Thallium Consulting is here to help you open a corporate bank account without any hassle in just 3 clicks and provides the experience of excellent banking facilities at affordable rates as well.
The annual renewal process of an offshore company set up in Hong Kong.
Fortunately, the process of renewing your offshore company certificate in Hong Kong is simple. You can hire an agency here to complete the process on your behalf. It means you don’t even have to travel to Hong Kong to complete the annual renewal process here. Instead, the agency can complete the entire paperwork, collect the fee and submit it to the authorities.
At the end of that, you will get your renewed certificate.
Remember the fact that, the renewal process will start from the second year of company incorporation in Hong Kong.
Perks of offshore company formation in Hong Kong as a tax haven
Hong Kong is one of the top tax havens in the world. The territory incorporates laws that make setting up an offshore company in Hong Kong easier and more profitable. The corporate law of Hong Kong ensures maximum financial security along with no or lower regulatory interference.
Hong Kong is a prestigious tax haven that comes up with strong corporate laws. Even more, Hong Kong is working very hard to encourage more international businesses to reside here. Most importantly, the territory doesn’t have any specific offshore company legislation. Instead, all the companies set up in Hong Kong incorporate the same rules and regulations, whether or not the company is carrying out its business in Hong Kong.
The major attraction for foreign investors here is tax exemption. Any company that isn’t deriving any income from Hong Kong doesn’t have to pay any tax here. Even more, Hong Kong doesn’t have any tax treaties with any country worldwide except its agreement of double taxation with China.
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