Introduction of Business Environment in Hong Kong

INCORPORATION

2020-07-14

Background 

Hong Kong is a Special Administrative Region of the People’s Republic of China (“PRC”). Not only providing a safe and secure business environment to all. It also benefits from locating on the eastern Pearl River Delta of the South China Sea. With over 7.5 million people of various nationalities in a 1,104-square-kilometre territory. Hong Kong is one of the most densely populated places in the world. Then it provides sufficient man-power.

Following British ruled from 1841 to 1997. China resumed the exercise of sovereignty over Hong Kong on 1 July 1997. Although it is a special administrative region of China. It still follows English common law, which means it recognises trusts as a concept. 

Government Structure

The Basic Law is a national law of the PRC and Hong Kong’s constitutional document. It is the corner stone under “One Country, Two System” principle. Therefore, the city is able to exercise a high degree of autonomy and enjoy executive, legislative and independent judicial power. 

Very probably, the territory has the most laissez-faire economy in the world. The government’s policy is strictly non-interventionist. Government controls and disclosure requirements on businesses are minimal. For the private companies, Hong Kong only requires the minimal capital. Whereas, for company incorporating as a wholly-owned subsidiary, Hong Kong also requires the minimal financial statement.

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You may want to read: 3 STEPS TO START A HONG KONG BUSINESS

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