HONG KONG – THE PLACE FOR BUSINESS
In terms of competitiveness, she is among the top in the 64 competing economies shortlisted according to a leading annual report on competitiveness of nations, the World Competitiveness Yearbook of the International Institute for Management Development.
A unique Asian World city with all the necessary conditions conducive to doing business, to feel the charms of the city, here are some tips.
LAISSEZ-FAIRE POLICY
She is a faithful practitioner of the laissez-faire policy since after the 2nd World War. The Hong Kong Government, though not written, nurtures the environment for the policy to thrive. In terms of corruption, the territory is regarded one of the cleanest in the World.
ASIA FINANCIAL MARKET
Her financial sector is competitive, sophisticated and one of the largest in Asia. It’s mature whether in banking, fund raising, mergers and acquisitions, securities trading, investments, or IPO. For the keen competition in the market, financing costs are pretty lower than in places that are less developed in their financial market.
WORLD CLASS SERVICE & WORKFORCE
The various service sectors in the territory including the legal profession, banking, accountancy, insurance, shipping, dispute resolution, logistics, telecommunications and aviation are mature, adaptive and specialized, especially in linking up with and serving the outside world. People in the sectors are highly-educated, well-experienced and internationally-minded, discharging their duties at ease in English.
FAVOURABLE TAX REGIME
The tax regime is simple without VAT and sales tax. For the first HK$2 million taxable profits, the tax rate is merely 8.25% and anything above it is just 16.5% that are fairly low by world standard.
FREE FOREIGN EXCHANGE
There is no exchange control and the financial institutions are efficient in international transactions and settlement.
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A TEXTBOOK CASE
The territory is truly a textbook case in Asia, demonstrating where and how “East meets West” is at work and gives rise to value and synergy.
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