Companies are made up of different individuals. For instance, it has the shareholders or owners and then the managing staff. In most cases shareholders tend to have very little involvement on the day to day functioning of the business. This is why audit and assurance is highly important to companies. It helps the shareholders find out how the company resources are being used. One of the main advantages of this is that theft or improper use of resources will be highly avoided thus leading to increased profits. With the financial statements provided by the auditors, the shareholders will be able to make the right financial decisions regarding the business and the company. These are some of the main advantages of auditing as a whole.
Audit and Assurance
The report provided by the auditors creates a form of confidence on the financial statements. The conclusion achieved by this reports is what can be referred to as assurance. It is important to note that there are different categories of assurance depending on the category of the officer or business. Some of the main categories include;
- A reasonable assurance- this form of assurance tends to get into deep detail in assessing the company. It tends to do a detailed testing before coming into a conclusion. This is the type of assurance that most big companies tend to go for. It tends to review the audit statements.
- Limited assurance- this form of assurance tends to review the financial statements. It does not get deep into detail compared to the prior form of assurance. It just deals with primary analysis and enquiries.
- No assurance- this is a lesser form of assurance that deals with the compilation of the financial statements. These are the main categories of assurance in the accounting industry.
When it comes to auditing and assurance it is highly important to take into consideration the type and level of auditor that the company opts for. For large organizations, it is highly advisable to opt for auditing firms. The reason behind this is that they tend to get into deep detail in all the various sectors. Apart from that, documentation from renowned auditing firms tends to create a positive image about the company. It shows that you provide quality services to its clients. It may take a while to find the best type of auditor for the job but in the end it will always prove worthwhile.
In the not as well distant previously, choosing a tailor had been an easy occupation. Lots of people went to typically the tailor which serviced their loved ones around the many years. All these tailors carried out practically nothing seeking art complete the job – they realized the things these were becoming performing and had an enthusiastic desire inside the newest habits. Above all, they’ve been perfectionists just who delighted through the excellent healthful and glance from the outfit. Unfortunately, which is not the problem any more. Nonetheless, should you wish to glance good and get most earnings inside the financial commitment inside your clothes, then, selecting a learn customize is usually a will likely need to. Another suggestions can assist you select the correct tailor for the job.
Fully grasp designs and match:
Many people are clueless when it comes to current traits. An excellent proportion of individuals also have small knowledge of the very best suit. Typically the clothes putting on must travel nicely with your decide and full body structure. Even though in shape is vital, its additionally crucial to be sure utmost convenience. To appear excellent, the wearer inside the also come to really feel excellent! A fairly fantastic knowledge of the along with factors arrives useful even though selecting a customize. It is necessary that the tailor you choose has a excellent grasp of those fundamentals of dressmaker.
Recommendations and sources:
The large choice of ideal methods of choosing an excellent tailor should be to check with others, good friends or fellow workers for sources. Fantastic tailors make use of a dedicated sticking to – a listing of buyers who really feel that the tailor is actually worth all their excess fat in precious metal! When you are able faucet this source, you will end up nearly sure to discover your method of an incredible tailor. Having said that, you will have to watch out regarding the assistance you’re acquiring.
Match the tailor:
When you might have a listing, its quicker to select the proper customize. Speak with the tailor along with locate out if they listen to a person personally along with guide you within the ideal path when/if you decide to go astray. Does the tailor possess time to talk to you individually or are they extremely fast paced? Discover some people that have time to think of their clients.
Referred to as Asia Globe City, the location Hong Kong obviously lives as much as its title. Mostly of the modern cities from the globe, Hong Kong exactly like it’s some other Asian counterpart- Singapore is really as varied as possible. Right here you’ll find individuals of numerous ethnicities quietly co-existing with one another. This relaxing coexistence and relation for additional cultures moved forward and produced Hong Kong among the leading middle of business and commerce bringing in not only a significant variety of opportunities but additionally numerous tourists- each business along with leisure that fall to city in order to admire not only its multiple – ethnicity however to additionally enjoy it’s hospitality greatest seen in its social occasions, night existence, food along with history.
Take pleasure in your remain in a completely furnished vacation condo
The majority of the visitors go to the city identified for its aromatic harbor possibly like a weekend entrance or for any longer length not increasing beyond per week and to help to make best make use of time and assets, a lot of few choose in which to stay serviced flats or temporary lets rather than those of resorts.
Making your way around the location is sleek and simple
One of the numerous motivators which appeal to a visitor to a nation is the easy transport. Motion nationally and those inside the city is actually of perfect importance for you to those who are going of their personal and are on the strict price range. Along with Hong Kong is actually fortunate to have among the finest transportation techniques in Asian countries. The actual Chek Lap Kok airport terminal joins the city for you to all of those other globe while the Airport convey teach, Airport shuttle service bus along with MTR will hook up you to internal the main Hong Kong City specifically Central, Lantau island and so on. With regard to guest originating from china particularly from Shenzhen along with Macau, you will find ferries, ships and also helicopters that certain can take advantage of. Along with for shifting within the town, buses along with taxis usually are aplenty while MRT is the greatest wager because it connects car city.
