Hong Kong Government and Economy By http://www.hong-kong-bank-account.com Government in Hong Kong has created a system in which there is a distinct legislature and representative government. The Hong Kong economy is one of the primary trading and financial centers in the world. Government – The People’s Republic of China is best described by their motto: “One Country, Two Systems.” While the Central Government of the People’s Republic of China considers itself communist, though it has been more economically lax since the 1980s. Hong Kong, on the other hand is a Special Administrative Region of China which manages its own economic, legal, and cultural affairs. This autonomy was instituted with the Basic Law signed in 1990 and the formal establishment of the SAR of Hong Kong in 1997. The Basic Law has created a system in which there is a distinct legislature and representative government, the head of which is the Chief Executive. This person may appoint judges, grant pardons, and alter or decide various government policies. One of his most important functions, however, is enforcing and implementing the Basic Law. One benefit to doing business in such a region is the tight banking secrecy. The Hong Kong government does not maintain good relations with some countries in the world such as the United States of America, the United Kingdom, Germany, France, Italy, Australia, and other nations. These poor relations combined with the statutory bank secrecy laws, guarantee that your information is safe within the bank walls. There is also strict attorney-client privilege laws and so you can rest easy knowing that your attorney will be looking out for you and his records cannot be easily subpoenaed in a court. The Hong Kong government is even stable enough to insure all of their bank deposits. How many other countries can say that? Since one of the two official languages in Hong Kong is English, bank and most government employees will be able to communicate with you. Economy - Hong Kong is one of the primary trading and financial centers in the world today with a GDP of almost $294 billion in the SAR alone. It has its own currency, the Hong Kong Dollar, separate from mainland China which uses the Renminbi, or the Chinese Yuan, though in most of the local banks you can bank in the Renminbi. This is a large advantage over other popular banking jurisdictions such as Panama because it gives you access to one of the best investment opportunities today. Forget the Iraqi Dinar, the Chinese Yuan is already used all around mainland China with hundreds of thousands of merchants and is quickly spreading all over the Orient. Plus, you will not have to deal with any correspondent banks in the USA or the European Union if you do not use their respective currencies. The work force as a whole is highly educated, with education being very competitive and on a world-class level. There is no tax on offshore-derived income, capital gains tax, or inheritance tax. Further, the Hong Kong Stock Exchange is one of the best markets available; it has the second largest amount of offerings after London. And so, we think that Hong Kong is an excellent region, not only for banking and corporate formations, but for general business purposes. In fact, many people go to Hong Kong on business trips and end up moving there. It truly is the Pearl of the Orient.
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