One of our strengths is assisting clients with obtaining banking facilities within the trading sector after they have established some track record in Hong Kong. We also provide assistance with locating containers when supply is tight and shipping delays are imminent.
- Our fee reflects time spent, complexity of tasks and the following specific factors:
- Number of clients and vendors;
- Number of shipments per order;
- Extent of our involvement in shipping and insurance aspects;
- Amount of communications between us and vendors and/or buyers; and
- Payment mode (letter of credit or open account).
Often, we negotiate a fixed fee with the client once we can reasonably assess the particular services provided. A fixed fee is likely to be based on a percentage of sales value with minimum and maximum fees per order.
Foreign Investment in China
As foreign investment in Mainland China is far more regulated than in Hong Kong, professional legal advice is essential and Weir & Associates can be a source of information. We discuss some important issues below.
Pursuant to “provisions guiding foreign investment direction and industrial catalogue for foreign investment”, the 4 categories of industrial projects are “encouraged”, “permitted”, “restricted” and “prohibited.” Foreign investment projects that are “encouraged”, “restricted” or “prohibited” are listed in the “catalogue for the guidance of foreign investment industries”. “Permitted” foreign investment projects are not listed.
At present, there are special economic zones (Shenzhen, Zhuhai, Xianmen, Shantou and Pudong, new districts in shanghai), 14 coastal port cities (Shanghai, Tianjin, Dalian, Qinhuangdao, Yantgi, including Weihai, Qingdo, Lianyungang, Nantong, Ningbo, Wenzhou, Fuzhou, Guangzhou, Zhanjiang, and Beihi), 49 state economic and technological development areas and 53 state high and new technological industrial development areas, [Note: as at July 2012].
Foreign-invested enterprises, foreign enterprises and foreign citizens of China, including those from Hong Kong, Macao and Taiwan, may enjoy preferential tax treatment on corporate income tax, personal income tax, consumption and value-added tax, business tax, land tax, stamp duty, vehicle and vessel tax and urban real estate tax.
Purchase of Land Right
Foreign-capital enterprises may purchase land usage rights for a certain period. The rights are granted by the local government and relate to how the state-owned land is to be used and operated. Conditions such as land size, years of use, and general usage and functions determine fees and rent associated with the land.
Company Formation and Services
Weir & Associates is a ‘business law firm’ with years of experience dealing with commercial matters including establishing or acquiring businesses and drafting or reviewing agreements for local and international business interests.
Proper advice should be obtained before determining the appropriate jurisdiction to register or incorporate a company which maximizes benefits and minimizes administration. Benefits may include receiving certain investment incentives offered by a local government and minimizing income taxes, duties or administration costs. Using our corporate-commercial and tax expertise, we can advise as to the most suitable jurisdiction for registration and/or incorporation.
In Hong Kong and other common jurisdictions for registering companies, corporate compliance is essential to ensure a company continues to operate productively.
We offer the following services in this regard:
- Incorporating companies (company formation);
- Preparing memorandum of association, articles of association and shareholders’ agreements;
- Acting as company secretary;
- Preparing minutes of meetings among directors or shareholders;
- Preparing and maintaining company records and registries as required;
- Filing annual returns; and
- Responding to government inquiries.
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Weir & Associates is a Hong Kong law firm
geared to provide comprehensive legal solutions through access to a wide range of resources. For further information, please contact us by telephone, email or fax.
Solicitors and Notaries
6th Floor, Wings Building
110 Queen’s Road Central,
Central, Hong Kong
Tel: (852) 2526 1767
Fax: (852) 2868 3568