Hong Kong Acts as the economic bridge between Mainland China and the World
Most business analysts and industry watchers acknowledge that Hong Kong is the bridge between the east and the west. Not so long ago, any multinational company planning to enter the Asian markets would first setup their presence in Hong Kong. They would setup their regional corporate headquarters in the city and then target other locations in the continent from Hong Kong. From huge law firms to trading houses and consumer product manufacturers, all of them have their presence in Hong Kong and many of them have even shifted their global headquarters to the city. However, of late, apart from being a bridge between the east and the west, Hong Kong has actually started acting as the economic bridge between western nations and Mainland China.
For a few decades now, China has seen unprecedented growth. It is the fastest growing economy in the world for several years now and last year even surpassed the size of the Japanese economy. China aims to be the world's largest economy in a few decades time and already most products sold around the world are actually made in China. The local market within the country itself is extremely huge with a high consumption appetite. Products fly off the shelves in no time and many suppliers struggle to keep up with the demand by the population in China whose purchasing power is increasing every day. All companies from around the world either want to source products from China or want to sell their products in the Chinese market. However, even though China is the fastest growing economy in the world, a significant number of entrepreneurs or investors are cautious when it comes to trading with Chinese companies. This is purely because of the political climate in the country and its local policies towards foreign owned businesses. While China receives a significant amount of foreign direct investment each year, analysts acknowledge the numbers could have been much higher if all foreign companies and entrepreneurs were more comfortable with doing business in China.
This is where Hong Kong plays an extremely important role. A lot of foreign companies use Hong Kong as a stepping stone to China. As Hong Kong has an extremely friendly and conducive business environment, all foreign businesses first register a company in the city. Thanks to Hong Kong being an administrative region of the People's Republic of China, it then becomes simpler for these foreign businesses to access the Chinese market without going through any apprehensions and other legal issues of doing business in China directly.
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We have now made it possible to open up corporate bank accounts in Honk Kong without a need to visit Hong Kong (no personal accounts please). Hong Kong today is one of the best private offshore tax havens in the world. They have not signed any Tax Information Sharing Agreements and have world-class banks.
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