20-02-12 1 Hits

Hong Kong - One Country with 2 Systems

Doing Business 2012 : Doing Business in a More Transparent World, assesses regulations affecting domestic firms in 183 economies and ranks the economies in 10 areas of business regulation, such as starting a business, trading across borders, and resolving insolvency.

Doing Business analyzes regulations that apply to an economy’s businesses during their life cycle, including start-up and operations, trading across borders, paying taxes, and resolving insolvency. The aggregate ease of doing business rankings are based on 10 indicators and cover 183 economies. Previous year’s rankings are back-calculated to account for the addition of new indicator(s), data corrections, and methodology changes in existing indicators so as to provide a meaningful comparison with the new rankings.

A new report from IFC and the World Bank finds that China advanced the most among countries in the East Asia and the Pacific region in making its regulatory environment more business-friendly over the past six years, and is among the top 15 worldwide. Hong Kong SAR, China, held onto the second spot-in part by introducing an online system for company registration and making it easier to secure an electricity connection.

Research indicates that these factors are, in fact, the top 10 most important criteria considered by multinational firms in deciding where to locate their regional headquarters. More than one in three of the multinational firms active in the Asia-Pacific have chosen Hong Kong as their headquarters for the region. No other city can match this share.

Hong Kong has abolished taxes on beer and wine. The profits tax here is only 16.5% and no VAT/ GST. Property Tax is 15% of the net rent income earned from owning properties after deduction of 20% standard tax relief for renovation and expenditure. Smart companies are locating in Hong Kong ~ The first three cities are Hong Kong, Beijing and Shanghai. Dongguan came right after Foshan and Hangzhou verifying its strong competitiveness. The result was published in the "2011 Blue Book on Urban Competitiveness" in April.

Hong Kong improves scheme to assist SMEs - Developments seen to boost the programme's flexibility and help banks provide stronger fund support for SMEs. The Mortgage Corporation has launched a series of upgrades to the SME Financing Guarantee Scheme to encourage banks to use the programme to help small and medium enterprises, according to a government report.

To show your presence in Asia Pacific, we can provide a virtual office here for your Company. These services include a HK landline phone, fax and a postal address for mails redirect.

The Renminbi Clearing Bank in Hong Kong has been signing settlement agreements with relevant commercial banks. We can assist you to incorporate a Hong Kong company and open a ebanking account. We can act as your company secretary and provide our office as your registered and/or virtual office. Upon your arrival in Hong Kong, you can collect the bank account number, safety device, pin number for internet banking and phone banking, debit card. Thereafter, you can activate the bank account after the Company is completely incorporated.

Scan and Send facility - If you are expecting an important urgent letter, we can (with your permission) open and scan for you via email. All mail services have a minimum term of 12 months, payable in advance. All mail-forwarding services require a deposit of for postal/ mail forwarding, depending on the amount of mail you will receive.

Virtual Address & Mail Forwarding Services - We can supply you with a street address for your business or personal use. That relects a professional advantage of being registered in a large and most lucrative financial hub.

Mails hold for collection or redirection - receive government mails and small parcels, special delivery and forward such as requested. For urgent mail, we offer to scan and email, fax or by courier. As such, you could choose not to receive certain mails like junk mails and catalogues. We serve as a green office that encourages paperless working. Junk mail costs you time and money. We are delighted to filter for you and ensuring you only pay to receive the posts that actually want. Acting as your Company Secretary, we will file the annual return within the prescribed 42-day period to avoid any delay that may be caused by unforeseen circumstances and, in the case of late filing of such, the payment of a higher registration fee.

Virtual Office for your expansion:
1. Licensed to use our address for business registration and government-related use.
2. Licensed to use our address for public communication.
3. Mails handling including parcels with immediate notification

While general rental may involve :
Commission to the Property Agent (one month’s rent normally)
Management Fee – typically covers air conditioning, security, common areas, cleaning etc.
Government rates at 5% of annual rental value, payable quarterly in advance
Legal Fee involved should you engage a lawyer to process the Tenancy Agreement
Leases are typically 2-3 years with an option to renew.
A Tenancy Agreement covers the respective duties and obligations of landlord and tenant; a cash security deposit up to 3 months’ rent.

We have dedicated staff, efficient enough in bookkeeping and accounting services to both local and multi national clients. You do not just get a profit and loss and balance sheet as with many such services offered in the market place, we pride ourselves on being integral with our clients' business and providing management accounting information.

Our tax consultant can assist from filing to liaising with the taxation authorities. For your Company Setup, we create and maintain these registers on your behalf :

Electronic copies of company registration documents
Hard copy of incorporation certificate (CI)
18 Bound hard copies of memorandum and articles of association (M&A)
Business registration certificate (BR)
Share certificates for shareholders
Reminder of first annual return due date and accounts due date
Draft agenda of first directors meeting
Registered Office

The Certificate of Incorporation C.I. can be ready in 4-6 working days. We will prepare all the statutory documents to be signed by you and/or your partners. The length of process normally takes 5-6 working days. Our fee structure is based on every year instead of 18 months. Since we are the business partner and well connected with HSBC, we can assist our overseas clients before their arrival in Hong Kong. HSBC entrust us to submit all the statutory documents as soon as the Company is well incorporated.

We are corporate member of HKGCC; premium member of TDC since 2004. We are active survey participant of the World Bank Group; USAA Financial Group, Trade Development Councils of Hong Kong and Japan, German University in China, local universities and headhunters.

Well connected with the HongKongBank for express eBanking Account setups. Our team is familiar in the application procedure of an internet corporate account with the HongKongBank since we have developed a close working relationship through the years and is, therefore, able to assist with the opening of corporate accounts. We provide prompt, confidential and professional service to support your business location decision anywhere we can. Acting as your Company Secretary, we will file the annual return within the prescribed 42-day period to avoid any delay that may be caused by unforeseen circumstances and, in the case of late filing of such, the payment of a higher registration fee.

Your Services Partner in Asia Pacific

New York

  Send Message   Phone: 85223410168

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