Over the last decade, corporate and business law in Hong Kong has come down hard on international businesses looking to set up
a bank in the once-favoured country. It's business-friendly taxation and effortless bank account registration made it one of Asia's hubs for international investment. Though, the last couple of years have seen the city majorly swing against businesses, leading to another country being a global favourite. Now investors are favouring a Swiss bank account for their company.
Companies in Hong Kong are now being slugged with higher taxes, more stringent bank set up processes and a handful of other intricate and complex bank issues leading to CEO's and financial teams choosing a Swiss bank account for their company rather than one based in Hong Kong.
Switzerland is now leading the pack when it comes to global businesses and entrepreneurs who need a safe, stable and low tax environment for their companies. This has pushed countless e-commerce firms and personal wealth managers to choose Switzerland as 'home base' for financial operations.
There are still, however, a few key drawbacks of opening a Swiss bank account over opening one in Hong Kong, with those differences being:
A higher setup fee
Higher maintenance costs
Income taxes for corporate businesses from 8% to 12%
A VAT at 8% for business within Switzerland