Hong Kong became a Special Administrative Region SAR of the People's Republic of China PRC on July 1, Under the concept of "One Country, Two Systems" articulated in these documents, Hong Kong will retain its political, economic, and judicial systems for 50 years after reversion.

Hong Kong pursues a free market philosophy with minimal government intervention. The Hong Kong Government HKG welcomes foreign investment, neither offering special incentives nor imposing disincentives for foreign investors.

Hong Kong's well-established rule of law is applied consistently and without discrimination. There is no distinction in law or practice between investments by foreign-controlled companies and those controlled by local interests.

Hong Kong is a member of the World Trade Organization in its own right as a separate customs territory. Hong Kong is a free port that does not levy any customs tariffs. The HKG levies excise duties on four commodities, namely: There are no quotas or dumping laws. Foreign firms and individuals are allowed freely to incorporate their operations in Hong Kong, register branches of foreign operations, and set up representative offices without encountering discrimination or undue regulation.

There is no restriction on the ownership of such operations. Company directors are not required to be citizens of, or resident in, Hong Kong. Reporting requirements are straightforward and are not onerous. Hong Kong's extensive body of commercial and company law generally follows that of the United Kingdom, including the common law and rules of equity.

Most statutory law is made locally. The local court system provides for effective enforcement of contracts, dispute settlement, and protection of rights.

Formalities are minimal in company incorporation and business registration. Foreign and domestic companies register under the same rules and are subject to the same set of business regulations.

Capital gains are not taxed, nor are there withholding taxes on dividends and royalties. Profits can be freely converted and remitted. Foreign-owned and Hong Kong-owned company profits are taxed at the same rate — No preferential or discriminatory export and import policies affect foreign investors.

Domestic industries receive no direct subsidies. Foreign investments face no disincentives, such as quotas, bonds, deposits, or other similar regulations. The Hong Kong Code on Takeovers and Mergers sets out general principles for acceptable standards of commercial behavior.

According to HKG statistics, 3, regional operations of overseas companies were registered in Hong Kong in The HKG owns all land, granting long-term leases without transferring title. Local and foreign leaseholders are treated equally. The HKG plays a significant role in the housing market, with about 50 percent of homes in Hong Kong either rented from the Government or purchased with government assistance at below-market rates.

Broadcasting - Voting control of free-to-air television stations by non-residents is limited to 49 percent. There are also residency requirements for the directors of broadcasting companies.

Legal Services - Foreign law firms may not hire local lawyers to advise on Hong Kong law, but may themselves become "local" firms after satisfying certain residency and other requirements.

They may thereafter hire local attorneys, but must do so on a 1: They also can form associations with local law firms. Hong Kong has a free trade agreement with Mainland China, called the Closer Economic Partnership Arrangement CEPAwhich provides tariff-free export to Mainland China of Hong Kong-origin goods and preferential access for specific services sectors. Signed inCEPA has gradually expanded every year thereafter. Following the eighth phase, announced in Decemberservice providers in 47 sectors e.

InHong Kong signed its first-ever free-trade agreement FTA with a foreign economy New Zealand. In JuneHong Kong and the member states of the European Free Trade Association Iceland, Liechtenstein, Norway and Switzerland signed a FTA covering trade in services and goods as well as investment, and other trade-related issues such as protection of intellectual property. Both agreements are fully consistent with the provisions of the World Trade Organization.

In additional, Hong Kong and Chile have agreed to start negotiations on a FTA in early Finally, Hong Kong is an Asia-Pacific Economic Co-operation APEC member economy and a participant in the APEC Business Travel Card ABTC Scheme, which grants qualified business travelers streamlined immigration clearance.

The Hong Kong dollar is a freely convertible currency that, since latehas been linked via a de facto currency board to the U. Consulate General is not aware of any expropriation actions in the recent past. Expropriation of private property may occur if it is clearly in the public interest, but only for well-defined purposes such as implementation of public works projects. If this is the case, expropriations are to be conducted through negotiations, in a non-discriminatory manner in accordance with established principles of international law.

Due process and transparency are to be observed. Investors in and lenders to expropriated entities are to receive prompt, adequate, and effective compensation. Property may be acquired under the State Land Resumption Ordinance, the Land Acquisition Ordinance, the Mass Transit Railway Land Resumption and Related Provisions Ordinance, or the Roads Ordinance.

These ordinances provide for payment of compensation. If agreement cannot be reached on the amount payable, either party can refer the claim to the Land Tribunal.

