| This is a jurisdiction that may have a few small | | | | to reduce the possibility of money laundering , the |
| features regarding taxation but when it comes to | | | | Hong Kong Monetary Authority ordered banks to |
| privacy it is most deficient.One disadvantage of Hong | | | | record whether Yuan deposits are made in cash, or |
| Kong companies is that annual financial statements | | | | via the conversion of other currencies. So they are |
| must be prepared, audited and presented to the | | | | watching and recording the inflow of foreign |
| Government to prove that the company did no | | | | currencies, not good.It also urged the financial |
| business in Hong Kong and therefore owes no taxes. | | | | institutions to keep track of multiple accounts opened |
| Such statements must be presented within 18 | | | | by the same customer, and to ensure that the |
| months of the date of incorporation. This is our | | | | 20,000 Yuan per day exchange limit is not breached |
| opinion is grounds for finding a friendlier | | | | by spreading the transactions across several |
| jurisdiction.One has no idea where this information | | | | accounts.Note this exchange limit is about $2500.00 |
| that you file is going to wind up. More trouble | | | | dollars, fairly small and privacy invading.Hong Kong is in |
| follows:Directors and Shareholders are in both the | | | | Mutual Legal Assistance Treaties read one with the |
| Government and Public record, note we said | | | | USA right here: Kong authorities can freely order |
| shareholders. No privacy here. There is no | | | | financial institutions to report customer identities, |
| requirement to report the Beneficial Owner to the | | | | etc.The Joint Financial Intelligence Unit can release |
| Government, if nominees are used but if he or she | | | | information to foreign governments freely with the |
| wants to be a shareholder as one should, then the | | | | understanding that the information will only be used |
| privacy is gone out the window. No bearer share | | | | for investigations not as evidence which would |
| companies here.Another negative is that the | | | | require additional requests for permission. This is just |
| company must have a Secretary resident in Hong | | | | red tape and will be approved. This is not a privacy |
| Kong, think more expense unnecessarily.There are no | | | | jurisdiction and we see no advantages to using Hong |
| anonymous bearer share corporations in Hong | | | | Kong. |
| Kong.Banking is not encouraging in Hong Kong.In order | | | | |