Hong Kong to Become the Asian Hub of the BVI
The British Virgin Islands, a group of islands found in the Caribbean, is not only known for its long stretch of white sand and turquoise beaches, it is also popular as the world’s number one home of hidden assets. It is a very important transit point for money and it has also appointed Hong Kong as its Asian hub.
The Asian market is roaring and countries in the region have booming economies and because of this the BVI is pushing into the Asian market. Hong Kong is very important to the BVI because it is a bridge not only to China but the rest of the Asian region. Elise Donovan, the executive director of the BVI International Financial Centre, said that they are very keen to ensure that BVI continues to serve in the Asian region.
There is a massive number of BVI companies which are catering to mostly Chinese clients which are based in Hong Kong and this means a lot of money not only to the BVI but Hong Kong, as well. BVI companies remain very popular and remain a very important transit point for money which is flowing in and out of the mainland. However, the use of Hong Kong and BVI as transit points for money in and out of China has received a lot of criticism because according to some it abets corruption and reduces transparency.
Advantages of BVI Company Formation in Hong Kong
BVI companies are very popular for good reasons. They are not required to pay tax; there is minimal information needed for submission; and they are not bound by foreign exchange controls. Several multinational companies are enticed to register as BVI companies.
· No requirement for the submission of audited accounts
· Privacy protection
· No tax declarable and payable
· The use of Chinese names
· No requirement for registered capital
General Requirements
· One shareholder and one director who is above the age of 18
· Local company or person who will act as agent
Hong Kong companies have a positive image because they are not seen as tax havens. The city’s legal system is based on the British Common Law and the city’s politics is stable. Hong Kong BVI companies can do business anywhere in the world and it is not also not a requirement for the company’s director and shareholders to be residents of Hong Kong.
http://www.bvi-companyformation.com/hong-kong-to-become-the-asian-hub-of-the-bvi/