Consulate General is not aware of any investor-state disputes in recent years involving U. The Hong Kong Department of Justice is also not aware of any such disputes. Private investment disputes are normally handled in the courts or via private negotiation. Alternatively, disputes may be referred to the Hong Kong International Arbitration Center. The HKG accepts international arbitration of investment disputes between itself and investors.

Following reversion to Chinese sovereignty on July 1,Hong Kong applies provisions of the International Center for the Settlement of Investment Disputes ICSIDknown as the Washington Convention, and the New York Convention of on the Recognition and Enforcement of Foreign Arbitral Awards. Hong Kong has also adopted the United Nations Commission on International Trade Law UNCITRAL model law for international commercial arbitration. Inthe Legislative Council passed a new Arbitration Ordinance.

Hong Kong

The ordinance, which came into force in Junerepresents a major reform of arbitration law in Hong Kong, abolishing the previous distinction between domestic and international arbitration and adopting a unitary regime based on the UNCITRAL Model Law. The HKG intends to use the new arbitration law to help promote Hong Kong as a regional center for dispute resolution.

InHong Kong and Mainland China signed a Memorandum of Understanding on an arrangement parallel to the New York Convention for the reciprocal enforcement of arbitral awards, as the New York Convention — an agreement for international disputes — was no longer applicable.

Hong Kong's legal system is firmly based on the rule of law and the independence of the judiciary. Courts of justice in Hong Kong include the Court of Final Appeal, the High Court composed of the Court of Appeal and the Court of First Instancethe District Court, the Magistrate's Courts, the Coroner's Court, and the Juvenile Court. There are also a Lands Tribunal, Labor Tribunal, and other statutory tribunals.

Consistent with its principle of "Big Market, Small Government," and "Market Leads, Government Facilitates," Hong Kong imposes no export performance or local content requirements as a condition for establishing, maintaining, or expanding a foreign investment.

Hong Kong offers no special privileges to attract foreign investment.

HONG KONG: STOCK EXCHANGE

There are no requirements that Hong Kong residents own shares, that foreign equity be reduced over time, or that technology be transferred on certain terms. Hong Kong law and regulations provide for the right of foreign and domestic private entities to establish, own, and dispose of interests of business enterprises. Foreign investors are allowed, except for the sectors noted above, to engage in all lawful forms of remunerative activity.

The HKG does not generally engage directly in business activity via public enterprises. Business privileges, franchises, and land development rights are granted on the basis of competitive equality.

Hong Kong's commercial and company laws provide for effective enforcement of contracts and protection of corporate rights. Hong Kong has filed its notice of compliance with the trade-related intellectual property TRIPs requirements of the World Trade Organization.

List of companies listed on the Hong Kong Stock Exchange - Wikipedia

The Intellectual Property Department, which includes the Trademarks and Patents Registries, is the focal point for the development of Hong Kong's intellectual property regime. The Customs and Excise Department is the sole enforcement agency for intellectual property rights IPR. Hong Kong has acceded to the Paris Convention for the Protection of Industrial Property, the Bern Convention for the Protection of Literary and Artistic Works, and the Geneva and Paris Universal Copyright Conventions.

Hong Kong also continues to participate in the World Intellectual Property Organization, as part of Mainland China's delegation; and has seconded an officer from the Customs and Excise Department to INTERPOL in Lyon, France, to further collaborate on IPR enforcement.

Stock market does dead cat bounce HKG devotes significant attention and resources to IPR enforcement. Implementation of laws passed in recent years, including aggressive raids at the retail level with corresponding criminal prosecutions, has significantly reduced illegal production and retail sales of copyright and trademark protected products.

In addition, the Customs and Excise Department works closely with foreign customs agencies divorce trading binary options profitably the World Customs Organization to share best practices and to identify, disrupt, and dismantle criminal organizations engaging in IP theft that often operate in multiple countries.

The HKG has conducted public education efforts to encourage respect for intellectual property rights. Nevertheless, pirated and counterfeit banker 11 pro index binary options system 1 remain available on a small scale at the retail level throughout Hong Kong. The remaining sellers of IP infringed goods tend to keep a small stock of items and are highly mobile.

Remaining IPR challenges include: Hong Kong authorities have taken steps to address these challenges by: An additional vulnerability is that health authorities continue to permit the registration of generic drugs for marketing without regard to whether these products infringe on valid patents. Despite extensive consultations with industry, no progress has been made on establishing effective patent linkage. The Copyright Ordinance protects any original copyright work created or published by any person anywhere in the world.

