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Asset protection

  1. 1. Hong Kong GeographyHong Kong is located along the southern coast of China, about 160 kilometerssoutheast of Guanzhou, formerly Canton. The Hong Kong territories cover 1,100square kilometers and contain more than 200 offshore islands, the largest of whichis Lantau. Regionally situated between the Taiwan Straits, the South China Sea andthe Pacific Ocean, the area is a strategic channel for international sea traffic. Withmountainous regions to the North and South, accommodating deep harbors andterritorial waters extending 5.6 kilometers from the shoreline, Hong Kong is afavorable port renowned for its spectacular skyline. Skyline at Evening Skyline Spectacular Climate
  2. 2. Hong Kong has a subtropical climate averaging 23°C with 78% humidity. Monsoonsare common along with the seasonal alternation of winds. January is the coldestmonth dropping down to 10°C or lower on occasion. Spring lasts from Marchthrough the middle of May bringing heavy rains and very little sunshine. Thetransition from winter to spring is considered the most undesirable time of year,even miserable with nearly 2 meters of rainfall. The summer months have intensesunshine running from June through the middle of September and arecharacteristically hot and humid reaching temperatures of 33°C with 86% humidity.The fall season and first half of winter are dry, cool and considered the mostpleasant time of year. Hong Kong Park CultureAlthough 95% of Hongkongese are of Chinese decent, Hong Kong is recognized as ahub of cultural diversity. Family surnames are traditionally listed first in honor ofthe father, followed by two personal names. Confucianism drives the system ofethics and relational responsibilities such as duty, loyalty and respect. Businesscards are given using two hands, often with a slight bow and eyes lowered. Theconcept of "face" is an intangible quality representing dignity, reputation and
  3. 3. prestige that is dynamically woven into the fabric of Asian society. Mainstreameducational systems in Hong Kong place a heavy emphasis on ranking systemsbeginning at an early age as competition for job placement is fierce. Businessrelationships are developed carefully and are intended to be maintained for lengthyperiods of time. Cityscape
  4. 4. Cultural Contrast ActivitiesThe number one tourist destination in Hong Kong is Victoria Peak, featuring thepeak tram, galleria and tower. There is a 5.7 kilometer cable car ride up to the BigBuddha, an Ocean Amusement Park and even a Honk Kong Disneyland. Ferry rides,cruise ships and helicopter flights offer city tours. The Museum of Art, Museum ofHistory and Philharmonic Orchestra are located downtown. Street markets withlocal venders to high-end shopping centers with brand name luxury items provideaccess to an array of shopping experiences. There are top hotels from around theworld with service oriented day spas and a multitude of restaurants with cuisinefrom every corner of the earth. Hong Kong is a metropolitan wonderland.
  5. 5. Amusement Park HistoryThe history of Hong Kong extends back six millennium. The first emperor of Chinawas recorded in 214 B.C. and formed imperial China. Chinese history is exhaustiveas dynasties lasted for centuries. The earliest recorded european visitor was aPortuguese explorer who arrived in 1513. From 1661 to 1669, during a period ofcivil unrest, the territory was evacuated and largely became a wasteland. The EastIndia Company was the first sea venture to China in 1699 and British merchanttrading developed rapidly. Within a hundred years China was consuming over 2,000chests of opium annually. When authorities refused to import more opium the firstof two opium wars erupted and British forces occupied Hong Kong Island. In 1842under the Treaty of Nanking, Hong Kong was ceded in perpetuity to the UnitedKingdom and a year later became a crown colony with the founding of the capitalVictoria City. In the early 1950s when a city to the north of Hong Kong calledShenzhen became a "Special Economic Zone" of the Peoples Republic of China(PRC), Hong Kong was established as a center for foreign investments into China.When the United Kingdom reclassified Hong Kong as a "Dependent Territory" in1983, discussions began to transfer sovereignty. And in 1984 the Sino-British JointDeclaration was signed stipulating that Hong Kong would be governed as a PRC
  6. 6. "Special Administrative Region" retaining a high degree of autonomy for at least 50years after the transfer. On July 1, 1997 the transfer of sovereignty occurredending 156 years of British colonial rule. Hong Kong remains economicallyindependent to this day. Hong Kong Bridge EconomyHong Kong has the highest degree of autonomy as a Special Administrative Regionof the Peoples Republic of China in all areas except defense and foreign affairs.Individual rights and freedoms are enshrined in the "Hong Kong Basic Law"constitution. The legal system is based on English common law and completelyindependent of Chinas civil law. The Hong Kong government is made of aLegislative Council, Executive Council, Judiciary and Civil Service. The ExecutiveCouncil is headed by the Chief Executive, who is chosen by the Election Committeeand appointed by the Central Peoples Government. The Political & Economic RiskConsultancy rated Hong Kong as the "2nd most politically stable country in Asia"with the "best Judicial system in Asia". A total of 70 out of the worlds 100 largestbanks have licensed representative offices in Hong Kong. The Stock Exchange ofHong Kong (SEHK) is the 6th largest in the world with over $2.3 Trillion (USD) in
  7. 7. market capitalization. The Hong Kong government has few, if any, import andexport regulations allowing the market to control the rate of development. Theofficial government policy of "positive non-interventionism" is often cited as laissez-faire capitalism, the success of which can be seen with an unemployment rate justover 4%. Since Hong Kong has virtually no natural resources, 90% of the grossdomestic product (GDP) is understandably driven by the service sector. The 2010World Bank Report "Doing Business" rated Hong Kong the "Worlds #3 Easiest Placeto do Business". Victoria Peak Financial and Offshore ServicesThe principle regulation of the financial markets is conducted by the Hong KongMonetary Authority (HKMA), the Securities and Futures Commission (SFC) theOffice of the Commissioner of Insurance (OCI) and the Mandatory Provident FundSchemes Authority (MPFA). The Hong Kong banking system is composed of threetiers, licensed banks, restricted license banks and deposit taking banks. Collectivelythey are known as Authorized Institutions (AI) under the Banking Ordinance. TheseAuthorized Institutions will not comply with the United States "Patriot Act"legislation and as a result have been known to close out the accounts of manyAmericans and refund their holdings. The Organization for Economic Cooperationand Development (OECD) has endorsed the view that Hong Kong is not considered
  8. 8. a "tax haven" but simply a "low tax jurisdiction". Hong Kong has an outstandingreputation for commitment to the international standard on tax information andexchange. Hong Kong is one of the worlds largest importers and simultaneouslyone of the world largest exporters. Given the scale of business conducted by HongKong companies internationally, Hong Kong Private Limited Companies and are notviewed by other nations with negativity or suspicion. The Hong Kong CompaniesRegistry is responsible for administering and enforcing the 385 pages of provisionsin Chapter 32 of the Companies Ordinance. Currently there are over 805,000private companies on the register with over 50,000 new incorporations annually. Legislative Council Building Asset Protection Services International, Ltd Registered Office Capital City Building Suite #305 Independence Avenue Victoria, Mahè Island Republic of Seychelles Office: +248 647 0188 Fax: +248 647 0199 Skype: AssetProtectionServices