Hong Kong became a hub of Britain’s Asia trade after the first opium war of 1842. Despite being severely affected by the Japanese occupation during the Second World War, the twentieth century was characterized by massive development. A cheap labor base fuelled a boom in manufacturing in the post-war years and financial services began to take greater importance in the 1970s. In the 1980s, low-wage jobs moved to the mainland.
Hong Kong was reverted to Chinese rule in 1997 as a Special Administrative Region. It is guaranteed a high degree of autonomy until 2047 with its own chief executive. The appointment of the chief executive however is strongly influenced by Chinese mainland authorities.
The Most Attractive Features about Hong Kong:
1. A territorial based tax system and generally low tax levels
2. No barriers on trade
3. Tariff free access to the Chinese mainland
For more information about doing business in Hong Kong, contact Dezan Shira & Associates
