Proximity to the production of parts and other components of the IT product
Hong Kong business registration accelerates product development due to its proximity to Chinese manufacturers. 1.5–2 months for delivery. In Hong Kong, you can receive all the components, prototype boards and cases in a week, and ship them to the US or another market in three days. Development, prototyping, and pilot batches are quicker since logistics and customs are well-established. Unfortunately, some components get detained in customs, making building these chains lengthy and costly.
Free port status and electronic cargo tracking systems
Hong Kong's strength as a business hub and transport and logistics center stems from its free port status. The Hong Kong Customs and Excise Department protects lawful commerce, intellectual property copyrights, and smuggling, unlike mainland China and Taiwan.
Customs randomly inspects air, land, and marine goods entering or leaving Hong Kong. Hong Kong's one-day customs processes simplify freight transport. To speed up the clearance of goods and minimize downtime at customs checkpoints, electronic cargo tracking systems are used. These systems make it possible to transmit information about the goods being transported in advance, which contributes to faster processing.
Loyal and clear legislation in Hong Kong
Hong Kong's British-based laws control your company's actions inside and out. Anglo-Saxon tax and business law protects shareholders effectively. English law allows shareholders to regulate in detail and clearly, the procedure for managing the company, the distribution of profits, and the rights and obligations of the parties in confidentiality, creating a direct relationship between the parties, which gives them the opportunity to obtain legal or judicial protection and strengthens the position of shareholders with relatively little shares in corporate governance.
Intellectual Property Protection in Hong Kong
Hong Kong's British laws govern your business. Anglo-Saxon tax and commercial law protect shareholders well. English law allows shareholders to regulate in detail and clearly, the procedure for managing the company, the distribution of profits, and the rights and obligations of the parties in confidentiality, creates a direct relationship between the parties, gives them the opportunity to obtain legal or judicial protection, and strengthens the position of shareholders with relatively little shares in corporate governance.
Taxation of a Hong Kong IT company
When starting a business registration Hong Kong and developing a business there, one of the attractive factors is the tax system.
Only Hong Kong-earned income is taxed. And even if overseas revenue is directly tied to the company's operations in Hong Kong, they are still not taxed. Capital gains and dividends are tax-free. Hong Kong has no VAT.
Business taxes in Hong Kong meets international norms. Hong Kong operations income is taxed at 16.5%. Wages, bonuses, commissions, social benefits, and other payments and rewards are taxed at 15% (may fluctuate depending on situations).
Blocking Attempts to Infringe Copyrights
Hong Kong hosts several world-renowned exhibits that showcase the newest innovations. If a product's brand, design, or patent is registered in Hong Kong before the exhibition, it is legally protected during the show, preventing any infringement of authorship and preventing counterfeit items from reaching purchasers. Intellectual property owners won this plagiarism lawsuit.
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