Hong Kong, Asia's most popular city for international business, is a city that works. Its enduring appeal is build on political stability, the rule of law, free market principles, free flow of information, and English as the language of business. Since 1997, Hong Kong has been under Chinese sovereignty but it has a separate political and legal system, based on principles that are best summed up by its "One Country, Two Systems" concept.
Small business and family-owned business are very common in Hong Kong. Generally, in these businesses the most senior members will have the final say. So, make it a point to acknowledge and respect them;
Hong Kong's financial services industry has seen unprecedented growth in recent years. As a result, Hong Kong has become a key financial services center in Asia. In Hong Kong, an intermediary needs a valid license to conduct financial services regulated activities. The regulated activities include securities dealing, futures dealing; leveraged foreign exchange trading; advising on corporation finance, securities and futures; securities margin financing; providing automated trading services; and asset management.
Most foreign professionals and entrepreneurs who setup a business in Hong Kong tend to re-locate with their family. Consequently, most individuals are concerned about the quality of life in Hong Kong – the social environment, cost of living, accommodation, education etc.
Hong Kong had also ranked as the 2nd best place in the world to start a new business. This has essentially been due to the city's strategic location and the strength of its liberal economic policies, which listed as follows:
The Hong Kong Government welcomes foreign investment, neither offering special incentives nor imposing disincentives for foreign investors. Hong Kong's well-established rule of law applied consistently and without discrimination.
To facilitate business, the new Companies Ordinance (“the new CO”), (The Registrar of Companies has specified 83 forms for use under the Companies Ordinance (Chapter 622) with effect from 3 March 2014), relaxes the criteria for companies to prepare simplified financial reports and directors’ reports (i.e. the “reporting exemption”). Private or guarantee companies (other than certain companies specifically excluded) that are qualified for the reporting exemption are exempted from certain specific requirements relating to the preparation of financial statements, directors’ and auditor’s reports.
Types of companies under the new Companies Ordinance and changes affecting companies limited by guarantee.
Regarding to “Companies Registry External Circular No. 1 / 2014 Commencement of the new Companies Ordinance (Cap. 622)” on 6 January 2014, the company is not required to have common seal. According to the rule, the seal must be made of metal, engraved the company name in a clear, easy look.
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