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It’s clear information to most of us that recent years Amazon attracted thousands of suppliers from all over the world to its trading platform in USA and Canada, but also to some other countries, like Germany, and Mexico.

There’s nothing surprising about it, since Amazon offered the most valuable thing, it’s the biggest and the richest retail market in the world together with easy to understand and maximum transparent platform for work in the matter of logistics, finance and marketing. 

Many suppliers studying the work with Amazon trading platform question themselves with important issues. How to do business in this retail in legally and correct way, how to arrange profit return to their personal bank account, how to arrange payment to suppliers. It’s obvious that their home jurisdiction is often not the correct way to choose. Some country’s legislation doesn’t imply offshore business and has foreign currency restrictions.

We would like to recommend the work with Amazon using Hong Kong limited company. And there are many grounds for this. Let’s talk them in more details.

1. Registration of Hong Kong takes only one week. And there’s no necessity to come to Hong Kong.

2. Registration fee in general takes only 600 USD.

3.Total annual expenditures on limited company start only from 900 USD.

4. There are very little restrictions on nationality for limited company in HK. All restrictions are mostly related to companies in the UN sanctions list.

5. Jurisdiction in one legal field with China, and it’s easy to notice that most of real manufactures are in China.

6. Company in Hong Kong and retail business in Amazon provide rather reliable ways to open account in reliable financial system.

7. The English language is official language in Hong Kong, that’s why most of the law and requirements on accounting are easy to grasp.

8. It’s really easy to do accounting. Furthermore, it’s really hard to imagine more simple and more transparent requirement for accounting than in Hong Kong. The first accounting check starts only after 1,5 years from commencement day.   

9. Easy to understand taxation system and the lowest profit tax in the world. The only tax, which trading company with foreign employees need to pay is profit tax, which is only 8,5 % of net profit for companies with net profit lower than 4 million Hong Kong dollars. Furthermore, there are legal ways to lower the tax burden and the government usually annually supports the business with tax allowance.

10. The last and one of the most important things is existence of reliable partner in the name of CorpProm. And we are always here to support you in the questions of registration, company service and bank communication.

So dear colleagues, if you are already in Amazon or just thinking over Amazon system – limited company in Hong Kong with the reliable partner CorpProm – is the right option!

Many companies face the problem of notarization of documents at some point of work. In Hong Kong documents can be notarized in High Court, by public notary and by certified public accountant (CPA)/Auditor. This article will introduce the list of documents that can be apostilled by High court.

A document can be apostilled (type of legalization) by High court and thereby will have a legal force. Meanwhile Notary and CPA confirms the authenticity of signatures, documents, etc.

An apostilled document can be as follow further. Please note that no any documents are accepted by the High Court o

Hong Kong. For verification the original document must be provided.

• Marriage certificate
• Certificate of Absence of Marriage Record
• Certificate of Registered Particulars
• Birth and Death Certificate
• Business Registration Certificate
• Certificate of Incorporation
• M&A

Our colleagues will clarify what documents can be certified and the best price offered.

Information technology has spread through all areas of our life and influenced virtualization of bank sphere.

Traditional banks aren’t as mobile as virtual banking which can offer a new kind of services in banking and satisfy the needs of different groups of clients. The main feature of this banking is working only through Internet without traditional branch office and some operate only mobile app.

From the moment of opening the 1^st virtual bank in the world “Security First Network Bank” passed 22 year. Only in 2017 year in Hong Kong was announced about intention to begin “A New Era of Smart Banking”. In 2020 year already 8 virtual banks has begun its work: ZA Bank Limited, Airstar Bank Limited, Ant Bank, Livi Bank Limited, Fusion Bank, Mox Bank Limited, Ping An OneConnect Bank, WeLab Bank. Za Bank Limited is the first virtual banks in Hong Kong launched an opportunity to issue a debit cards for new clients, and also started new foreign incoming payments.

Hong Kong Monetary Authority (HKMA) expects that virtual banking development will help to promote high technology and innovation not only in this sphere. The focus is on local business, mostly personal banking, but corporate services for SME are becoming more and more popular.

Our company will help to understand the specifics of opening bank account in Hong Kong and China.   

This article is about features of the profit tax in Hong Kong

1. The Hong Kong tax system is based on the territorial principle. If the company’s profit is originated from outside Hong Kong, there are legal ways not to pay corporate tax in Hong Kong. Income from foreign sources is not taxed, even if it was moved to Hong Kong. Anyway there are corporate bodies who prefer to become tax resident of Hong Kong, even if they are working outside, mostly because of low profit tax and easy to follow tax policy.

2. Legal entities that make business and profits on the territory of Hong Kong must pay income tax in Hong Kong on a regular base. It also applies to other jurisdictions that are registered as tax residents in Hong Kong. There are some minor details that can be stipulated as activity in Hong Kong or activity outside Hong Kong.

3. The company’s loss is accumulated for over a period of 5 years, and income tax will be accrued only after company’s full repayment of its loss.

4. In Hong Kong the corporate tax is progressive. Currently, the standard rate of corporate tax in Hong Kong is 16.5%. The tax rate for small corporations with income is less than 4 million GK dollars, the tax rate is only 8%. This is almost the lowest income tax rate in the world.

Our company helps to understand all the features of taxation in Hong Kong and can be tax agent between corporate body and Inland Revenue Department.