Hong Kong: Simple Tax System
Hong Kong is ranked fourth globally in the “ease of doing business” rankings. The city offers low corporate taxes and even some tax breaks, with a great reputation for supporting SMEs.
China welcomes foreign entrepreneurs and business owners to develop their businesses in Hong Kong and provides them with the tools to grow successfully with little stress in the registry process of the business – a commodity that many countries do not offer to foreigners so easily. Anyone keen to start a business can do so within two weeks. Moreover, the pro-business administration has made operating a business user-friendly so much so that the jurisdiction has earned one of the top slots for the “ease of doing business” rankings worldwide. A business has the advantage of enjoying low corporate taxes and tax breaks in Hong Kong.
Simple Tax System
Believe it or not, Hong Kong charges some of the lowest tax rates in the world that complement a simple tax system; this is the main reason why foreigners seek to start a business in Hong Kong – low taxes. An overseas business does not need to incur many expenses, such as capital gains tax. On top of it, another advantage of setting up a business in Hong Kong is that there is no sales tax, VAT, or withholding tax on dividends on social security benefits.
Located at the heart of Asia, Hong Kong is well-connected with the world. Also categorized as one of the prime destinations for business in the world, Hong Kong enjoys proximity and easy access to the world’s leading markets. Whether you wish to tap into the Asian Pacific market or that in Mainland Chinese, setting up a business in Hong Kong is the best option.