Hong Kong ranks 3rd among 190 economies in the ease of doing business, according to the latest World Bank annual ratings. The rank of Hong Kong improved to 3rd in 2019 from 4th in 2018. Ease of Doing Business in Hong Kong averaged 3.33 from 2008 until 2019, reaching an all-time high of 5.00 in…
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The Hong Kong General Chamber of Commerce (HKGCC), also known as 香港總商會, is a self-funded, not-for-profit organization dedicated to promoting and representing the interests of the Hong Kong business community. Established on May 29, 1861, just two decades after the founding of the Colony of Hong Kong, HKGCC stands as the oldest and one of…
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Under the Basic Law, Hong Kong maintains its status as a common law jurisdiction, a commitment reaffirmed as a long-term state policy by President Xi during his last visit in 2022. The advantages and benefits of preserving the common law system in Hong Kong are evident. The common law system has been instrumental in shaping…
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The Hong Kong International Arbitration Centre (HKIAC) is a dispute resolution institution based in Hong Kong, which specialises in administering arbitrations, adjudications, domain name dispute resolutions, and mediations. “Hong Kong International Arbitration Centre (HKIAC): Safeguarding Disputes with Expertise and Independence” Established in 1985 by prominent business figures and professionals, HKIAC stands as a premier institution…
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On 15 September 2023, the Hong Kong Inland Revenue released Advance Ruling Case No. 70, addressing the economic substance requirement outlined in section 15K of the Inland Revenue Ordinance (IRO) under Hong Kong’s new Foreign-Sourced Income Exemption (FSIE) regime. This regime, established by the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Ordinance 2022, deems…
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The Government of the Hong Kong Special Administrative Region (SAR) announced on February 15, 2024, the commencement of the 2024 Greater Bay Area (GBA) Youth Employment Scheme, which is now open for year-round applications. Hong Kong-based companies can now submit job vacancies valid until December 31st to employ young Hong Kong residents in cities within…
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Capital Investment Entrant Scheme aims to attract high-net-worth investors, bolstering Hong Kong’s wealth sector amid competition from global financial centers like Singapore and Dubai.With assets under management surpassing HK$30 trillion, Hong Kong boasts over 250 open-ended fund companies and 780 limited partnership funds. To foster market growth, the government plans to extend the ‘Open-ended Fund…
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Hong Kong’s government has unveiled budget measures aimed at bolstering wealth management, including a rise in income tax for the top earning cohort – marking the first such increase in two decades. Starting from April 2024, a two-tier tax system will be implemented. Income up to HK$5 million ($640,000) will be taxed at a maximum…
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Hong Kong boasts an open and efficient company governance regime, a reliable tradition of the rule of law, a simple taxation system, and world-class professional services. Its strategic location, along with its extensive commercial and trading networks with both the Mainland and worldwide, makes it highly favorable for corporations managing their operations in the Mainland…
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