Are you an entrepreneur looking for the best way to catapult your business to a revered multinational? Opening your company in a high-potential offshore jurisdiction, such as Hong Kong, is one of the best and proven solutions. Hong Kong serves as the perfect entry point to Mainland China, and many global brands have used it to surf to success. This is your turn, and the first step is to register a company in Hong Kong.
Keep reading as we reveal the special benefits that come from company incorporation in Hong Kong. We will also highlight signs that show it is time to go offshore.
These Indicators Show It is Time to Take Your Business Offshore
Is it the right time to go offshore? If you notice any of the following signs, it is an indication that your company should focus on expanding abroad.
- Shrinking local markets caused by entry of competitors, dwindling population or changing consumer habits.
- Declining sales and profits for your company should signal you to start exploring new ways of driving more revenue. Hong Kong offers your company the best opportunity for growth by reaching the local market, selling in China and the entire Asia-Pacific.
- Success that reaches or surpasses pre-set targets. This means that your company is now ready for newer challenges on a bigger scale, and going offshore can help it achieve this goal.
- Your strategic plan for three, five, or more years indicate it is time to register a company offshore.
- A lot of companies and suppliers are in the Far East. For example, do you supply raw materials to manufacturing firms in China? Do you have an app that is in high demand by banks and other financial organizations?
- Punitive company laws, such as high taxes.
Register a Company in Hong Kong: Here are the Main Benefit to Anticipate
Today, every investor is running to Hong Kong to enjoy its unique benefits that strengthen brands, grow sales and profitability. Other benefits include:
Hong Kong is a Free Economy
According to the Heritage Foundation, Hong Kong leads in the list of the planet’s freest economies. Although it operates as a Special Administrative Region of China, Hong Kong enjoys a big deal of autonomy. This independence is used to develop a pro-business economy.
In Hong Kong, you can open almost any type of business. As long as you follow the legal process of registering a company, it is possible to open a consulting, e-commerce, trading, health, education, or any other type of company. Your enterprise can also open a bank account in another jurisdiction.
We must also mention that Hong Kong operates as a free port, which means that exports and exports are exempted from custom duty. So, you are sure of retaining the bulk of profits from your company when operating in Hong Kong.
Straightforward Access to the Mainland China
The strategic location of Hong Kong on the South East Coast of China means that it is pretty close to top Chinese Cities, such as Shenzhen and Guangzhou. Now unto the sweetest part of the pie: Hong Kong has signed the Closer Economic Partnership Arrangement (CEPA) with China, which means you can export most products tax-free. This is why most companies that deal with exports and imports from China are based in Hong Kong.
Hong Kong has also signed free trade agreements with other ASEAN nations, which gives you access to an even bigger market. The entire ASEAN market has a combined population of 679.5 million people and an estimated GDP of 3.08 trillion. All of this market and huge potential for growth will be within reach for your company registered in Hong Kong.
Hong Kong boasts one of the largest commercial and tech centers in the Far East. One factor that helps it to achieve this status is its super-developed infrastructure. Its airports, seaports, and internet infrastructural systems are particularly outstanding. So, whether you want to move raw materials, finished products, or labor, Hong Kong will never disappoint. For example, it only takes 3-8 hours to fly to most cities in the neighboring countries.
As you can see, Hong Kong is one unique offshore jurisdiction that does not disappoint when it comes to business. To take advantage of the benefits outlined in this post, plus a lot more, you have to register a company in Hong Kong.
Working with GMHK, you can simplify the process of company registration in Hong Kong. You will not even need to fly to Hong Kong because the agency will do everything on your behalf. Reach GMHK today to learn more about the Hong Kong market, company registration, payroll management, and accounting.