Freedom of business activity is in Hong Kong’s DNA.

21.05.2014

Hong Kong Minister of Finance, John C Tsang, decided to name the main perks of the financial center for business among other jurisdictions at the Asian business forum.

Hong Kong Government wants to transform it into the base for realization of new business-ideas. Special attention is paid to the IT sector. The new governmental body is expected to be created – the Innovation and Technology Bureau.

The improvement of Hong Kong place among other jurisdictions is planned. Now it is placed as 7 in 142. The main focus is on new technologies, good infrastructure and flexibility.

“We have a strong innovation culture based on free flows of ideas, information and talent. We keep our taxes as low as possible, and we cut through red tape at every opportunity,”- said minister Tsang.

Source: http://www.info.gov.hk/gia/general/201405/21/P201405210451.htm

Expert’s opinion

Indeed, Hong Kong is a strong financial sector in Asian Region. Jurisdiction is always improving and developing as regards to new changes in legislation. (http://hbcomp.ru/about/news_and_mailings/news_jurisdictions/3896/). Hong Kong authorities keep up to speed with last developments in the world of business and try to maintain its positions. And they are pretty much successful: despite some new things in corporate structure, there were measures taken in order to ease the business activities – cancelation of the nominal value of share, ease of procedure and submission of the annual reports, cancellation of mandatory annual meeting of directors and possibility to conduct it with the use of modern technology. All these measures aim for development of the jurisdiction, attraction of investments, including prosperous sector of IT.

Alexandra Mihno ( Lawyer, Honest&Bright)