Hong Kong has one of the most vibrant economies for any city in the world. Known for being the freest economy worldwide, Hong Kong has been an exciting destination for overseas entrepreneurs and established foreign companies. Even today, a few thousand foreign owned companies are registered in Hong Kong each year and the numbers are only expected to rise thanks to a number of recent developments in the city.
Firstly of all, Hong Kong has announced that it is looking at the company incorporation procedure in the city and make it more automated and streamlined. The overall aim is to drastically reduce the number of days it takes to setup a company in the city. Currently it takes about a week for a foreign company to complete their incorporation procedure in Hong Kong. However, if the new plan is implemented, it would take only a day for the entire procedure to be complete and companies can commence their business operations immediately.
Of course lately the most exciting developments in the city have all been related to Mainland China. Even though Hong Kong is an administrative region of the People's Republic of China, it is quite clear that Hong Kong will play an extremely important role for China in its quest to become the most important and largest economy in the world. Already several foreign companies that plan to enter the Chinese market prefer setting up their company in Hong Kong and use their Hong Kong Company for their Chinese business activities. Apart from that, China has been working overtime to convert Hong Kong into the most important financial center in the world. There have been announcements earlier this year about creation of an offshore spot Yuan fixing rate in Hong Kong. Many believe this is the first step in letting the Chinese Yuan becoming the most important global currency and has brought a lot of excitement to traders and investors in the city.
Hong Kong's own economy has been doing quite well and as per the latest world economic competitiveness rankings, Hong Kong is at the 11th position. Singapore is the only country from Asia that is ranked above Hong Kong in the global economic competitive rankings and Hong Kong is expected to go up the ladder in the future as many of the European economies would slide below Hong Kong. There are also talks about few major companies from Europe and US shifting their base to the city to take advantage of the pro-business policies and liberal taxation regime of Hong Kong.
Article Source: http://www.articlesbase.com/entrepreneurship-articles/recent-economic-developments-in-hong-kong-5248232.html
About the Author
Bryan Wong is a business analyst in the Asia-Pacific region and in his free time writes business articles. In this article, Bryan talks about HK company registration and Hong Kong company registration services.
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