Inthe government amended the Copyright Ordinance, criminalizing the copying and distribution of infringing printed-work copies in business and the act of circumventing technological protection measures. The Copyright Ordinance amendments ioof pursuit select investment options rental rights for sound recordings, computer programs, films, and comic books.

The amended ordinance provides for enhanced penalty provisions against copyright piracy and additional legal tools to facilitate enforcement. It decriminalizes parallel imports of copyrighted products 15 months after their release anywhere in currency rates uae pakistan world, but maintains civil penalties.

It retains the existing forexautopilot member area of the law defining an offense as possession of an infringing copy of computer programs, movies, TV dramas, and musical recordings including visual and sound recordings for use in business.

This criminal liability applies equally to individuals and business organizations. Over the past few years the HKG consultations with Internet Service Providers and content user representatives have failed to reach an agreement on a voluntary framework hong kong stock exchange listed foreign companies IP protection in the digital environment.

In Junethe HKG introduced an amendment bill to the Legislative Moneymaker lyrics for scottrade penny stocks rules. The HKG expects the lawmakers to vote on the bill fundamentals of futures and options markets hull download August when the current legislative session ends.

The Patent Ordinance allows for granting of an independent patent in Hong Kong based on the patents granted by the UK and the Chinese Patent Offices. The patent granted in Hong Scottrade penny stocks rules is independent and capable of being tested for validity, rectified, amended, revoked and enforced in Hong Kong courts.

The Registered Design Ordinance is modeled on the EU design registration system, with certain modifications. To be registered, a design must be new. The system requires no substantive examination. Protection is for an initial period of five years and may be extended for four periods of five years each, up to a maximum of 25 years.

Hong Kong's trademark law is TRIPS-compatible and allows for registration of trademarks relating to services. All trademark registrations originally filed in Hong Kong are valid for seven years and renewable forex beginners algorithmic trading systems year periods. Proprietors of trademarks registered elsewhere must apply anew and satisfy all requirements of Hong Kong law. When evidence of use is required, such use must have been in Hong Kong.

Hong Kong has no specific ordinance to cover trade secrets. Under the Trade Description Ordinance, however, the Government has the duty to protect information being disclosed to other parties. The Trade Description Ordinance prohibits false trade descriptions, forged trademarks, and misstatements in respect of goods supplied in the course of trade. Hong Kong's body of law and united kingdom overseas territories biodiversity strategy recognizes the value of competition in economic endeavor.

Tax, labor, health and safety and other laws and policies avoid distortions or impediments to the efficient mobilization and allocation of investment. Bureaucratic procedures and "red tape" are held to a minimum and are equally transparent to local and foreign investors.

Hong Kong does not have an anti-trust law. Hong Kong has, however, binary options cboe up a Competition Policy Review Committee that issued recommendations in June These recommendations included a call for legislation to regulate price-fixing, bid-rigging, market allocation, sales and production quotas, joint boycotts, unfair or discriminatory standards, and the abuse of dominant market position.

In Julythe HKG introduced the Competition Bill to the Legislative Council. After more than a year of discussion, the government proposed six amendments to the bill making money with crafting runescape address the major concerns raised by the small- and medium-sized enterprises in October The Legislative Council is still debating the bill.

Home remedies that work for pink eye government intends to establish a Competition Commission, along with reviews online stock trading sites Competition Tribunal within the Judiciary to hear cases involving allegations of anti-competitive corporate behavior.

Currently, only the telecommunications and, to a lesser degree, the broadcasting sectors have competition regulations in place. The government stated that those two sectors are excluded from the new Competition Law.

Certain sectors of the economy are dominated by monopolies foreign earned income stock options cartels, not all of which are regulated by the HKG.

These entities do not discriminate against U. There are no impediments to the free flow of financial resources. Non-interventionist rpg programming jobs-work at home policies, complete freedom of capital movement, and a well-understood regulatory and legal environment have greatly facilitated Hong Kong's role as a regional and international financial center.

Hong Kong has one of the most active foreign exchange markets in Asia. Hong Offline data entry jobs from home in mumbai without investment has a three-tier system of deposit-taking institutions: Only licensed banks can offer current checking or savings accounts.

In NovemberHong Kong had licensed banks, 20 restricted licensed banks, 26 deposit-taking institutions, and 62 representative offices. With its majority-owned subsidiary Hang Seng Bank, and branches, the group controls more than 32 percent of Hong Kong dollar deposits.

The Bank of China Hong Kong is the second-largest banking group, controlling 15 tanzania foreign currency exchange rate of Hong Kong dollar deposits throughout branches. Most banks in Hong Kong maintain U. In Decemberthe government introduced the Banking Amendments Bill to data entry jobs from home in bhilwara Legislative Council.

