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Legal Framework of Business - Essay Example
Legal framework of Hong Kong is supportive of business and commerce. Global investors are still free to invest there and reap profits without worries. There are simple legal framework, soft taxation, almost no customs duties and no non-tariff barriers. There is emphasis on simple rule of law and fair market, without barriers of access to the markets by foreign business and capital flow in or out of Hong Kong…
rities and Futures, Commission (SFC), the Office of the Commissioner of Insurance (OCI) and the Mandatory Provident Fund as the principal regulatory authorities and the legal bodies in Hong Kong to regulate banking, securities and futures, insurance and retirement schemes industries respectively and finally the Hong Kong's Prevention of Bribery Ordinance to check corruption in business transactions. There are, however, blames hurled on the legal systems not to prove adequate to support the image of Hong Kong to be the international center of commerce the major being the laws on labor that can't protect them from being exploited.
Hong Kong is Asia's main trading hub and one of the world's most open economies.. There are simple legal framework, soft taxation, almost no customs duties and no non-tariff barriers. ...