BUSINESS CENTRE
Located 150 miles south of Guanzhou on the South China Sea, Hong Kong is one of the world's leading financial, economic and trading centres. Hong Kong supports trading and re-export enterprises estimated to account for 25% of China's GDP. Along with New York, London, and Tokyo, Hong Kong is one of the four largest financial centres which makes it ideal for international tax planning. All of the leading banks and brokerage houses in the world have offices in Hong Kong. A sophisticated banking system plus the absence of tax treaties provide considerable confidentiality.
BANKING & EXCHANGE CONTROL
Hong Kong does not have any exchange control restrictions. Nor are there any restrictions on the exchange of currency or the transfer of capital. There is no reporting requirement for depositing, remittal or withdrawing of funds with banks or carrying funds through immigration. No reporting requirements exist for transfer or cashing of funds. No residency or nationality limitations are in effect on ownership of real estate in Hong Kong. In summary, few restrictions exist in Hong Kong on foreign investment or the transfer of income and capital.
COMMUNICATIONS
Excellent communications systems are available in Hong Kong. There are numerous flights connecting major world-wide destinations. Relative proximity to the West Coast of the United States, Japan and China makes it a popular trading base. Completion of the large airport complex at Chap Lai Kok gives Hong Kong one of the largest air travel capacities for any city in Asia.
POLITICAL
On 1 July, 1997, Hong Kong became a Special Administrative Region (SAR) and was reverted to Chinese sovereignty. Based on the Joint Declaration signed by China and the United Kingdom, the social, legal and economic systems of Hong Kong would remain unchanged for 50 years from 1997. China's desire for peaceful reunification with Taiwan plus the importance of Hong Kong to China's economy ensure Hong Kong's privileged ongoing status.
LEGAL SYSTEM
English common law applies mainly in Hong Kong. Since the Hong Kong legal system has been used as a model for recent revisions of the Chinese legal system, little change is expected.
CURRENCY
The Hong Kong dollar is the currency used in Hong Kong. This is pegged to the United States dollar at HK$ 7.8 to US$ 1.
Aall & Zyleman Company Limited
3rd Floor, Jonsim Place, 228 Queen's Road East, Wanchai, Hong Kong.
Tel: (852) 2861 2222, Fax: (852) 2861 2266, Email: [email protected]
Website :http://www.aallandzyleman.com/
