- Tax in China
- Setting up in Asia
- Benefits of the east
- Opening a HK Bank account
- Trusts & Trustees
Tax in China
Our knowledge of China’s tax system is second to none. Here is an outline of some of the different types of tax you will have to pay in China:
Value-added Tax (VAT)
VAT applies to the sale of almost all goods. The standard rate of VAT is 17% though some “necessary” products are charged at 13%
Corporate Income Tax (CIT)
CIT is presently 25%, though specific industries named by the Chinese authorities pay a reduced rate of 15%. CIT is due four times per year.
A withholding tax of 10% is levied on payments (inducing dividends) to non-residents.
Business Tax (BT)
Business tax amounts are between 3% and 20%. The rate varies significantly depending on what type of service and or property is being supplied or transferred.
This is used on several types of consumer products such as alcohol and tobacco. The amount can be anywhere between 3% and 56%
There are many other types of tax due that vary depending on the size and nature of a businesses involvement in China. Asia Advance know all the fine details. Talk to us about how we can get you in the clear:Next Article >
Setting up in Asia
There are many pitfalls companies slip into when getting started in Asia. Here are a few pointers to get you started.
Understanding cultural differences
You must enter your new market with the willingness to completely embrace and adapt to all the cultural differences. The more you adapt your business to accommodate local practices the more chance you stand of success
The power of determination
Setting up a business in Asia will through a great deal of challenges your way. The clients who achieve the most from our service have that all important “can-do” attitude and fully commit to the strategies and plans we put in place. Let us know what we will need to provide you with for your business to become a pa rt of success filed portfolio:
Speak the language
It’s not essential for every member of staff to have a deep understanding of the local language but some of your team must be well versed. Asia Advance can fill the gap and be that key member of your team.Next Article >
Benefits of the east
Many industries in Asia are experiencing massive growth. There are a large number of key countries rising which means there is an ever growing demand for foreign businesses to expand into the region. Here are a selection of some of they key reasons to expand east with Asia Advance:
Innovation is rife thanks to the tech savvy cities of countries such as Japan, Korea and Singapore. The governments and culture make for a healthy environment within which to grow your business.
Vast population & markets
Well over half the world’s population live in Asia. With high quality education and modern work ethics infiltrating more and more of the region’s nations there has been no better time than now to seize the moment. With Asia Advance you’ll maximize your potential to gain all you can from entering the continent.
Many of Asia’s key markets are still experiencing massive growth resulting in a cauldron of infectious atmosphere within which to start doing business. Expanding markets also allow for unique opportunities and innovation.
Cutting edge support
The enormous growth experienced in Asia over the last twenty years has required heavy state investment into the economic and urban infrastructure. This has had a responding effect on the rate with which local and foreign owned businesses can move and grow.Next Article >
Opening a HK Bank account
Here are some useful tips to get you started
The world’s largest multinational banks have their Asian headquarters in Hong Kong. The industry is an integral part of Hong Kong’s economy and is one of the planets greatest international banking hubs.
A Hong Kong bank account allows for fluid day-today business as there is no foreign exchange control allowing money to be moved with ease. Setting one up however, can be tricky as there are many specifications that need to be met.
What you’ll need:
- I.D. card or passport of the account holder
- Proof of account holder’s address
- Proof that the account holder has experience in doing business via contracts and invoices
- Proof that the account holder carries out director duties
- There are many more steps that can be taken to ensure your bank account is opened successfully. Contact Asia Advance to find out more.
Trusts & Trustees
As with many territories in Asia, Hong Kong trusts have many features that you need to be aware of that may differ from your country of residence. Here are some examples of areas that must be fully understood:
- Reserved Powers of the Settlor
- Power to appoint agents, custodians and nominees
- Perpetuity Period of Trust
- Forced Heirship Protection
- Zero Tax
- No VAT
To benefit from our all-encompassing knowledge of trusts in Hong Kong get in touch with right away.Next Article >