Business Economics Finance

This is a jurisdiction that may have a few small features regarding taxation but when it comes to privacy it is most deficient.

One disadvantage of Hong Kong companies is that annual financial statements must be prepared, audited and presented to the Government to prove that the company did no business in Hong Kong and therefore owes no taxes. Such statements must be presented within 18 months of the date of incorporation. This is our opinion is grounds for finding a friendlier jurisdiction.

One has no idea where this information that you file is going to wind up. More trouble follows:

Directors and Shareholders are in both the Government and Public record, note we said shareholders. No privacy here. There is no requirement to report the Beneficial Owner to the Government, if nominees are used but if he or she wants to be a shareholder as one should, then the privacy is gone out the window. No bearer share companies here.

Another negative is that the company must have a Secretary resident in Hong Kong, think more expense unnecessarily.

There are no anonymous bearer share corporations in Hong Kong.

Banking is not encouraging in Hong Kong.

In order to reduce the possibility of money laundering , the Hong Kong Monetary Authority ordered banks to record whether Yuan deposits are made in cash, or via the conversion of other currencies. So they are watching and recording the inflow of foreign currencies, not good.

It also urged the financial institutions to keep track of multiple accounts opened by the same customer, and to ensure that the 20,000 Yuan per day exchange limit is not breached by spreading the transactions across several accounts.

Note this exchange limit is about $2500.00 dollars, fairly small and privacy invading.

Hong Kong is in Mutual Legal Assistance Treaties read one with the USA right here:

hongkong.usconsulate.gov/ushk/treaties/1997/0415.pdf

Hong Kong authorities can freely order financial institutions to report customer identities, etc.

The Joint Financial Intelligence Unit can release information to foreign governments freely with the understanding that the information will only be used for investigations not as evidence which would require additional requests for permission. This is just red tape and will be approved. This is not a privacy jurisdiction and we see no advantages to using Hong Kong.
For more information go to: panamalaw.org

PREMISE: Trading Foreign Exchange carries a high level of
risk and may not be suitable for all investors. There is a
possibility that you could sustain a loss of all of your
investment and therefore you should not invest money that
you cannot afford to lose. You should be aware of all the
risks associated with Foreign Exchange trading.

The cash/spot FOREX markets possess certain unique attributes
that offer an unmatched potential for profitable trading in any
market condition or any stage of the business cycle. It leaves
one to wonder why bother?

The answer to that is very simple. It boasts:

A 24-hour market: A trader has the chance to take advantage of
all of the profitable market conditions at any time which means
that there is no waiting for the ‘opening bell’ like the
exchange.

Highest liquidity: The FOREX market is the most liquid market
in the world. That means that a trader can enter or exit the
market whenever they want during almost any market condition
minimal execution barriers or risk and no daily trading limit.

High leverage: A leverage ratio of up to 400 is normal when
compared to a leverage ratio of 2 (50% margin requirement) in
the equity markets. Of course, this makes trading in the
cash/spot forex market awkward as well because it makes the
risk of the down side loss much higher in the same way that it
makes the profit potential on the upside much prettier.

Low transaction cost: The retail transaction cost
(the bid/ask spread) is actually less than 0.1% (10 pips) under
the normal market conditions. At larger dealers, the spread
could be less than 5 pips, and may expand a great deal in fast
moving markets.

Always a bull market: A trade in the FOREX market means selling
or buying one currency against another. In essence, a bull
market or a bear market for a currency is defined in terms of
the outlook for value against other currencies. If the outlook
is positive, you get a bull market where a trader profits by
buying the currency against other currencies. However, if the
outlook is negative, we have a bull market for other currencies
and a trader profits being forced to selling the currency
against other currencies.

In either case, there is always a bull market trading
opportunity for a trader.

Inter-bank market: The foundation of the FOREX market consists
of a global network of dealers that communicate and trade with
their clients through electronic networks and telephones. There
are no organized exchanges like in futures that are there to
serve as a central location to facilitate transactions the way
the New York Stock Exchange serves the equity markets.

The FOREX market actually works a lot like the NASDAQ market
in the United States operates, and because of this, it is also
referred to as an over the counter or OTC market.

