The tax haven of Hong Kong is recognized as one of the most advanced financial centers and one of the most developed capitalist countries of the world. Hong Kong can be described as a place where people from different cultures can meet. Hong Kong as a tax haven relies on its financial services sector which has services such as offshore banking and the incorporation of business corporations which can be used for business operations around the world.
Hong Kong has a unique fascination which attracts people of many cultures. At night the skyline comes alive as well as the streets. Hong Kong is known to have the world’s largest number of skyscrapers. The need for space has converted the city of Hong Kong to be developed with modern architecture for residential homes and office space. The City of Hong Kong is famous for its neon colored lights.
People go to Hong Kong to set their eyes on the beautiful attractions and get an appreciation of the country’s culture and cuisine among other attractions. The many historical sites which are important to the people of Hong Kong date back to the Chinese and British colonialism which once existed in the territory. Visitors to Hong Kong can fest their eyes on temples and other important historical sites in the country.
The tax haven of Honk Kong is dependent on its export and financial services. Hong Kong has of the world’s most successful trading economies. Hong Kong is also considered to be a low tax haven. Considering that the tax levied in the jurisdiction is at the low rate of 17.5%. Taxation for companies incorporated in Hong Kong is based in territory. Companies which are incorporated in tax haven Hong Kong will pay local taxes if it operates business or trades from within the territory. Business companies registered in the tax haven of Hong Kong but have no business operations there will not be subjected to local taxation. In the tax have of Hong Kong there is no capital gains tax imposed on interest and dividends earned by business corporations.
Banking in the tax haven of Hong Kong is available for business companies and individuals. Offshore banking in Hong Kong is highly regarded in the business world since the tax haven has an excellent reputation as a financial center. There are many banks in the jurisdiction which offer offshore banking services to clients from around the world. Offshore bank accounts can be obtained by persons of any nationality in the tax haven of Hong Kong. Opening an offshore bank account at one of the world’s top offshore banks is easily arranged in the tax haven of Hong Kong. Offshore bank accounts set up at offshore banks in the tax haven are not taxed on interest gained or income in the offshore bank accounts.
As a tax haven Hong Kong provides privacy for both corporations and offshore bank accounts in the territory. There is no need for a company formed in the tax haven to reveal who the beneficial owners are. Offshore bank account holders and offshore bank accounts in Hong Kong tax haven are safeguarded by rules in the jurisdiction which are put in place to protect the information in offshore bank accounts. Offshore banks in Hong Kong operate by the Know Your Client Rules which obligates banks to know the identity of offshore bank account holders in the tax haven.
The tax haven of Hong Kong is one of the best available for various reasons. Politically and economically the territory is stable. The tax haven of Hong Kong is suitable for the incorporation of business companies since the country is investor friendly and provides investors with the means of increasing capitals and investments.
The tax haven of Hong Kong is respected throughout the world as a low tax haven which gives clients the legal means to reduce taxes. Hong Kong incorporates foreign companies and as a result the tax haven is the leading jurisdiction for the registration of foreign companies. The offshore low tax haven of Hong Kong has attracted many clients from around the global to enjoy the ever growing important economy and low taxes which help in making business more profitable than many other offshore tax havens available.