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HK General Info

GENERAL INFORMATION

Hong Kong is on the south east coast of China and consists of a large number of islands and a part of the mainland totaling approximately 1,064 sq km. On 1 July 1997 all of Hong Kong reverted from British Control back to China and became a Special Administration Region "SAR" within the People's Republic of China (PRC).

POPULATION

Abt 7 million

POLITICAL STRUCTURE 

Hong Kong elects its own legislature and maintains its own court structure.

THE FUTURE OF HONG KONG

Under the "one country two systems" philosophy, the SAR has executive, legislative and independent judicial power. The capitalist system,legal structure and lifestyle remain unchanged. Hong Kong remains a free port with a free flow of capital and a freely convertible Hong Kong dollar. With China pushing forward with the modernization of its own economy,  the PRC has expressed the wish that Hong Kong should assist in this endeavor. It has stated that its future development will be based on market led reforms with socialist characteristics and this has led to the opening up of its economy to foreign investments. It is widely recognized that Hong Kong is and will continue to be a significant gateway to China.


INFRASTRUCTURE AND ECONOMY
Hong Kong has excellent communication facilities and a major new international airport. Separating Hog Kong Island and the Kowloon peninsular is Victoria Harbour, which is recognized internationally as one of the world's perfect natural harbours. It is estimated that 100,000 containers per month pass through the port, which is arguably the busiest in the world. Hong Kong is the leading South East Asian centre for both finance and commerce and ranks as the world's third largest financial center after New York and London. The Hong Kong Stock Exchange is the most active in Asia outside Japan.

LANGUAGE

The official languages are English and Chinese, with English being used in the commercial and political context and Cantonese Chinese used widely in industry and domestic trade.

CURRENCY

The Hong Kong Dollar, which is officially pegged to the US Dollar.

EXCHANGE CONTROL
None.

TYPE OF LAW

Common Law based on English Common Law.

PRINCIPAL CORPORATE LEGISLATION

Companies Ordinance (Cap 32).

BENEFITS IN ESTABLISHING A COMPANY IN HONG KONG

RELIABLE BANKING SYSTEM

Hong Kong, being an International Finance Center & a Tax Haven,has a lot of branches of major international banks which are trustworthy and are based all over the world. HK banks will only need a passport copy and the address of the client to comply with the HK law, which also requires that no HK banks can disclose their clients' details to anyone without their permission. We always assist our clients to open bank accounts with a major international bank in HK. 

WELL-ESTABLISHED LEGAL SYSTEM

Hong Kong has a well-established legal system, which is based on the English legal system.

GENUINE TRADING

Hong Kong has a lot of genuine trading activities. Therefore an offshore company with a HK correspondence address will have an advantage over those without a HK correspondence address.

NO EXCHANGE CONTROL

HK has no exchange control. Money can be deposited,withdrawn or transferred out of a HK bank account  freely without paying any taxes, including withholding taxes.

CONFIDENTIALITY

All banks in HK are under the HK law, not to disclose any customer's information to anyone without the customer's prior consent, except if the customer is suspected for money laundering or criminal  offence, or the Hong Kong  Inland Revenue Department suspects that he/she has evaded HK taxes (not taxes in other countries). Furthermore  the HK Inland Revenue Department is not allowed by the Hong Kong law to disclose any information to anyone, including local or overseas governments.

BETTER COMMUNICATION

We provide mail forwarding service telephone/fax service (with or without dedicated telephone line answering in your company name) with all voice/fax messages sent to you by email. G.C.S. provides a HK telephone number for tape recording of telephone messages and receiving fax at reasonable fees. All voice and fax messages will be automatically forwarded to your designated email address.

SIMPLE PROCEDURE

Formation procedure offshore companies are simple. There is no need to come to HK for company formation or opening of HK bank accounts, and the bank accounts can be operated at overseas without coming to HK.