Eat, Store and Enjoy
Given that accommodation along with transport have been looked after, you can easily mind off to see a few of the amazing town points of interest that the area provides through fragrant harbors to be able to guided strolls to help museums to organic parks to style parks, Hong Kong provides almost anything.
Hong Kong is a populous coastline city in China that is well known for international business. It is home to several global co-operations and companies. It is an ideal business location for any growing company with the intension to tap into Asian workforce as well as its market. The city has been awarded the title of the number one freest economy in the world in current times. This has put the city at the forefront of international businesses all over the globe.
The first and foremost reason is the free market policies. This is one of the factors that attract foreign investors to Hong Kong. It is ranked top among the freest economies in the world today. The freedom is extensive and covers multiple business areas and aspects including investments, trade and property rights. It is free from government control and hence is externally oriented and amongst the most liberal economies in the world. The open market system coupled with the free trade policies are the lifeline of the Asian city. Without the freedom that this policy guarantees, Hong Kong would be just like any other urban city in Asia.
There are several factors that fuel the success of international business in Hong Kong. Collectively they have made the city a favorite among global companies. Globalization is one of the related policies that Hong Kong has fully embraced and used to ensure its dominance in international business. It has become a beacon of success in international business in Asia and the world over. Irrespective of the type of business, any business that is set up in Hong Kong enjoys several liberties that contribute vastly to its success. Some of the benefits of free market policies and free trade include
- High growth in economic progress since there is free enterprise, free trade and free markets that is open to everyone. The economy of Hong Kong benefits immensely from this.
- All barriers to trade are abolished and removed. All businesses are not subjected to any type of tariffs or quotas
- There are no restrictions placed upon investments. This is regardless of if it’s foreign or local.
- Your nationality does not affect whatsoever your freedom on corporate or sectorial ownership
- There are no controls placed on foreign exchange
Free trade and free market policies have gone a long way in driving Hong Kong to the fore front of Asian international business. The free flow of information also allows all companies to be at a leveled plain field so competition is purely affected by market forces. This gives all companies a chance to succeed in the Asian market.
Hong Kong is located in an perfect location in the Asia pacific region. This is a free market economy with entry to all the planet’s major marketplaces. It is most respected as one of the most business pleasant atmosphere in the world and ranks really favorably as the lowest corrupt world financial systems. According to YEAR 2011 estimate its GROSS DOMESTIC PRODUCT was $49, 300.
It has a extremely efficient transport system, working legitimate system and sophisticated telecommunication infrastructure makes it the prospective of most entrepreneurs. The usage of English in this Town further elevates its elegance as the perfect location to begin businesses. The town uses English common legislation that advocates for the guidelines of equity. It has a highly trained workforce which is its crowning jewel. This resource draws traders to put pencil to paper.
Hk Company enrollment requires a transparent approach to business. This plays a role in the chances of having your company effectively established. In order to attain the degree of transparency needed, you could consider hiring the expertise of experienced professionals that are up-to-date with procedures which could improve your business outcomes.
You can enroll the expertise of a company that specializes in numerous aspects of setting up businesses in this Asian City. Setting up a organization in Hong Kong is an efficient means of increasing both City’s and your personal business opportunities. Nearly all companies in this legal system are privately owned limited companies.
Top features of Private Limited Companies
• The guidelines of taxation followed by this city are known as territorial source.
• Only earnings whose source could be traced back to Hong Kong are taxable.
• Business routines from overseas sources are 100 % tax free.
• At the price of 16. 5 % tax on net income, it is regarded as a low tax program.
• You will find no other taxation systems for example capital gain tax, VALUE-ADDED TAX or business tax.
• Based on the statutory requirements, the investors or directors do not need to be inhabitants of Hong Kong.
If you are looking to extend your biomedical company, Hong Kong could be the perfect venue for you. The exceptionally advanced healthcare organization of the city offers many favorable circumstances, at the same time the briskly developing markets in Mainland China and some more parts of Asia serve profitable potential for expansion in future.
Pharmaceuticals and Biotechnology
The cosmopolitan healthcare structure in Hong Kong demonstrates an appealing market for pharmaceutical and biotech companies. High class clinical services, the consequences of which are acknowledged both by Mainland Chinese and international drugs registration authority, help fascinating the domestic clinical research and the third party operators to Hong Kong.
InvestHK’s Innovation & Technology group can serve realistic assistance to pharmaceutical and biotechnology companies desiring to establish in Hong Kong.
