Looking for an offshore jurisdiction to set up your company? Hong Kong is one place that does not disappoint. It is a respected global business hub, with about 70 of the globally leading financial institutions having a huge presence on the island. The Hong Kong administration has installed pro-business policies that target one thing: ensuring that firms registered on the island become successful. To take advantage of this island, the first step is registering a business.
Keep reading as we demonstrate the best way to set up a company in Hong Kong.
A Closer Look at Hong Kong in Numbers
Before we can look at the best way to set up a company in Hong Kong, it is important to understand key facts about the island. Here are some important numbers that you need to know.
- The total land area of Hong Kong is 1,113.75 square kilometers.
- According to the UK Human Development Index, Hong Kong is a highly developed jurisdiction. Its residents are among the people with the highest life expectancies.
- Hong Kong economy is characterized by low taxation, free trade, and minimum government intervention.
- The GDP of Hong Kong is HKD 2,865.7 billion (2019 statistics).
- GDP per capita of Hong Kong is HKD 381,714 (2019).
- The population of Hong Kong is 7.5 million.
- Hong Kong has the highest number of skyscrapers than any other urban region on the globe.
Special Benefits of Registering an Offshore Company in Hong Kong
- A supportive administration.
- Low and straightforward tax regime. Your business might even qualify for zero tax if all the operations are done outside the jurisdiction.
- Educated workforce.
- Hong Kong serves as the main gateway to China.
- You can easily reach most of the Asia-Pacific countries to grow business.
- Economic and financial stability.
- State-of-the-art infrastructure.
The Best Way to Set Up a Company in Hong Kong
Although Hong Kong has simplified the process of setting up a company in the jurisdiction so much, many are the people who still find it challenging. The process of company setup in Hong Kong is guided by the Companies Ordinance, which describes the list of documents and processes to follow. Preparing these documents is never easy, especially for people with no legal and business administration background. The best way of crafting high-quality documents and completing the registration professionally is by working with an agency of experts.
The Hong Kong Companies Ordinance allows foreigners to work with agencies to help with the business formation. It is easy, fast, and convenient. Check out the main benefits that come with using an agency of experts to set up a company in Hong Kong.
- The agency can help you to prepare all the documents required for company registration.
- You can concentrate on sourcing for more capital as experts handle the business registration process.
- The process of a company set up in Hong Kong is completed faster with the help of experts compared to when working alone.
- You can use the agency of experts as your company address and company secretary. This can be very useful when you do not target to open a fully-fledged company in Hong Kong. If you want to make a phased entry into the Hong Kong market or got a deal that went through faster than expected, registering a company with the assistance of an agency would also come in handy.
Hong Kong is a business paradise, and the decision to expand there is like elevating your enterprise to the next level. To enjoy the benefits that we have highlighted above for setting up a company in Hong Kong, make sure to get the best agency. In addition to helping with company registration, the agency can also assist with other executive functions, such as carrying out due diligence, filing tax returns, and accounting.
