Hong Kong Special Administrative Region is an autonomous territory in China. It is considered to be one of the biggest financial centers in the world.
There are a lot of different articles about this city and almost everybody knows something about it but why is Hong Kong a remarkable place? Let’s find it out.
Life in Hong Kong
One of the things that make the city unique is living there. It is very convenient place to live because of different facts:
· The city is open to foreigners and friendly to expatriates.
· There are two official languages: Chinese and English. About 30% of the citizens say English is their first language and about 30% say that it is their second language. Also many other world languages are spoken there.
· It is quite easy to find accommodation. There are many different variants: from apartments in a skyscraper to houses next to hills and forests.
· Education in Hong Kong is quite good. There is a wide range of kindergartens and schools; some universities offer international programs.
· Healthcare system is also very good. Here traditional medicine meets Chinese alternative medicine, so everybody can choose how to be treated.
· There are a lot of different communities and social clubs so each person can find something for himself (herself).
· A lot of people think that Hong Kong consists only of business centers and skyscrapers but it is not true. Only 25% of the territory is built-up, and 75% is pure nature: hills, forests and parks.
Good infrastructure is very important for business and Hong Kong is a great place.
· For entrepreneurs it is quite easy to come to the city because a new international airport connects it with almost all parts in the world. The way to the airport from the city center takes only 23 minutes by a special railway link.
· Public transport network is quite well-organized and taxi is also a popular means of transport in the city.
· Telecommunication technologies are also on a high level, 3g network covers all the territory of the city.
· Hong Kong is a natural deep water port and it is one of the largest international air and sea hubs.
Simple tax regime
Hong Kong is known have one of most tax-friendly economic system. For entrepreneurs it is quite attractive that Hong Kong do not implement these taxes:
· Estate tax
· Tax on dividends
· Capital gains tax
· Withholding tax
Besides, Hong Kong has a very simple customs system. The duty is paid only on few products.
Hong Kong is very good located in terms of business because is it in the same time zone with big financial centers (Beijing, Taipei, Singapore etc.) and has only one-hour difference with Seoul or Tokyo. Also all the key centers of Asia are not further than a four-hours flight. It is quite convenient to go to Mainland China and also the way to a big city Guangzhou takes less than an hour by train. So it is possible to reach any part of Asia in less than five hours and it means that Hong Kong is situated in the heart of Asia which is a very big financial centers.
The city’s government has invented a lot of different programs that can help entrepreneurs to set up new companies and develop their business. There are different kinds of programs:
· Incubator programs
· Funds for marketing
· Loan guarantees
To sum up I would like to say that Hong Kong is a city that has a lot of advantages and we mentioned only the most bright of them. Of course you should visit Hong Kong and you will fall in love with it!
Alessandro Rocco Pietrocola is an entrepreneur and investor based in London and operating mainly in Europe, Asia and Oceania with main focus on UK, Baltic Countries, Russia, China, Hong Kong, Malaysia, Singapore, Middle East and New Zealand as area of interest! At the moment is the Ceo of Astorts Group. He is an UK FCA (Financial Conduct Authority) Approved Person and is has great experience as director of regulated companies. He uses to dedicate part of his life to inspire others and help them achieve the most out of their life. Since he was 20, he had successfully founded and managed several companies operating in the field of management consulting, wealth management and fintech. He loves travelling, he is a cigars lover, an amateur golfer and a dapper man.