Healthcare and Medical Equipment
Medical equipment and device organizations in Hong Kong become good partners for joint venture manufacturing or contract Medical because of Hong Kong’s powerful allowable protection for any intellectual property. As the electronic content of equipment and medical devices remains increasing, the industrial base of powerful electronics in the Pearl River Delta facilitates manufacturers to step in to a more citified and creative market segments.
The immense professional standards of its medical personnel and the extensive use of advanced healthcare equipment and technologies make Hong Kong very popular for this category. With enhancing medical tourism and aging population, Hong Kong’s standard as a healthcare hub for the region is safe. To allow further expansion of the medical services area in Hong Kong, the government has reserved four places for private hospitals to be operated.
Traditional Chinese Medicine
The Traditional Chinese Medicine is an expeditiously developing field, with increasing international appreciation and understanding. Hong Kong has proved itself as a hub for the application and modernization of Chinese medicines and an impulse to grow and develop the industry is very strong here. Particularly, Hong Kong has led evidence-based and scientific research into various regions of modernized Chinese traditional medicine and is still developing Chinese medicine products for the international and domestic markets.
Facts about Hong Kong’s Medical infrastructure
Hong Kong’s per person healthcare expenditure is found to be one of the highest in Asia. Infrastructure and research funding is operating to support R&D schemes by biomedical companies. Highly experienced, most lingual and tech-savvy workforce is available to lift the business as well.
Hong Kong’s industrialization dates back when it was known for light consumer goods that any other region would as well do. With competitive spirit, rigorous research and zeal to stand out, Hong Kong is now the regional giant and the control centre for both local and international manufacturing firms. Just a reminder, it is an hour drive from the great Pearl River delta (GPRD).
In the last three decades, most manufacturing companies moved from Hong Kong to the low economy regions where labor and cost of raw material were low, for instance, southern China. Today, the reverses have been created and companies are proffering Hong Kong to those regions owing the Hong Kong’s higher up to date value functions. They include, but not limited to, proto type production, Research and Development, supply chain management, Marketing and business development, technology and software services among many others.
The city is ideally located for such businesses and professionals to supervise and monitor source trading and manufacturing at the Pearl River delta region which is immediate north of Hong Kong.
The town’s excellence is present in the areas of logistical services and high performance in production management due to which, the city has been listed as the sole major exporter of light consumer goods in the Asia pacific region. Such goods may include; jewellery, toys, electronics and accessories, textiles, and finished clothes among others.
Due to the city’s logistical ease of doing business, many industrial international giants have moved their international operational centers, regional offices and global head quarters to Hong Kong. Companies like BASF, GE, Nissan Infiniti and Liebherr are enjoying great benefits and more in the packages of simple tax systems, free economy, effective transport, intellectual property protection, proximity to China’s mainland and many more in Hong Kong.
The city has the population that need to drive the industries in, since the vast population has technical knowhow in various fields. The energy source is reliable, constant supply of power generated locally for both industries and other support services in the industrialization process.
The effective and reliable transportation network makes both transportation of the raw material to the factories and the transportation of finished products to the market both locally and internationally. The whole of South East Asia is easily accessible from Hong Kong and owing to the city, being the management area for the manufacturing industries in the Pearl Delta region where, you can easily get what you want.
First thing first! Decide company type first and then name of your company.
In order to provide you a roadmap here are types of companies:
Among the most common types of companies, one is limited company. Having a limited company in Hong Kong, means that the owner is able to get full advantage of tax benefits and special considerations. Concessions are available for fully incorporated businesses, not only this but (CEPA) Closer Economic Partnership Arrangement and a free trade with Mainland China as agreement.
Branch of a Parent Company:
A company located outside Hong Kong, but intend to have a place in Hong Kong’s business then the company should have to registered as a “Non- Hong Kong’s Company” within a month. Unlike limited companies, the branch office will not be considered a separate part (legal entity) from parent. It will have the authority to leverage funds of its owner.
Such type of offices can’t be engaged in profit-making actions, but can perform limited function for the company. These offices can play a vital role if any company is interested in exploring the Hong Kong’s market trends before stepping in with huge investments. If the company is willing to enter in business transactions, then there is a legal obligation; the company has to change the company type as limited or branch office.
Don’t forget to search for limited companies indexed names before choosing your company’s name. This is because of the law that companies cannot choose the same name that is appearing in the index records maintained by Registrar of Companies. Search indexed names online via Companies Registry’s Cyber Search Centre.
There are many limited companies in Hong Kong that are private companies, actually limited by their shares.
There must be at least one director and one secretary of the company else only a director cannot be considered a secretary too. For secretary, there is a restriction that he/she should be a resident of Hong Kong. If secretary is any corporate entity, then it should be registered as well as located in Hong Kong. For director, there is a flexibility of being a non-Hong Kong’s inhabitant.
