|Local Time (LIVE):||4:41 PM|
|Local Currency:||$1 = $7.84|
|Business Language(s):||Cantonese and English|
|Tax Year Dates:||April 1st to March 31st|
Expanding your business internationally to Hong Kong has a multitude of benefits. Being in the heart of the Asia Pacific region, Hong Kong is situated close to China, Korea, Japan, Taiwan and Singapore. Thanks to its proximity to China and its standing as an administrative region of the country, Hong Kong benefits from advantages for cross-border business transactions.
Communication is never a worry in Hong Kong. Despite the predominant language being Cantonese, English is widely spoken in business. Its timezone is also brilliant for global communications with the east and west coast of the US, and internet is unfiltered.
Hong Kong also benefits from having a simple tax system with some of the lowest rates in the world. It has a free trade policy, no trade barriers and no capital gains taxes or goods and services taxes. Whilst there are many tax benefits, there are still payroll and HR considerations to take into account.
When you’re busy with the day to day, it can be very time-consuming to ensure your business remains compliant with international employment laws and legislation. That’s why you need a global expert by your side. FMP Global take the hassle out of international payroll and HR, so you don’t need to worry.