Start New Business In Tax Free Country? Or Well Established but Low Tax Hong Kong?

How many people have experienced with very high tax rate on your income whether you are an employee working for someone else, or an entrepreneur running your own business? Do you know there are ways i.e. some countries in the world where you can escape from paying tax? You will not have to pay income tax. That is true! Which of these tax haven countries are you planning to move to?

The Bahamas – The things that come to a person’s mind when you think of Bahamas is the sandy beaches, snorkeling spots, luxury cruises, colorful reefs under the ocean, mesmerizing scenery, and more. The Bahamas is an ideal destination for Caribbean tourism. Basically, the Bahamas is a country that has no income tax, no corporate tax, no capital gains tax, and no wealth tax. The country does not charge all these taxes because it can rely its income from tourism.

Cayman Islands is a location where you can be surrounded by azure water and palm trees while working. Apart from swimming with large turtles, you are going to pay no income tax, no capital gains tax, no value added tax, and no government sales tax when working from Cayman Islands.

Bermuda – You could probably have heard of the Bermuda Triangle, Bermuda does have museums set in oceanic fortress. Bermuda is a British Island Territory, and has one of the highest GDP per capita in the world. Bermuda has no income tax.

United Arab Emirates (UAE) – With cities such as Dubai and Abu Dhabi, UAE is known as the wealthiest center of the world. The country especially Dubai has been well known to attract the richest persons from all over the world. There is no doubt that the country has become the world’s richest sovereign nations with a relatively high per-capita income because of its oil reserves. Because the country relies mainly on money from oil companies, there is no income tax that has to be imposed on the population. You do pay 50% sales tax on alcohol sold in Dubai.

Bahrain – It is an island country in Persian Gulf and is the third smallest nation in Asia after the Maldives and Singapore. In terms of taxes, Bahrain has no income tax, no corporate tax, no payroll tax, and no VAT policy.

Alternatively, you can always rely on Hong Kong, where HK has a very low tax rate as it is compared to other developed regions/countries. Whether it is for a startup business, or a more established business, an entrepreneur visa in Hong Kong can be applied. Once the business owner has gone through the paperwork through using a HK local visa business service agency, he is all set to deal with how he prefers to relocate his business to Hong Kong. Hong Kong is by far the best place for your business, when you consider it has the healthy legal system, and the right environment for business trades. It is also the hub of all Asia-Pacific countries before your business goes into Mainland China. By exploring the Mainland China market, your sales may simply grow much quicker than you would have expected.