Team Schwaller

It is possible to translate such income into the depositary account in Hong Kong or to place in other country without taxation by any tax.

Thus, Hong Kong offers a tax mode which can make a competition to offshore zones, and offers advantages to international trade and financing.

It is possible to take advantage of advantages of avoidance of the double taxation to those countries with which Hong Kong has signed corresponding agreements. At present Hong Kong has signed the agreement on avoidance of the double taxation with Belgium and intends to conclude the whole network of similar contracts.

Thus, the basic characteristics of a tax mode of Hong Kong the following:

- Territorial tax system. The profit tax from the sources which are outside of Hong Kong is not raised;

- A recognition as the respectable financial center the majority of the countries of the world;

- Absence of any basic taxes, except for the profit tax at a rate of 17,5 %, raised exclusively from the income received in Hong Kong.

- The personal tax to incomes of physical persons does not exceed 16 %;

- The percentage income under the deposit opened in Hong Kong, is not taxed in Hong Kong;

- Absence of the tax to the income from the capital or a capital gain;

- Absence of the tax to the dividends received from abroad;

- Absence of the tax to the dividends sent abroad.

The Hong Kong companies is the serious financial tool demanding, unlike the offshore, additional expenses for granting of the financial reporting. The annual report should be represented within 42 days after the termination of year from the date of company registration.

All Hong Kong companies should conduct appropriate account books and records according to the Law on the Companies and and also the Law on Internal Incomes, without dependence from that, their business in Hong Kong or behind its limits is done.

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