Hong Kong is one of the most attractive locations for companies to do business in the present day. An increasing number of global firms are renting office space here. This article will reveal the motives for doing so, as well as providing an insight into some of the best districts for setting up your company in Hong Kong.
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Six reasons why you should do business in Hong Kong…
• World’s Freest Economy – Hong Kong is the world’s freest economy. This is an area that embraces the globalization of services and trade. There are no barriers to trade, such as quotas or tariffs. There are no nationality or investment restrictions, as well as no foreign exchange controls.
• Legal System and Government – Hong Kong’s legal system is largely based upon English common law practices. Moreover, the area is one of the most corruption-free economies on a global scale. It is well regulated, yet the government provides a great platform for business growth.
• Low Taxes – Hong Kong presents some of the lowest taxes in the world. Foreign and local companies are charged a low profits tax rate of 17.5 per cent, whilst salaries for Hong Kong jobs are taxed at a maximum rate of 16 per cent. Furthermore, there is no withholding tax on dividends and interest, nor is there capital gains tax.
• World Class Infrastructure – From communications to electricity, you will benefit from state-of-the-art infrastructure in Hong Kong.
• Strategic Position – One of the main reasons why Hong Kong is an ideal base for companies is because of its geographical proximity to Mainland China. This benefit is further enhanced by the 2004 Closer Economic Partnership Arrangement (CEPA), which presents exclusive and additional market access benefits to Hong Kong.
• Skilled Workforce – The final reason why an abundance of businesses seek to have a presence in Hong Kong is to take advantage of their skilled workforce. The workforce is flexible, computer-literate and entrepreneurial. When it comes to management experience in international business, Hong Kong ranks among the best in the world.
Now you know why Hong Kong is an excellent base for business. Nonetheless, it is a vast place, which is made up of various districts and towns. After forming your LLC, you need to decide where to set up, so let’s take a look at some options…
• Tsim Sha Tsui – This area has long been a popular choice for businesses involved in trading and merchandising. This is because of its strategic location, offering great access to airports and seaports.
• Wan Chai – Wan Chai is proving to be an attractive option for many companies because of the lower rental prices in the area. Consequently, a lot of SMEs choose to rent offices here. Financial and professional services firms are largely found in Wan Chai.
• Causeway Bay – When it comes to shopping, Causeway Bay is one of the best areas in the world. This district houses several multinational retail firms and has an excellent reputation in relation to this industry.
• Central – Last but not least, when choosing office rental in Hong Kong, Central is undoubtedly the most popular option. This area is Hong Kong’s district for the finance industry and professional services sector. There are lots of premium Grade A office towers here, most of which are occupied by service, legal or financial professionals.
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