Hongkong
Hongkong
- Hong Kong has a free market economy focused on the service sector, especially on trade, finance and telecommunications. In 2018 it celebrated its 25th anniversary as the number one of the Index of Economic Freedom. According to its basic law, this territory can establish its own economic system independently from mainland China, including its own taxes and its own currency – the Hong Kong dollar – linked to the US Dollar since 1983, being one of the most commonly traded currencies worldwide. The World Bank considers this region as a place with high income. It is renowned because of its rapid growth at the end of the 20th century as one of the four Asian tigers.
- The biggest representations of international Banks have a representation in Hong Kong. Indeed, 62 of the biggest 100 banks of the world have a presence there. Hong Kong is the ninth-largest International Banking Center of the world, measured by the volume of external transactions, and the second biggest in Asia after Japan. The banking sector is decisive in the establishment of Hong Kong as an important economic centre of the region.
- Due to its vast tax, commercial and legal advantages, Hong Kong is a popular business location for foreign investors. As a special administrative region of China, Hong Kong is also the best gateway to business on mainland China. Due to its territorial tax systems, extraterritorial gains of locally established companies are tax exempt
- A new company can be established within one working day in Hong Kong as long as the necessary documents have been prepared. Procedures for the establishment of companies in Hong Kong are quite simple.
