Supporting Enterprises
In the face of the worsening external economic environment, Hong Kong Government needs to help local enterprises by reducing their operating costs and enhancing Hong Kong competitiveness so as to protect employment. To this end, our Financial Secretary propose to reduce profits tax for 2011-12 by 75 per cent, subject to a ceiling of $12,000. The reduction will be reflected in the taxpayers' final tax payable for 2011-12. The proposal will benefit all taxpayers who are liable to profits tax, the number of which is near 120 000.

Government economist Helen Chan reported a 4.3% YoY growth in the third quarter. Releasing the 3rd Quarter Economic Report 2011 and the preliminary figures on Q3 Gross Domestic Product, Government Economist Helen Chan said that on a seasonally adjusted quarter-to-quarter basis, GDP expanded 0.1% in real terms.

For Foreign Invested Enterprises (FIEs) looking to enter or already established on the Chinese market an understanding of the common employment and tax practice is significant. The newly adopted Social Insurance Law which came into effect on 1st July 2011 and the new Individual Income Tax Law which will come into effect on 1st September has been designed to provide a more "employee-friendly" environment. It is important for all companies (inside and outside of China) to understand their rights in terms of the new obligations in order to remain in compliance. The most important considerations when establishing a manufacturing facility is selecting the best site in the shortest possible time. One of the most time consuming elements of the site selection process, particularly if you are looking for a facility that is far away from your corporate offices is making site visits. By making some basic preparations, however, investors can help to limit the number of site visits needed to find their ideal location and help to make each site visit more effective.

HSBC presented Asia Business Centre the Business Advisor Award 2010 which proves our excellence in proving prominent corporate bank account opening service to expatriates all over the world. It also serves as an affirmation of the enormous effort that Asia Business Centre as a whole has contributed to sustainable development.