Hong Kong executives aim to boost the growth of the city through several measures, including tax breaks. Among the plans to encourage growth is a tighter cooperation with China, with which Hong Kong already has a good collaboration including in the One Belt, One Road Initiative. The Special Administrative Region is already an attractive investment option in Asia, especially since the Hong Kong company formation
procedures are so straightforward.
The collaboration with China, important for overall growth
Hong Kong’s Chief Executive, CY Leung, recently states that the city aims to increase its opportunities for growth and that an important step in this process is consolidating the collaboration with Mainland China. In a recent address, the Chief Executive stated that Hong Kong can make use of its advantages under the one country, two systems policy with China and can act as a connector between the Mainland and the rest of the world.
The official also stated that Hong Kong plans on expanding the Closer Economic Partnership Arrangement with China and extend it to areas like investment, and economic and technical cooperation. Hong Kong and China also have a double tax treaty
in force which makes is easy for Mainland companies to open branches in Hong Kong or subsidiaries.
Boosting growth opportunities in Hong Kong
Hong Kong’s Chief Executive also highlighted the fact that tax changes are favorable for increasing the overall growth opportunities in the territory. A number of reports were released by the Financial Services Development Council regarding the sustainable development of Hong Kong’s financial market. These reports confirm that fact that the use of certain tax breaks is favorable. The Hong Kong Government is considering certain recommendations on changing the tax laws
and regulations and looking for more feasible measures to implement the changes.
Hong Kong has a number of traits that already make it a competitive destination for doing business in Asia. if you want to find out more about the Hong Kong company formation
requirements or other details about investments in the city, please contact our company registration experts