Described as a ‘barren rock’ over 150 years ago, Hong Kong has become a world-class financial, trading and business centre and, indeed, a great world city, due to a number of critical factors:
Free Trade and Free Market
Hong Kong advocates and practises free trade – a free and liberal investment regime, the absence of trade barriers, no discrimination against overseas investors, freedom of capital movement.
Excellent IT and Communications
Hong Kong has one of the most sophisticated and successful telecommunications markets in the world. This has been an important factor in Hong Kong’s development as a leading business and financial centre. Hong Kong is the first major city in the world to have a fully digitised telephone network and its telephone line penetration is among the highest in the Asian region. International phone calls are significantly cheaper than other Asian cities.
In 2001, Hong Kong was the world’s busiest and most efficient port in terms of container throughput. Hong Kong’s airport was ranked 1st in the world in terms of international cargo throughput. With a world-class airport having a current capacity of 45 million passengers and 3 million tonnes of cargo per annum, Hong Kong has been consolidating its position as a centre for trade, transport and logistics in the region.
Hong Kong’s tax system is the most business-friendly in the world – simple and low. Taxes are levied on three types of income only – on profits, salaries and property. There is no value-added or sales tax or capital gains tax. Only income sourced in Hong Kong is taxable.
Corruption-free and stable society
Hong Kong is consistently rated by international surveys as one of the “least-corrupt” places in Asia. In addition, the Independent Commission Against Corruption (ICAC) watches to ensure that government and firms deal fairly and honestly. Hong Kong is a very safe city. The crime rate is much lower than that of London and major cities of the US. Police maintain regular footbeats around urban and suburban area.
Hong Kong’s position also means that it is daytime here when it is night in North America and early in the am in Europe. This means that firms with offices in both places can actually work twenty-four hours on certain types of projects.
Contact us today on +852 2541 4029 or via email: info [at] comsec-offshore [dot] com