Set Up a Hong Kong Company and Reap Rich Benefits
Corporate are constantly searching for newer pastures to expand their business. There are many reasons for companies to look to other countries for expansion. One of the main reasons is the saving they will get by lower rates of interest. There are also countries which are good for protection of assets. One of the most favored destinations for corporates from the West is Hong Kong because there is a range of benefits it offers. Setting up a company in Hong Kong is not very difficult and the country favors more foreign companies to do business in the nation.
The reason why it is easy to set up a company in Hong Kong is because of the excellent services offered by the service providers that offer to register and incorporate your company without any effort from your side. These consultants are experienced in the job and have got the right people for it. The services that they offer also include various other tasks that you must complete for registering your company.
The Benefits Of Setting Up A Company In Hong Kong
For any corporate to spend money starting its operation in a remote country there must be a lot of benefits from it. The amount of money spent and the effort it takes to establish the brand in a new place is not small and the benefits must be that good. The nation ranks high on the index for business and economic efficiency. It is also a country known for a clean and non-corrupt government. The government is also supportive of private enterprises and the legal system is independent and quick.
The tax rate in Hong Kong is very low and it has a very simple tax system. The nation boasts of the third lowest tax rates in the world. Hong Kong doesn’t have any sales tax or VAT. There is no inheritance, withholding or dividends tax in Hong Kong making it highly beneficial for companies to set up shop here. Companies can also have excellent protection of intellectual property in Hong Kong with strict legislation in place.
Location And Infrastructure Benefits In Hong Kong
One of the other big advantages of company formation in Hong Kong is the strategic location the company occupies. As everyone knows, China is one of the biggest markets today and every company would like access to it. Hong Kong has the best proximity to China and this makes it very lucrative for foreign companies to start a business here. The location also helps foreign companies to have easy access to most of the Asian countries.
It is a place which has the most modern infrastructure in the world. The extent to which telecommunication and transportation have developed in this busy business center is an envy for most other nations. Hong Kong also has excellent logistics facilities which make it easy for companies to transport their goods to various countries in the world. With such immense advantages more and more companies are seeking to open their companies here.
Services Provided By Consultants In Hong Kong
Companies which want to set up their branches in Hong Kong must necessarily take the assistance of a good service provider. This is essential because there are procedures that may be a bit overwhelming for the foreign company. The consultants will familiarize you with these and also help you fulfill all the conditions. The first thing to do is to reserve your company name and the agencies will help you find out whether your name is available for you.
The next step is to pay the fees and get the company incorporated. This is also done quickly by the consultants and they will provide you with the incorporation certificate. They will also issue the other documents like articles of association, share certificates, a register of shareholders and directors and the minute book. They will also provide you a certified copy of the incorporation documents which can be used for opening your bank account.
Hong Kong authorities mandate that every company appoint a designated representative who is a resident of the country. This person will maintain a register of the persons who have significant control over the company. This register must be submitted to the authorities when required. The designated representative will liaise with the Hong Kong authorities on all matters. This person will be supplied by the service providers for one year as part of the incorporation package.
