ALL >> Business >> View Article
Hong Kong – Reducing Transaction Costs To Boost External Trade

Having a large market of its own, Hong Kong is a strong trading partner with an open trading environment. Inherently linked to China, Hong Kong is an attractive destination for expansion with investment incentives.
When doing business overseas, having a good understanding of the viability of expanding your business is very important. In any foreign locale it is the issues of regulations, laws and the cost of opening and running your business that probably play an important role in deciding whether to go ahead or not. If you have already expanded to Hong Kong and China, then here is a glimpse of the changes in the transaction costs.
With an aim to boost external trade by reducing transaction costs, Hong Kong proposes to reduce its import and export declaration charges (TDEC) by half.
The proposal which is subject to the Legislative Council's consent can save HKD 9,000 annually (on an average) for each company that lodges trade declarations.
At present, individuals who import, export or re-export ...
... any article except for the exempted ones, require lodging an import or export declaration with Hong Kong's Commissioner of Customs and Excise within 14 days in addition to paying the TDEC.
The TDEC for imported food items is HKD 0.5 per declaration regardless of value. For other imported goods and for all exports regardless of the origin, the charge is HKD 0.5 for the first HKD 46,000 worth of goods and HKD 0.25 for each additional HKD 1,000 or part thereof.
Expert guidance can make all the difference
It is prudent to seek the help of professionals who can assist you in your venture when expanding business overseas. Understanding the changes in taxes and regulations can be a mammoth task, and it is therefore essential to take professional help and work with someone who is aware of the legal system of the given country. The fear of the unknown can be a big impediment in your international business expansion, but partnering with an expert can be the best solution. A professional partner can provide unlimited assistance in offering global integrated solutions in all areas of business, like HR, legal, tax, finance, or international financial accounting.
Read Also On: EU VAT rules,regulatory filing requirements
Add Comment
Business Articles
1. Lucintel Forecasts The Global Wall-mounted Ac Ev Charger Market To Grow With A Cagr Of 22.4% From 2025 To 2031Author: Lucintel LLC
2. Technology Landscape, Trends And Opportunities In Global 3d Printing Photopolymer Market
Author: Lucintel LLC
3. Lucintel Forecasts The Global Smart Home Market To Reach $372 Billion By 2030
Author: Lucintel LLC
4. Second Marriage Matrimonial – Verified Matches & Free Registration
Author: Truelymarry
5. Core: Leading The Way In Managed It Services For Businesses Across London
Author: IT Management
6. The Role And Function Of A Collection Agency
Author: Bennett Carter
7. Understanding Debt Collection Agencies: What They Do And How They Affect Consumers
Author: Bennett Carter
8. How To Use An Smm Panel Effectively For Fast Social Media Growth
Author: Smm Panel
9. Essential Tips For Beginners And The Power Of Professional Editing
Author: Sam
10. How To Improve Field Staff Efficiency With Geolocation Tools
Author: TrackHr App
11. Building An Effective Energy Management System
Author: Jane
12. Internal Auditor Training: The Key To Effective Risk Management And Compliance
Author: Sqccertification
13. Why Accurate Accounting In Property Management Is The Key To Higher Roi
Author: Harsh Vardhan
14. Kaal Sarp Puja In Trimbakeshwar – Benefits, Process & Trusted Pandit Contact
Author: Pandit Milind Guruji
15. Data Entry Vs. Data Processing: What’s The Difference And Why It Matters
Author: Allianze BPO