Hong Kong was an uninviting place when the British first settled here in 1841 and described it as a barren rock. Since those early days, Hong Kong has transformed into a world class commercial and financial center in the heart of East Asia. As China is now a full member of the WTO, Hong Kong's role as the gateway to China is seen as ever more important in the years to come.

Hong Kong reverted to Chinese sovereignty in 1997 and became a Special Administrative Region of the People's Republic of China. The Sino-British Joint Declaration, signed between China and Britain in 1984, guarantees that the previous social, legal and economic systems will remain unchanged for 50 years after 1997. This principle of "one country, two systems" is also protected by the constitution of Hong Kong, the Basic Law, which came into force in 1990.

Hong Kong's legal system is based on English common law and Hong Kong courts have a long established reputation for integrity, impartiality and equal treatment of foreign parties. The Joint Declaration provides the constitutional framework for the legal system at the international level while the Basic Law provides this at the domestic level. The years after the handover have demonstrated that the rule of law has been fully maintained and protected.

There are many other factors aside from the level playing field afforded by the rule of law that contribute to Hong Kong's success as a leading business and financial centre :-

· Hong Kong has a simple and low tax regime. Profits on income earned by businesses are taxed at a maximum rate of 16% and only profits considered Hong Kong sourced income are taxed. Taxation of personal income is at a maximum rate of 15%.
· There are no restrictions on capital flows in and out of Hong Kong and Hong Kong financial markets are characterized by a high degree of liquidity. Additionally, there is a very strong presence of international financial institutions that operate under international standards for transparency.
· Uncensored local, regional and international news is freely accessible
· World class infrastructure and communications
· Hong Kong remains a separate customs territory and is a free port

As we move forward into the new century, Angela Wang & Co continues to work with both local and international business clientele in one of the world's most vibrant economies to ensure our clients' commercial objectives are obtained here and throughout the region.

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