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Doing Business in Hong Kong Contents This publication is a joint project with Doing business in Hong Kong Contents Executive summary 4 Disclaimer Foreword 6 This document is issued by The Hongkong and Shanghai Banking Corporation Limited (the ‘Bank’) Introduction 8 in Hong Kong in partnership with PricewaterhouseCoopers (PwC). Why set up a business in Hong Kong 14 It is not intended as an offer or for investing in mainland China? solicitation for business to anyone in any jurisdiction. It is not intended How to start a business in Hong Kong 18 for distribution to anyone located for investing in mainland China in or resident in jurisdictions which restrict the distribution Taxation in Hong Kong 22 of this document. It shall not be copied, reproduced, transmitted or further distributed by any recipient. Taxation in mainland China 30 The information contained in Audit and accountancy 38 this document is of a general nature only. It is not meant to Human Resources and Employment Law 40 be comprehensive and does not constitute financial, legal, tax or Trade 44 other professional advice. You should not act upon the information Banking in Hong Kong 46 contained in this publication without obtaining specific professional advice. This document is Country overview 48 produced by the Bank together with PricewaterhouseCoopers Contacts 50 (‘PwC’). Whilst every care has been taken in preparing this document, neither the Bank nor PwC makes any guarantee, representation or warranty (express or implied) as to its accuracy or completeness, and under no circumstances will the Bank or PwC be liable for any loss caused by reliance on any opinion or statement made in this document. Except as specifically indicated, the expressions of opinion are those of the Bank and/or PwC only and are subject to change without notice. This document is not a 'Financial Promotion'. The materials contained in this publication were assembled in June 2012 and were based on the law enforceable and information available at that time. Executive summary Hong Kong, which has been a 5-hour flight. Hong Kong’s workforce. Hong Kong‘s labour ranked the ‘World’s Freest International Airport is one force has not been known to Economy’ for over a decade, of the busiest international voice any objections against is a regional business hub in airports in the world, with foreign investment. Asia. Hong Kong’s proximity to direct flights to over 160 China, its similarities in terms international destinations. While the Hong Kong of culture, social customs and Government has adopted a language, and its international • Hong Kong’s proximity to, and policy of minimum intervention business environment, have close and unique relationship towards the regulation of made it an ideal base for foreign with, mainland China, has made the territory's business and investors to enter the Chinese it the gateway to mainland industry, investors still need market. These characteristics China for business. English is to be aware of regulatory also help mainland investors the language of business in aspects relating to their specific to invest in regional and global Hong Kong and many people sector, where appropriate. This markets. Hong Kong continues speak English, Cantonese and document contains reference to be Asia’s second largest and Putonghua and have a good to some common issues that the world’s third largest Foreign understanding of international investors should be aware of Direct Investment recipient. and mainland Chinese business. when operating in Hong Kong and/or using Hong Kong as a Based on the World Bank • Although no particular aspects gateway to mainland China, Doing Business Survey, Hong of Hong Kong‘s tax regime although specific advice on Kong is ranked second in terms favours foreign investment their particular circumstances of ease of doing business in and there are no significant should be sought. the world. It offers a number tax incentives for foreign of competitive advantages as investment, Hong Kong‘s a hub for investors to conduct low and simple tax system their business, such as: is attractive to foreign investors. The corporate tax rate and • The Hong Kong Government income tax rate are capped at has long been endorsing a 16.5% and 15% respectively, ‘market driven with minimal with no turnover tax and no tax government interference‘ on capital gains or dividends. policy. Foreign investment is welcome and there is no policy • Hong Kong is a free port and to protect the local industry generally imposes no customs against foreign competitors. duties on imported goods, with The Hong Kong business a few limited exceptions. community is also receptive to foreign investment. • Hong Kong‘s immigration policies are designed to • Strategically located at the attract professionals, talented centre of Asia, all of the individuals and investors to region‘s key markets are within ensure the city‘s continued a 4-hour flight and half of the competitiveness and enrich world’s population is