Offshore Hong Kong: pros and cons

Offshore Hong Kong: pros and cons

Сообщение HainanWel.com(e)! » 18 мар 2015, 16:54

Offshore Hong Kong: pros and cons

From 1842 to 1997, ie 155 years, offshore Hong Kong is a British colony. Only in 1997 China was able to reclaim this territory, but, according to the Basic Law and the Declaration between Great Britain and China, this is an autonomous jurisdiction until 2047. Until that time Administrative Region of China retains control over the police force, law, monetary system, customs duties, immigration policy and representation in international events and organizations. Acting on the date the policy of "one country - two systems" refers to the independence of the Chinese and Hong Kong financial systems, the difference between rates and legislation. The national currency - the Hong Kong dollar. Its value depends on the US dollar since 1983. 1 US dollar give 7.75-7.85 Hong Kong dollars. Official languages ​​- Chinese and English.

Offshore Hong Kong has one of the cleanest and economic systems of the capitalist system in the world. Economy jurisdiction is based on the free market, state interference in the economy and low taxation. The main legislation is the "Law of Internal Revenue" (English name - Inland Revenue Ordinance). It includes the following taxes:

Income Taxes - 16.5%.
Property tax - 15%.
The payroll tax - from 2% to 17%

Offshore Hong Kong in the classical sense is not an offshore jurisdiction. This is a free port with low taxes. If a company in Hong Kong has been operating outside the administrative area, it gets tax exemption on income tax according to the territorial principle. Exemption is granted only after an assessment of business tax authority. Now offshore in Hong Kong is an excellent tool for tax planning in the management of trading activities.

Doing business in Hong Kong has its advantages:

1. Respectability jurisdiction.
2. Hong Kong is the largest duty-free container port in the world.
3. Income taxes when doing business outside the jurisdiction is not paid.
4. The low level of taxation in the conduct of business in Hong Kong.
5. There is no capital gains tax.
6. There is no tax on dividends.
7. There is no tax on interest.
8. There is no tax on royalties.
9. No VAT.
10. There are no requirements to the nationality of the shareholders.
11. There are no requirements to the citizenship of Directors.
12. The minimum number of directors - 1.
13. The minimum number of shareholders - 1.
14. The liability of shareholders is limited to their share in the paid or unpaid share capital of the company.
15. The minimum limit in banking.
16. The minimum limits for financial activities.
17. There are no restrictions on the movement of capital.
18. The absence of exchange control in local banks.
19. Ability to use accounts in several banks in Hong Kong as a "transit" accounts.
20. Agreement on avoidance of double taxation with other countries, including Malta, Belgium, Indonesia, Luxembourg, China, the Netherlands, Vietnam, Thailand.
21. The lack of jurisdiction in the black list of offshore zones.
22. The presence of two agreements and 24 agreements on the use of aviation and maritime transport ships with other states.

However, the registration of companies in Hong Kong has some disadvantages:

1. Public access to the register of directors and shareholders.
2. The necessity of doing the books.
3. The need for filing financial statements.
4. The need to pass an audit.
5. The need for submission of the audit report.
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