Since Hong Kong became a Special Administrative Region of the People's Republic of China on 1 July, 1997, according to the principle of "one country, two systems" in the basic law, Hong Kong has been enjoying a high degree of autonomy and independent judicial process. Hong Kong is one of the top ten financial centres in the world and the most important gateway to South China.
There are almost no restrictions on the scope of business of Hong Kong companies, which have dual characteristics of onshore and offshore companies, with all offshore income exempt from taxation and lower local profits tax for operating in Hong Kong.
The advantages of Hong Kong Company
1. Setting up a Hong Kong company is simple and quick, and all formalities are completed by the Trust and Company Service Provider, so that the applicant does not have to arrive in Hong Kong.
2. Consisting of a shareholder, a director and one company secretary with no restrictions on the nationality of the shareholders and directors.
3. At least one individual director, while shareholder and other directors can entrust a trustee or a legal entity.
4. The company secretary must hold a Hong Kong Identity Card or be a body corporate of Hong Kong.
5. The company secretary may be a Trust and Company Service Provider.
6. The information of the company can be publicly accessible with strong credibility.
7. Required to submit Annual Return.
8. Required to establish financial reports.
9. Single tax system with a low tax rate and a profits tax is 16.5% of net profit.
10. The transfer of funds is flexible and convenient, with no foreign exchange control.
11. Businesses can be carried out both in Hong Kong and in other countries/regions in the world.
12. Operations outside Hong Kong are exempt from Hong Kong profits tax.
13. Foreign currency accounts can be opened in any major banks worldwide with no exchange controls.