When you look at your business, what is the motivation for success? What level of growth would you anticipate to reach? Most entrepreneurs would like to see their enterprises grow and become top brands with enviable profits.
To achieve this coveted status, you need to incorporate your company in one of the top offshore jurisdictions, such as Hong Kong. Why Hong Kong as an Australian entrepreneur? In this post, we will tell you the main benefits of opening a business in Hong Kong.
A Brief Note about Hong Kong
Hong Kong is one of the Special Administrative Regions (SARs) of China, which operate with significant level of autonomy. Since its independence from the British in 1997, the Hong Kong administration has focused on building a business-based economy, a focus that has helped to build it into a global business hub.
Today, Hong Kong has emerged as one of the top financial centers, nearing the status of other global centers such as New York and London. Another outstanding thing about Hong Kong if its outstanding commitment to helping people stays free from COVID-19.
At a time when the global infections from COVID-19 have soared past 12 million, Hong Kong has received praise for its efforts to slowing down infections locally.
Special Benefits of Opening a Business in Hong Kong from Australia
The main reason Hong Kong is an amazing business hub is its strategic location in the heart of the Far East. When you take your business to Hong Kong, the jurisdiction serves as the gateway to Mainland China and the entire Far East. F
or example, you can use the different Hong Kong’s bilateral agreements to grow the business in other countries such as Japan, Singapore, and Malaysia. Here are other benefits you should anticipate when expending your business to Hong Kong.
Hong Kong stands out in the globe because it is one of the most modern cities today. The most notable thing about this city is its awesome infrastructure that makes running a business easy and fast. The city enjoys state-of-the art transport facilities, IT connectivity, telecommunication, airport and other utilities. Combining these with an educated workforce makes Hong Kong a highly attractive global business hub.
Company Registration is Pretty Simple
When registering an offshore company, one of the concerns by investors is the complicated process of registration, but not in Hong Kong. As we mentioned earlier, Hong Kong administration has adopted several methods to make the jurisdiction attractive to investors, and a simplified method of company incorporation is one of them.
The company registration process in Hong Kong is guided by the Companies Ordinance, which defines the documents that you need to prepare and how to file them in the registry. Hong Kong administration went a notch higher and allowed investors to use agencies to register their companies. This means that you can incorporate a company in Hong Kong without going there by using an agency.
When you incorporate a business in Hong Kong, you will also enjoy low taxes. With the corporate tax rate being 16.5% (maximum) and personal income tax 15% (maximum), Hong Kong is one of the jurisdictions with the lowest tax misery in the globe. The low tax regime implies that you can expect to keep the bulk of the profit from your company incorporated in Hong Kong.
Whether you have a new startup or you are expanding an already existing one offshore, Hong Kong is one of the best jurisdictions. With good infrastructure and pro-business policies, entrepreneurs have everything they would ever need to grow their enterprises into successful multinationals. Simply put – you cannot go wrong with a high-potential business hub such as Hong Kong!