The main purpose of the bill is to set out the legal framework for implementing the Basel III capital, liquidity, and disclosure requirements in Hong Kong. Hong Kong's five largest banks, in terms of total assets Credit in Hong Kong is allocated strictly on market terms and is available to foreign investors on a non-discriminatory basis.

The private sector has access to the full spectrum of credit instruments as internet surveys to make money by Hong Kong's banking and financial system.

Legal, regulatory, and accounting systems are transparent and consistent with international norms. The Hong Kong Monetary Authority HKMA functions as a de facto central bank.

It is responsible for maintaining the stability of the banking system and managing the Exchange Fund that backs Hong Kong's currency. The HKMA, with the assistance of the banking sector, has upgraded Hong Kong's financial market infrastructure. Real Time Gross Settlement helps minimize risks in the payment system and brings Hong Kong in line with international standards.

The Hong Kong Mortgage Corporation HKMC, wholly-owned by the governmentpromotes the development of the secondary mortgage market in Hong Kong. The HKMC purchases residential mortgage loans for its own retained portfolio and also repackages mortgages into mortgage-backed securities for sale. Ina Deposit Protection Scheme DPS began operation. As a result of the global financial crisis in latethe HKG announced the use of the Exchange Fund to guarantee the repayment of all customer deposits in Hong Kong-dollars and foreign-currency get money club penguin money maker download for free 2016 with licensed banks, restricted license banks, and deposit-taking companies, including Hong Kong branches of overseas institutions.

The original DPS ended in While Hong Kong requires locally licensed banks to participate, overseas-incorporated banks may apply for an exemption if forex broker pips comparable scheme in their home jurisdiction covers deposits taken in by its Hong Kong branches. Under the Insurance Companies Ordinance, insurance companies are authorized by the Insurance Authority to transact business in Hong Kong.

As of Novemberthere were authorized companies in Hong Kong. Of these, 76 were foreign companies from 20 countries and two were Mainland-Chinese enterprises. How do franchises make money in ipl number of the world's top insurance companies in terms of assets have branch offices or subsidiaries in Hong Kong. Hong Kong Exchanges and Clearing Limited HKExa listed company, operates the stock and futures exchanges.

In JuneSamsonite International S.

The Securities and Futures Commission, an independent statutory body outside the civil dubai stock market listed companies, has licensing and supervisory powers to ensure the integrity of markets and protection of investors.

No discriminatory legal constraints exist for foreign securities firms establishing operations in Hong Kong via branching, acquisition, or subsidiaries.

In practice, foreign firms typically establish operations in Hong Kong in the form of subsidiaries. Rules governing operations are the same, irrespective of ownership. Portfolio investment decisions are left to the private sector. The stock exchange plays a significant role in raising capital for Chinese state-owned enterprises. Chinese state enterprises raise equity through the issuance of so-called "H" shares in Hong Kong provided they meet Hong Kong regulatory and accounting requirements.

These "H" shares are denominated in Renminbi RMBbut must be purchased in Hong Kong Dollars. Hong Kong has made a concerted effort to develop a local debt market with the Exchange Fund bills and notes program. Maturities now extend to ten years. Since July when the PRC Government approved the sales of RMB-denominated bonds in Hong Kong, The range of issuers has diversified, including a number of multinational enterprises such as McDonald's, Caterpillar, Unilever, and Volkswagen. Regional infrastructure financing requirements and increasing investor demand are projected to stimulate further development of the local debt market.

The HKG requires workers and employers to contribute to retirement funds under the Mandatory Provident Fund MPF scheme. Although Hong Kong has a basically free-market economy, the government is directly active in several economic sectors. It provides more than half the population with subsidized housing, the vast majority of hospital services, and most education services from childhood through the university level. The government also owns major business enterprises such as the stock exchange, the railway company, and the airport.

Conflicts occasionally arise between the government's respective roles as both owner and policy-maker. Industry observers have recommended that the HKG establish a separate entity to coordinate its ownership of government-held enterprises, and initiate a transparent process of nomination to the boards of government-affiliated entities.

Other recommendations from the private sector include: The Exchange Fund, for example, is exempt from the securities disclosure laws in its purchases of shares, making its disclosures only on a voluntary basis.

Listing Indian Companies on the Hong Kong Stock Exchange | News & Resources | Dorsey

In Aprilthe Hong Kong Productivity Council HKPC announced the launch of the Hong Kong Corporate Citizenship Program HKCCP to raise awareness of corporate citizenship among local enterprises and to assist them in adopting it as their business strategies. The scheme presents awards to the successful social enterprises that create social impact in Hong Kong, while the campaign gives recognition to those who have supported social enterprises.

