5 Reasons to Form an Offshore Company in Hong Kong
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- เผยแพร่เมื่อ 14 ม.ค. 2021
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In the previous video, we covered the topic of why you wouldn't want to form a company in Hong Kong. Today we are doing exactly the opposite. We are giving you 5 reasons to form an Offshore Company in this jurisdiction.
Today we are talking about the pros of Hong Kong.
First of all, it's easy, cheap, and quick. In many places they require lots of legal documents, they require the power of attorney, etc. All of this makes the process more complicated and it drags on. Luckily, this is not the case in Hong Kong.
The second reason why you'd want to form a company here is that the payment infrastructure which is very good. You have access to PayPal and Stripe. Even though there are problems with the exchange rates and the currency (as we talked about in our previous video) you can sometimes negotiate with them to get better rates and settlements in the currency of your choice. Banks also offer multi-currency accounts.
The third thing has to do with PR. The international reputation of Hong Kong tends to be very good. Hong Kong is seen as a genuinely international business center. This is one of the most reputable offshore destinations, unlike BVI or Cayman Islands that got terrible reputations over the years.
The fourth thing has to do with taxes. If set up properly you can get zero tax on your foreign income.
The last advantage of Hong Kong has to do with audited financial statements. Even though it's a hassle and we mentioned this is our previous video as something that is a drawback of Hong Kong, it is actually something that can work well in your favor. Banks will like it, investors will like it, it's reputable and not too hard to do since they are not as excessive as they would be in the US for example.
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Nothing wrong with doing business in Hong Kong. The message is clear, don't get involved in politics, keep your head down and work towards financial freedom. Political changes don't change the business laws, it is just a matter of sentiment.
Have you ever done any business there?
@@OffshoreCitizen I have lived in Hong Kong as a non-Chinese person for my entire life. My parents have lived here a few years longer than myself. We are businesspeople so I feel qualified to speak on the matter.
well said mate! you can expense a lot of cost and lower the living costs. I am also talking as a UK citizen that does stuff in HK
@@harisadu8998 true and in the west dont talk about lgbt and jewish control 😂 freedom of speech my ass
Good morning Michael, love your content and insight...keep it up! I have a questions regarding the services you offer. Once you and your team figure out the best option/strategy for a client and execute on said strategy IE offshore Co formation or bank account does the client then have to find local professionals to maintain the strategy or does you team handle this? Thank you
We can handle it or we've got local partners we work with to handle it as needed in most cases. There are a few jurisdictions where we don't work with anyone directly but can certainly refer you to someone.
How is audit different from elsewhere
Forming the company in the proper jurisdiction is important but the company is useless without banking that works for the operational aspects of the company. Banking in HK would seem sketchy or do I misunderstand the situation in HK?
So the quality of banking in HK is quite good if you can get it going. The challenge isn't with bank quality it's getting set up locally.
Usually, what you want to do or often need to do is start with a digital bank to build some history then after you have a few months of history go to the major banks like DBS, OCBC, HSBC, Heng Seng, etc to open up accounts.
What would be a good place to set up an offshore company if your citizen of India, Sri lanka or Bangladesh?
How would you compare HK vs Dubai
I'll make a video to discuss it
I think I'm better off speaking to a CPA. I'm seeing many contradicting statements online regarding the reporting of tax in the US when the foreign company is in Hong Kong
Unfortunately, most CPAs don't know much about international.
The good news with tax rules is you don't need to trust contradictory statements, you can read the actual laws and tax forms.
If you're a US tax resident and you own a foreign company solely or over certain thresholds you're subject to subpart F rules.
If you've got signing authority on a foreign bank account over a certain amount you're subject to HBAR.
@@OffshoreCitizen Thank you for the information. I didn't know where to start
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OGUH
Hi Sir
Can you speak more slow pls....
Thanks for the feedback I'll definitely consider it.
In the meantime if you like TH-cam allows you to slow it down.
You need to prove that you buy stuff from china right?
I really dont think so, although not sure
1961 East Berlin = 2021 Hong Kong
better not offshore there
That's an interesting parallel. I don't view it quite like that because China is much more free market than the USSR was but the changes are troubling
dont talk BS without any reason