BUSINESS Hong Kong is a country with one of the lowest tax rates in the world for both corporations and personal income. Corporations have a flat tax rate; however, the salary tax rates are progressive, with five tax brackets: 2%, 6%, 10%, 14%, and 17%. Thus, making it an attractive destination for expats to live. The financial year in Hong Kong runs from the first day of April to the thirty-first day of March of the subsequent year. Companies incorporated in Hong Kong should make the audited financial statements as required by law. Firms are required to keep proper accounts and records of business transactions. The compliance reports for certified public accountants could have extensive impact on businesses, including the ability to obtain business loans. Auditors should be expert enough to understand a business. Business owners or professionals can engage tax consultants who are skilled in offering tax and accounting services in Hong Kong. It is essential to identify appropriate consultants who can manage auditors and ensure timely completion of the annual returns and financial statements of firms. Thus, making it an attractive destination for expats to live. The financial year in Hong Kong runs from the first day of April to the thirty-first day of March of the subsequent year. Companies incorporated in Hong Kong should make the audited financial statements as required by law. Firms are required to keep proper accounts and records of business transactions. The compliance reports for certified public accountants could have extensive impact on businesses, including the ability to obtain business loans. Auditors should be expert enough to understand a business. Business owners or professionals can engage tax consultants who are skilled in offering tax and accounting services in Hong Kong. It is essential to identify appropriate consultants who can manage auditors and ensure timely completion of the annual returns and financial statements of firms. 48
Global Investment Hong Kong as one of the top three leading global financial centres that offer capitalization, asset management and banking services and plenty of opportunities for residents to invest in Hong Kong or out of Hong Kong. Hong Kong financial market is highly sophisticated backed up by innovation and technology, professional services, highly skilled professionals and liberal government policies. This makes it an attractive location for investments for both service providers and seekers. Most of the leading (international as well as domestic) banks and highly specialized asset management firms offer competitive investment services. Some investment service providers offer country-specific investment options, such as investment options in UK, Australia, USA, India, etc., or their home country. Hong Kong residents can also check the investment options available in neighbouring countries, such as Thailand, Vietnam, and Taiwan, or in another continent, such as Australia, and UK, Canada, etc. We highly recommend you refer to the latest financial news and other reliable sources before you plan your investments.
Useful Resources: Tax Inland Revenue Department Website: https://www.ird.gov.hk/eng/ tax/ind.htm
Revenue Department: For businesses, please check the link: Address: Revenue Tower, 5 Gloucester Rd, Wan Chai Website: https://www.ird.gov.hk/ eng/ Tel: (852) 187 8088