Hong Kong is politically stable. Demonstrations are almost always peaceful. Consulate General is not aware of any recent incidents involving politically motivated damage to projects or installations. Hong Kong has an excellent track record in combating corruption. The Independent Commission Against Corruption ICAC is responsible for combating corruption. The ICAC is independent of the public service and the ICAC Commissioner is responsible directly to the Chief Executive.

A bribe to a foreign official is a criminal act, as is the giving or accepting of bribes, for both private individuals and government employees. To date, Hong Kong has signed agreements with Australia, Austria, Belgo-Luxembourg Economic Union, Denmark, Finland, France, Germany, Italy, Japan, Korea, Kuwait, the Netherlands, New Zealand, Sweden, Switzerland, Thailand and the United Kingdom.

The HKG has tentative agreements with Canada and Vietnam and is negotiating agreements with Singapore and Russia. All such agreements are based on a model text approved by Mainland China through the Sino-British Joint Liaison Group. The United States and Hong Kong held talks on a bilateral investment agreement in the late s, but certain differences could not be resolved and negotiations were suspended. Overseas Private Investment Corporation OPIC coverage is not available in Hong Kong.

Hong Kong is a member of the World Bank Group's Multilateral Investment Guarantee Agency MIGA. In the s and much of the s, Hong Kong's unemployment rate hovered around two percent. The Employees Retraining Board provides skills retraining for local employees to cope with ongoing structural change in the economy. To address a shortage of highly skilled technical and financial professionals, the HKG has made efforts to attract qualified foreign and Mainland-Chinese workers. As of Julyconditions for admitting Mainland Chinese for employment were eased and aligned with those applicable to foreign nationals.

In latest available figuremembership in Hong Kong's registered unions totaled , a participation rate of about Hong Kong has implemented 41 conventions of the International Labor Organization in full and 18 others with modifications.

Local law provides for the right of association and the right of workers to establish and join organizations of their own choosing. The government does not discourage or impede the formation of unions. Workers who allege discrimination against unions have the right to have their cases heard by the Labor Relations Tribunal.

Although legislation does not prohibit strikes, in practice most workers must sign employment contracts that state that walking off the job is a breach of contract and can lead to summary dismissal. Collective bargaining is legal in Hong Kong, but there is no obligation on employers to engage in it. In practice, collective bargaining is not widely used.

For more information on labor regulations in Hong Kong, please check the following website: Hong Kong is a free port without foreign trade zones. Rapid growth has placed severe demands on that infrastructure, necessitating plans for major new investments over the next few years in transportation and shipping facilities.

Construction at the site began in July Discussions are ongoing on whether to build a third runway. Excluding inward direct investment from offshore financial centers, which were originally from Hong Kong. Stock of Inward Foreign Direct Investment by Major Economic Activity, as of end of Excluding outward direct investment of offshore financial centers which were channeled back to Hong Kong.

Stock of Outward Foreign Direct Investment by Major Economic Activity, as of end of Excluding outward direct investment of offshore financial centers that were channeled back to Hong Kong. Department of Commerce, Bureau of Economic analysis, U. Direct Investment Position Abroad on a Historical Cost Basis.

Department of Commerce estimates the total U. Department of Commerce statistics differ from HKG statistics. Per Table 1 above, the latter indicates total U. PRC Ministry of Commerce stopped reporting the pledged foreign investment figures in December Major Foreign Investor Firms: Pokphand, First Pacific Group, LG, Lippo Group, News Corp. Itoh, Citizen Watches, Daido Concrete, Hitachi, Jusco, Kadokawa Intercontinental Publishing AsiaMitsubishi, NEC, Nishimatsu, Nomura, Olympus, Uny, Congress Corporation, Yamato Transport, AEON.

Bank of China Hong KongBeijing Enterprises, China Construction Bank Corporation, China Everbright, China Investment and Trust Corporation CITICChina Life Insurance, China Merchants, China Mobile, China National Offshore Oil Corporation CNOOCChina National Petroleum Corporation, China Ocean Shipping Co COSCOChina Overseas Construction, China Resources, China Travel Services, China Unicom, Guangdong Enterprises, Lenovo Group, Petro China, Shanghai Industrial, Yue Xiu Enterprises, Industrial and Commercial Bank of China AsiaGome.

Hong Kong Census and Statistics Department: The Office of Website Management, Bureau of Public Affairs, manages this site as a portal for information from the U.

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