within the quality of Hong Kong‘s 4 Foreword In today‘s world, businesses Founded in Hong Kong and Peter Wong must compete on a much wider Shanghai in 1865, HSBC Chief Executive, Asia Pacific playing field, no longer confined has over 140 years expertise The Hong Kong and Shanghai within national borders. in helping customers to seize Banking Corporation Limited business opportunities in Since the 1950s, we have China. Backed by our global witnessed the rise of dynamic presence in 84 countries Asian economies starting with and territories with around Japan and then spreading in 6,900 offices worldwide, we the 1960s and 70s to the Asian are well positioned to assist Tigers – Hong Kong, Singapore, entrepreneurs, multinationals Taiwan and South Korea. While and conglomerates eager their economic success has to tap into this exciting and brought tremendous prosperity, booming market. it is safe to say that none attracted the same attention Created in collaboration with as the rise of China has in the PricewaterhouseCoopers, last 20 years. The awakening this guidebook, Doing of the Chinese dragon is, to Business in Hong Kong, borrow the words of Napoleon provides a thorough analysis two centuries ago, ‘shaking of various options in the world‘. establishing a business in China. It underscores Hong Today, China is the second Kong‘s strategic importance largest economy in the world for doing business in China, after the United States and explains the taxation systems, is the fastest-growing major and also takes you through economy. Not only has China the process of setting up a become the workshop of company in Hong Kong and the world, the country‘s in the Mainland. increasingly affluent population is becoming a significant As your trusted partner, HSBC consumer market itself. is always looking for ways to facilitate your business growth. With this guide, I hope you find building your venture in China has fewer complexities than you thought and I wish you a prosperous future in the land of dragons! 6 Introduction Doing business in Hong Kong Free trade is the lifeblood of Kong Express Rail Link is under The Heritage Foundation, Hong Kong. It is one of the most construction with journey times The Wall Street Journal and the open and externally orientated from Hong Kong to Guangzhou Cato Institute in the United States economies in the world. only 48 minutes. and the Fraser Institute of Canada have consistently rated Hong Unrivalled location Gateway to China Kong as the world‘s freest economy. Hong Kong has a prime Hong Kong is blessed with • The cornerstone of the economy location at the geographical an invaluable geographic rests on free enterprise, free trade and free markets open to all. and economic centre of Asia. advantage – its proximity to Business executives in Hong mainland China. Flanking the • No barriers to trade – no tariffs, Kong have fast and easy access mouth of the PRD, Hong Kong no quotas, no exceptions. to all the major markets in the has served as the gateway to region. This central position China for more than a century • No restrictions on investments is one of the key reasons for and a half. There is nowhere inward or outward. the city‘s popularity as a better than Hong Kong to obtain location for regional operations. the expertise, information and • No foreign exchange controls. facilities needed to tap into the Hong Kong International Airport immense Chinese market. • No nationality restrictions on is repeatedly voted as one of, corporate or sectorial ownership. if not the best airport in the China‘s entry to the World world. It operates on a 24- Trade Organisation and hour basis, with daily non-stop development of increasingly flights to major cities in Asia competitive industries have Pacific, North America, Europe, set the stage for even greater the Middle East and South economic expansion. The Africa. Travelers can reach Closer Economic Partnership most countries in Asia within Arrangement (CEPA), which a five-hour flight. took effect at the beginning of 2004, provides Hong Kong with Located on the southeast coast additional and exclusive market of mainland China, Hong Kong access benefits. fronts a vast hinterland that is, with 1.3 billion people, the The marriage of Hong Kong‘s largest single market in the world-class financial, marketing world. Corporate executives and technical expertise and can travel back and forth to sophisticated infrastructure Beijing, Shanghai and other with the Mainland‘s rapidly major Chinese cities in a single developing manufacturing day while making their home and services base has created in Hong Kong. For companies a win-win situation. China with manufacturing facilities is now Hong Kong‘s largest Contents of this section in the Pearl River Delta (PRD trading partner, and thousands are adapted from the website region), their executives can of international companies of Invest HK www.investhk.gov.hk travel there by car in one to involved in China trade have as of May 2012.
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