Global From Asia Office Launch Party in Tsim Sha Tsui - Hong Kong
Posted by Chris Thomas on November 27, 2015. 2 Comments
A few weeks ago I stumbled across quite possibly the most useful Podcast (for me right now), like, ever.
It's all about setting up a company in Hong Kong, Banking, Fulfillment, eCommerce, you name it.
It's simply called Global From Asia, by Michael Michelini.
The benefits of opening a company and creating a company bank account here in Hong Kong are almost too numerous to list.
The most attractive thing is that Hong Kong is a very "business friendly" place to set up.
- Hong Kong has an extremely stable political system (except when Beijing annoys them!)
- It has a strong Rule of Law legal system based on the British legal system.
- It has, near as dammit, parity with the USD ($1.00 USD = $7.75 HKD) . The reason is a bank can issue a Hong Kong dollar only if it has the equivalent exchange in US dollars on deposit, so therefore HK has a very stable currency. In fact, Hong Kong has one of the highest USD ownership rates with reserves of 281.7 billion USD in 2011!
- The banking system is built for international trade and commerce. It's almost like its in their DNA. You can pick and choose between the HSBC, CitiBank, Bank of China, Standard and Chartered, Hang Seng Bank and a bunch of others.
- All the banks offer multi-currency banking so paying suppliers in USD, or receiving other currencies as payments is 100% fine and easy.
- Hong Kong has attractive tax laws for business too. If you earn income from offshore, there is no tax to pay on those earnings/profits. You only pay tax on income generated from within the territory. There's a flat Corporate Tax rate of just 16% if you generate profits locally.
- There are no consumption taxes, (i.e. GST or VAT) or duty taxes etc.
- You don't have to be in Hong Kong to operate your Global company so it's perfect for digital nomads and eCommerce businesses etc.
Anyway, Michael has been super helpful in getting my business structured so that it will maintain a presence here in Hong Kong for the foreseeable future.
I went along this Tuesday (24th December 2015) to Global From Asia's office opening party in Tsim Sha Tsui (commonly referred to by everyone in HK as "TST". It's a hell of a lot easier to say).
I took some photo's from our apartment before I left:
I got to Admiralty MTR underground station and it was the super busy peak hour rush with lots of people waiting for the train! (notwithstanding that the trains run every 60 seconds - not kidding).
That's Mike there in the suit!
There was Pizza and wine, lots of great networking and a really fabulous night.
If you're thinking about moving or setting your business in Hong Kong, the best first step is to buy Michael's book, Hong Kong Supercharged (non-affiliate link) which is jammed packed with step by step info to help you learn more and get started. I know. I've read it.
If you're less of a DIY'er and need more assistance, then try Michael's end to end, all fees and charges included, company and bank account creation service here.