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Hong Kong
Hong Kong is located at the south-eastern tip of China, with a total area of 1,104 square kilometers. Its population is about 7 million. Chinese and English are the official languages of Hong Kong. On the 1st July 1997 it became a Special Administrative Region (SAR) of the People's Republic of China, after 150 years of being under the British administration. Hong Kong is a leading financial and business center. In 2011, Hong Kong ranked 9th in the world for GDP per capita, and its GDP was $353.7 billion US dollars.
Hong Kong government is acclaimed for preserving the city's business-friendly environment and maintaining the city's reputation as the easiest place to do business. The government adopts economic policies of free enterprise and free trade. Therefore, entrepreneurs from around the globe are setting up companies in Hong Kong.
The business environment is competitive and yet full of business opportunities, especially for small and medium-sized enterprises (SMEs). SMEs are the backbone of the Hong Kong's economy, and comprise 98% of business entities in Hong Kong.
A simple taxation system is the major attraction for doing business in Hong Kong.
The profit tax is on a flat rate of Two-tiered profits tax rates regime:
- 8.25% on the first HK$2 million of profits;
- 16.5% on profits above HK$2 million.
There are 5 types of business vehicles in Hong Kong – sole proprietorship, partnership, company limited by shares, company limited by guarantees, and branch office. The most common type is company limited by shares. This type of company is a separate legal entity, and it can enjoy limited liabilities to the par value of the issued shares.
Quick Overview
| Location of Jurisdiction | Hong Kong |
| Official Language | English & Chinese |
| Type of Offshore Company | Private Limited Company |
| Type of Law | English Common Law plus local Ordinances |
| Language of Documents | English or Chinese or both |
| Minimum Number of Directors | One. May be a person or a company. |
| Residence Required of Directors | May Reside Anywhere |
| Minimum Number of Shareholders | one |
| Maximum Number of Shareholders | fifty |
| Minimum Number of Shares | one |
| Minimum Paid Up Share Capital | HK $1.00 |
| Maximum Share Capital | Unlimited |
| Recommended Share Capital | HK $10,000 or US$1,000 (other currencies are allowed) |
| Permitted Currencies | any |
