Serbian language English Language

Accenica | offshore jurisdictions - Hong Kong


tax in hong kong Hong Kong

Hong Kong is an island in the South East part of Asia, close to Taiwan.

Until 1997, Hong Kong was under British administration.

In July 1997 Hong Kong was handed over to China by the United Kingdom.

The population of Hong Kong is approximately 7 million. Hong Kong is a unique location for the incorporation of companies and for international business since its tax system is based on source and not on residence.

Hong Kong has become the first place in terms of trading with the rest of Asia and also on a worldwide point of view and its tax system offers different advantages. Indeed, as long as a Hong Kong company does not conduct any business in Hong Kong, and does not generate any incomes from Hong Kong sources, the company will not be taxable in Hong Kong.

Main characteristics:

Company type Limited Company
Governing corporate legislation The Hong Kong Company registry is the govering authority and companies are regulated under the Hong Kong Companies Ordinance 1984
Information published relating to company officers Names of companies officers appear. Nominee officers can be used to avoid the client's name to appear
Confidentiality Hong Kong offers a high level of anonymity and privacy
Accounting requirement Preparation of accounts required. Accounts are not publicly accessible. Every company must appoint an auditor who must be a member of the Hong Kong Society of Accountants and hold a practicing certificate. Although there is no requirement to file accounts with the Registrar, there is a requirement to file accounts with the tax authorities. Annual return is required to be filed to the Companies Registry within 42 days after the date of anniversary of incorporation, and then each year thereafter. Government filing fee is HK$105.
Taxation No taxes on foreign profits,this means that a company, which carries on a business in Hong Kong, but derives profits from another place, is not required to pay tax in Hong Kong on those profits. Hong Kong sourced income is currently subject to a rate of taxation of 17,5 percent.
Legislation Modern offshore legislation
Standard Currency HK$
Capital may be denominated in any currency
Time to form Important financial centre
Stability Stable jurisdiction with very good reputation
Communication Good communication means
Time zone Convenient world time zone : GMT+8
Secretary required Yes
Paid up capital requirement No paid up capital requirement (1 $)
Basis of legal System Under Common Law
Minimum shareholders / directors Minimum of 1 Director
Bearer shares Bearer Shares are not permitted