Tax And Corporate Options In Hong Kong
Hong Kong is one of the most visited business destinations in the world. Companies from all over the globe are attracted to Hong Kong because of its amazing tax free environment. Hong kong taxation
is comparatively low compared to other locales, and tax service in the country is also efficient and professional. All this attracts large number of international corporate customers who pay a visit to Hong Kong to do their business.
The tax and corporate service in Hong Kong is highly beneficial to the companies as they can avail their services at the most reasonable tax rates, without worrying about the burden of taxation at the corporate level. In addition, corporate firms also get tax breaks under some laws passed by the government. The tax authorities offer various options to individuals and organizations to minimize tax payments.
There are many things to be kept in mind when you look for tax services in Hong Kong. First and foremost, the firm must be a registered one. It should be an authorized body recognized by the government. The government takes care of the registration process and it makes sure that the concerned company pays taxes on behalf of the tax payer. If the tax rates are too high for your company, then you can choose to form a Limited Liability Company (LLC).
However, the formation of an LLC does not imply that the company will have lesser tax liability. The government makes sure that all the requirements of a legal business are fulfilled. To enjoy tax benefits, the company must carry on its legitimate business. This means that the tax paid by the company is more than what one would pay if it operated under an individual license. This is the reason why most of the businesses in Hong Kong prefer to avail tax services offered by specialized firms.
Apart from this, the tax services in Hong Kong also take care of the corporate veil so that the tax paid by the company is not less than the tax rate of the individual license holder. If there is any tax evasion by the company, then it can be charged with criminal prosecution. Thus the tax paid by the company is effectively reduced by the amount paid to the tax office. There are many corporate tax services providers in Hong Kong offering tax services at very reasonable rates. Check out this site
for more details about tax services.
A tax consultant is someone who is well versed with the tax laws of Hong Kong. He/She guides the company in making strategic decisions based on the existing laws. A tax consultant helps the company to reduce costs and maximize profits. It is his duty to negotiate with the tax office for the best tax rate. When you hire a tax consultant, make sure that he/she is a member of the Institute of Chartered Accountants of Hong Kong (ICADH).If you probably want to get more enlightened on this topic, then click on this related post: https://simple.wikipedia.org/wiki/Tax