EDGE Magazine | Q3 2011
Anuj Sharma Seychelles
Abacus (Seychelles)
anuj@abacus-offshore.com
H
ong Kong – A favourable listing venue for Onshore and Offshore Corporations
Hong Kong is a global city and world’s premier market present at the heart of Asia. It is well accessible to Asia’s key markets such as China, India, Singapore, Malaysia, Indonesia, Japan and quarter of world’s population making it a strategic location and operational centre for doing business. It follows its own laws with low and simple tax systems. Corporate tax of 16.5% for transactions that originate in Hong Kong and does not have any capital gains tax, withholding tax on dividends and interest, inheritance tax and value added tax.
Hong Kong’s added attraction is its stock exchange which lures foreign incorporations to list their stocks. As of February 28th, 2011, 1421 companies were listed on Hong Kong Stock Exchange (here after
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referred as HKEX) with total market value of 2.7 trillion dollars. Companies like “AIA group”, “Sands China”, “Rusal”, “Wynn Macau”, “Vale S.A”, Glencore International, and “Mongolian mining corporation” made their Initial Public Offering (IPO) on it recently. Landmark IPOs which charted among the world’s premier IPOs listed in HKEX to name a few are American International Assurance (AIA) which raised USD 20.5 bn dollar, and Agriculture Bank of China (ABC) which raised USD 22 bn dollar.
Approximately Ninety percent of companies on the HKEX are incorporated in an offshore financial centre (including Hong Kong). Forty one percent of the HKEX are non-Hong Kong companies. Offshore centres such as BVI, Bermuda, Cayman, Isle of Man, and Jersey offer wide tax benefits like full tax exemption on income and profits derived and exemption on withholding tax on dividends and interest.
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