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Hong Kong Asset Protection Strategies More Popular Than Ever With New Regulations
Some may bemoan the decades the Hong Kong spent under British rule, out of the control of its 'motherland', China. However, the economic reality of the day is that it was that period of British colonialism that has helped create one of the most stable and enviable jurisdictions oin the world.
With the SAR's recent win of the 'freest economy in the world' title, Hong Kong asset protection and Hong Kong offshore banking have gained a huge popularity boost. We look at what is so special about Hong Kong, the corporate offshore banking industry there as well as the best asset protection measures to take on the island region.
The Wall Street Journal and the Heritage Foundation were the organizations to name Hong Kong the world's freest economy recently, with the SAR followed closely by Singapore. Three of the world's top five free economies were located in Asia, in fact.
Metrics such as unemployment, inflation, per capita and per household income were used to make the determination. The finding that company formation services in Hong Kong saw a record number of incorporations over 2007 was made in tandem with the Wall Street report.
John Tsang, Hong Kong's financial secretary, has often stated that the government intends to promote Hong Kong as one of the world's leading international business destinations. Competitive regulation, integrity and appropriate controls are all a focus of the government towards this end. Investment in China which is routed through Hong Kong also helps the industry hone new ideas, and boosts trade.
All of these positive factors are being promoted by Hong Kong financial consultancies and business consultancy services, which saw a huge jump of over 63,000 new local companies from 06 to 07, and 748 new overseas companies for the same period.
Hong Kong offshore banking is attractive even to companies that do not reside in the jurisdiction. The region's unique position as a bridge between Asian and European cultures means that there is a wide variety of banking options represented.
There are over 200 authorized institutions, with Japanese banks and European and North American institutions all having strong presences in the SAR. The increase in foreign investment and company formations services has meant that local banks have begun to develop and specialize in trade financing, foreign exchange dealing and mortgage finance.
The intention to develop a banking and offshore investment business industry with integrity means that Hong Kong banks operate with a 'know your customer' principle, so beneficial owners of a company must be disclosed, however is held in the strictest confidence.
Asset protection in Hong Kong is a thriving industry, with clients all over the world. Asset protection is best achieved by choosing jurisdictions with investor protection schemes in place, like Hong Kong. Investment management services still advise clients to spread their assets over a range of products and jurisdictions, however.
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