Hong Kong – Why and for Whom? 2018-10-17T13:12:45+00:00

Hong Kong – Why and for Whom?

THE SCF GROUP HAS BEEN FORMING AND MANAGING HONG KONG COMPANIES FOR OVER 25 YEARS

HONG KONG – WHY & FOR WHOM?

Why? Technically part of the People’s Republic of China since the United Kingdom ceded sovereignty on the 1st of July 1997 having administrated the territory since 1841. Under the 1984 Treaty signed between the UK and China it was agreed that save for foreign policy and defense, Hong Kong could continue to maintain its separate capitalistic economy and legal system for 50 years. Despite worries to the contrary, Hong Kong has continued to prosper and has become an ideal business base for those conducting business in the Far East primarily due to its stability, reputation and territorial tax system. However, it should be noted that whilst Hong Kong does not generally benefit from China’s tax treaty network, it has in recent years been diligently establishing its own treaty network but not unfortunately with the United States of America. The Territory occupies 1,042 square kilometers and has a population of 7,191,503 (July 2017 est.)

The advantages of using a Hong Kong company are many but include:

  1. HK is one of the World’s major trading and manufacturing centers bordering the highly industrialized Shenzhen region of China;
  2. English is widely spoken and the language of business;
  3. Lack of bureaucracy – Hong Kong is remarkably free of bureaucracy compared to many Western countries;
  4. The corporate tax system is territorial with only those profits generated from HK activities being subject to the local CT rate of 16%;
  5. The HK common law system is almost the same as that of the UK and is therefore considered to be much more business friendly and reliable than the mainland Chinese system;
  6. HK has world class communications with the rest of the World;
  7. HK is one of the wealthiest territories in the World and has a higher per capita GNP than its former Colonial Master the UK;
  8. The banking and financial sectors are highly developed;
  9. It is safe and stable.

For Whom? Hong Kong is an ideal trading location for virtually any business that is seeking a Far-East presence and/or wants to take advantage of Chinese industrial might but with the familiarity of the common law system. In short, for manufacturers, import and exporter companies, investors or indeed most business sectors HK has few if any competitors. However, it should be noted that genuine management and control together with local banking is now expected

PRIORITY ENQUIRY FORM

(Strictly Confidential No Obligation)

SCF International is the trading name of SCF Corporate Services Limited

Address: 1st Apriliou 47, Limassol, 3117 Cyprus

Telephone: +357 25 771 570   Email : enquiries@scfgroup.com

Registration number HE 341030

Malaysia: KL Marketing Office, B-7-6, Megan Avenue II, Jalan Yap Kwan Seng, 50450 Kuala Lumpur, Malaysia

© SCF INTERNATIONAL 2018

A FULL RANGE OF LEGAL, ACCOUNTANCY & COMPANY MANAGEMENT SERVICES

The SCF International specializes in providing accountancy services for Cypriot limited companies, Cypriot company management services including the provision of (where necessary) domestic directors, domestic company secretaries, registered office address services, trading offices, value added tax (VAT) registration and management, payroll (Pay as You Earn PAYE), opening up and managing bank account facilities, raising invoices and any and/or all other services required to establish a bone fide managed and controlled UK limited liability company.

The SCF International also specializes in providing accountancy services for Irish limited companies, Irish company management services including the provision of (where necessary) domestic directors, domestic company secretaries, registered office address services, trading offices, value added tax (VAT) registration and management, payroll (Pay as You Earn PAYE), opening up and managing Irish bank account facilities, raising Irish invoices and any and/or all other services required to establish a bone fide managed and controlled Irish limited liability company.

Our in-house team of legally and accountancy qualified experts can also provide advice on current UK & Irish tax laws/provisions including anti-avoidance provisions, EU directives and regulations, the impact of BREXIT for both UK and EU based businesses and other relevant. In addition, where required the SCF Group can also set-up and arrange the management of companies in tax attractive EU based jurisdictions such as Cyprus, Luxembourg or Malta or indeed any jurisdiction in the world including those in the Middle and Far East.

Property de-enveloping services – In conjunction with leading UK firms of solicitors SCF International can help transfer companies currently held by what were known as ‘offshore’ companies into either more tax efficient UK companies or directly back into the names of individual beneficial owners’ often without attracting stamp duty land tax (SDLT) but still avoiding the advance tax on enveloped dwellings (ATED). For more information please see http://www.de-enveloping.co.uk

Our fiscal migration and tax planning department is operated by qualified lawyers and accountants and can advise both domiciled and non-domiciled individuals on how to mitigate their individual and corporate tax exposure be it in Cyprus or internationally. Our legal & business department can provide specialized advice on all domestic and international tax planning issues but also upon ‘key’ issues such as asset protection be it in the form of trusts, private interest foundations (PIF’s), pre-nuptial and post-nuptial agreements, divorce and general family law, legal drafting, leave to remove applications etc