This is obligatory that the company’s registered office must be situated in Hong Kong.
Shareholders are not restricted to be local and a sole shareholder can play his part as a director.
There are a variety of schemes premeditated to assist abroad and confined people to live in Hong Kong contentedly. These are declared as
• Incubator schemes
• Mortgage assurance
• Resources for advertising
According to this scheme, people can gain office location and place in finance rates along with discussion and monetary support programs. Provision of HK$100, 000 funding for SMEs is also performed by the Design Smart Initiative for completion of designing projects. DIP programs are also provided proper support in the matter of office location and designing with professional capabilities. Hong Kong’s Cyber port is managing this program for the support of those people which have creative minds and ideas to perform in the business.
Financial aid for apparatus and advertising
The SGS is offering support for safety of HK$12 million loan that is imperative for adjustment of business. The EMF assists firms to contribute in abroad presentation and trade assignment and to place B2B promotion. It can subsidize up to 50 percent of accepted disbursement, up to HK$50, 000 per submission. The SME mortgage assurance scheme can present assurance reporting of 50–70 percent on mortgages up to HK$12 million. The Create Smart Initiative is presenting monetary maintain to SMEs in the resourceful productions, donating them to manufacture their product through contribution in abroad presentation and contest. Provision of financial aid is also an important and supprotive programs for success of all kinds of commerce. The government is offering proper knowledge and support in this matter; businessmen can gain this help and make their professional life winning and succeeded in the market place. Through these programs, people can promote their business and live in the society with accomplishment by attaining high communal and financial success in the market place.
Technology and Innovation funding
The ITF is providing assistance for business to promote their equipment and introduce inventive thoughts into their commerce. The SERAP presents subsidy for R&D of machineries that can be conveyed to promote contained by two years. With this technique, people can gain proper information about their business and relevant rules because this is helpful to make business promotion essential and certain. The use of technological innovations is a favorable option for all businessmen but this matter should be treated with proper awareness of these resources. This technique is helpful to make success certain in the business without any doubt and reservation in the social order.
If you have a business and are looking for ways to expand into Asia, forming an offshore company is a viable possibility. Of course finding the perfect country to base your offshore company in can be tricky; unless you do all your research and know your facts beforehand. Fortunately there is a country in Asia that is the perfect partner when it comes to offshore company formation; this country is Hong Kong (HK) – also referred to as the territory.
When it became one of The People’s Republic of China’s two special administrative regions, it also increased its strategic value as an entry point into the various Asian Markets.
The territory is one of the world’s leading financial centers with an emphasis on a capitalist service economy that is characterized by some of the best conditions for global trade and finance. There are numerous benefits to a Hong Kong company formation but the most prominent amongst these is that this country is strategically located in Asia, and that it serves as a gateway for international companies wanting to enter the Asian markets and is also a gateway to the biggest Asian market of them all – China.
The Advantages of a Hong Kong Based Company
Besides its perfect geographical location in the heart of Asia, there are many advantages to forming a company based in Hong Kong; some of these advantages are:
- It has a sound and reputable legal system
- It has a world class infrastructure
- It has a highly educated work force
- It has well developed capital markets
- It has a simplified tax system characterized by low taxes
- It is a politically stable society
- Its currency the HKD, is one of the most traded global currencies
- It has a world class communications infrastructure
- It has one of the highest per capita incomes in the world
What Makes Hong Kong A World Class Business Location
Strategic location not withstanding, HK in itself is a world class territory and has received numerous awards for its superior proficiency in world finance. Among these awards are:
- The World Bank’s rankings for one of the world’s best places for doing business.
- The Global Financial Centre Index ranking as one of the most competitive global financial centers.
- One of the highest ranked “e-ready” cities in the world.
- One of the most competitive economies in the world.
The Human Development Index ranks it amongst the highest in the world in four tiers of human development, and more importantly, if you are looking to form a company there, you will want to know that for the past 14 years it has ranked first, out of 157 countries, in the Index of Economic Freedom. The Index of Economic Freedom is an annual index that measures the degree of economic freedom in the world’s nations. This makes it an extremely attractive proposition for the location of a new company.
How Do You Qualify For A Hong Kong Based Company?
Obviously there are certain standard requirements that have to be met before you can qualify for a HK based company; however, these requirements are generally quite simple and easy to meet. The main requirements are:
- There must be at least one shareholder and/or director who is over 18 years of age.
- At least one permanent resident from the country should be a member, or there should be an authorized company based in the territory representing and acting as the legal secretary for the applicant.
- There should be one registered address there.
If you are looking for ways to enter the Asian Market, then look no further than Hong Kong; not only is it the perfect gateway, it is also a tax haven and makes good business sense.
Get all the information you need about company formation and Hong Kong company formation, and make an informed decision.