No one can corner the market: The FOREX market is so large and
has so many participants that no single trader, even a central
bank, can control the market price for an extended period of
time. Even the interventions conducted by mighty central banks
are getting to be increasingly ineffectual and short-lived.
This means that central banks are becoming less and less
inclined to intervene to manipulate market prices.

It is Unregulated: The FOREX market is seen as an unregulated
market although the operations of major dealers like commercial
banks in money centers are regulated under the banking laws.

The daily operations of retail FOREX brokerages are not
regulated under any laws or regulations that are specific to
the FOREX market, and in fact, many of these types of
establishments in the United States do not even report to the
Internal Revenue Service.

Bryan Thorby is the publisher of “Your Guide to Successful
Forex Trading” available at
oneworldbiz.net/finance/forex-trading.html oneworldbiz.net/finance/forex-trading.html and
provider of Forex Trading resources at
managing-your-finances.com/forex/ managing-your-finances.com/forex/ where you can
Learn about Forex Trading - Training Programs, Forex Software,
free demo Forex Accounts, and learn how to trade like the
professionals.

People think that after filing for bankruptcy due to the excessive credit card debt, they have to live for in the dark for a period of time as if it were a punishment. But people are wrong. There are many ways to recover your credit score if you just filed for bankruptcy. Credit card debt is not the end of the world and bankruptcy can be a hard solution, which can bring on side-effects that will for sure affect your current situation.

Credit card debt will turn your credit score to garbage because the companies which lend you credit, are doing it on good faith; they are not asking for any assets as insurance, they trust you will pay back everything you spent, as it is intended to be.

Hence, credit card debt will appear on your credit score after filing bankruptcy, therefore you will need to be very patient for at least 2 to 3 years after filing for bankruptcy to start rebuilding your credit score and repair what the credit card debt has done to it.

Stephen Baker is a current client of ours, Debt Remedy, and he is currently trying to fix his credit card debt. Amanda Williams, professional counselor and expert on credit card debt is following his case to guide him on how to repair the credit score and how to rebuild his credit life.

Stephen Baker:
After the waiting the period, how am I supposed to fix what the credit card debt did to my credit score?

Amanda Williams:
After the waiting for the aforementioned period, which goes from 2 to 3 years, you can apply for a new credit card. But it has to be the secured kind. If you want any credit company to take a look at you and not see in their files that you are a credit card debtor, you will need to assure them. The only way to do it, is securing the credit card with a property of yours. This way they have something solid on you.
Look out for secured credit cards that do not have an annual fee because that can be one more item to pay and remember to be extra careful when giving out your social security number.

Stephen Baker:
How much can I receive due to my previous history with credit card debt?

Amanda Williams:
Do not expect too much. Because of your history with credit card debt, companies will not easily lend you a high credit line. Do not even think about a $9000 credit limit. Lenders will have to check your history and see that you are making progress; that you are trying to fix your credit card debt problem and what is more important is that you will not fall in it again.
Remember to be constant. It is extremely important that you not be late with the monthly installments. Because all lenders will notice that, and any indication that you are heading back toward credit card debt will be the last chance you will ever get.

Stephen Baker:
How can I convince lenders that I no longer am a credit card debtor?

Amanda Williams:
All you have to worry about is your current financial situation; how strong it is.
Credit card lenders will notice how your progress is moving along. You can also convince them that you have changed, that you are no longer a credit card debtor. Let them know that they can check your progress and show them how you have handled everything since filing for bankruptcy. If they turn you down for a major credit line, do not take it personal. Just look elsewhere to get that credit line.

Stephen Baker:
What else can I do to show them I will no longer fall into credit card debt?

Amanda Williams:
To show them that you no longer have interest in being a credit card debtor, you must take care of your credit lines and your current payments. You should check your credit score once in a while to make sure everything is in order, and that the credit report is accurate to steer clear of unpleasant situations whenever you ask for a new credit card.
You can receive the credit report from your bank every year for free or ask for a new one for a small fee.

We have different articles of interesting topics and current and former clients’ experiences with our programs. Take a look at the different situations on debt related topics that people can fall into and how to keep yourself a debt free person.

Amanda Williams is a contributing writer to