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Closer Economic Partnership Arrangement (CEPA)
Be The First Mover While It's Still In The Primitive Stage!
The Government of the Hong Kong Special Administration Region (HKSAR) and the Central People's Government (CPG) reached agreement on the main parts of the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) on 29 June, 2003, and signed the CEPA on the same day.
Hong Kong companies will benefit in 3 areas:
Trade in goods subject to rules of origin
Trade in services
Trade and investment facilitation
Economic benefits include:
Zero import tariff preference, especially for Hong Kong brand name products
"First Mover" advantage for service providers from WTO-plus market liberalization measures
Greater access into the Mainland market
Definition of "Hong Kong company":
Incorporated in Hong Kong
Paying profits tax in Hong Kong (unless exempted)
Length of operations in Hong Kong
Size and nature of operations in Hong Kong
Proportion of staff employed in Hong Kong
While details of implementation are still under way, it will certainly be advantageous to be the "First Mover" to benefit from the Arrangement.
We, in Hong Kong, are ready to help our Clients in setting up Hong Kong companies and advise them on the proper procedure in deriving full benefits from the CEPA. Please contact us for details.
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(Last updated: September 2003)