Hong Kong Slowly Becoming Most Important Global Business Hub
Being an administrative region of the Peoples Republic of China
, Hong Kong follows its own economic policies. In fact the city is known for being the freest economy in the world and is already an important business hub for entrepreneurs from all over the world. The city has been a leading financial center since decades and has one of the most vibrant economies you can find anywhere worldwide. However, of late Hong Kongs stature has a business hub has been growing quite rapidly. While the city was always an important business destination, its importance in the global economy has gone up considerably over the past few years.
Previously Hong Kong was considered as the main meeting point between the east and the west. Companies from US and Europe considering entering the Asian markets would setup their regional headquarters in Hong Kong. Policies in the city welcomed foreign owned businesses and treated them similar to local entrepreneurs. Today however, with economic recession in the west and many of the major economies in complete turmoil, Hong Kong has emerged as one of the most important economies in the world. Many companies from the United States and several nations in Europe have taken note of Hong Kongs pragmatic policies and are seriously considering shifting their entire operations to the business friendly city. Hong Kong has the lowest corporate taxation rate in entire Asia and allows foreign companies to incorporate in the city and retain 100 per cent foreign ownership. Shareholders and even directors can live anywhere in the world and even manage the company from overseas. Hong Kong does not even tax foreign sourced income even if it is remitted to the city. Such kinds of laws have been attracting the attention of several businesses from all over the world that are keen on having a significant presence in Hong Kong.
Another reason why Hong Kong has gained so much importance as a global business hub is due to the rise of China. Many feel the second largest economy in the world is a true superpower now and it will be sooner rather than later when it tries to overtake the United States as the largest economy in the world. In its endeavor to become the most important economy, China has started to work closely with Hong Kong to achieve many of its goals. Already there are talks of converting Hong Kong to a more important financial center than even London or New York. Authorities have announced Hong Kong will have Yuan spot-fixing rate abilities and a host of other measures have been in the works that will completely change what Hong Kong means to global businesses. Many analysts agree that the next few decades belong to the Asian economy and that Hong Kong will be the most important center in the fast developing economy in the continent.
by: Bryan Wong
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