The Essential Laws of Explained

Ways that You Can Know if Your Business is Ready for SIP Trunking

Not everybody is feeling the productivity of their workplace hence the worst thing that you can have. Development of psychological problems is the worst things that can happen when you lack the sense of productivity in your workplace. You get to have limited profit in your business due to low job productivity other than mental problems. However, there are a lot of things that an individual can do to bring back the feeling of productivity in the workplace. One of the ways that you can have productivity boost is by improving the communication system for your employees. The best thing about the business having a good working communication system is that you get to increase the morale of the employees when they are interacting with potential customers. When you have a good communication system, you cannot have a bad reception and hence no stress to the employees. One of the most important things that you need to know if you are ready to install SIP trunking in your business.

You need to know the basics behind SIP before determining if your business is ready for SIP trunking installation. SIP is a communication software that is fixed on your network directly to enhance it. SIP is important since it is the one that has supported the use of voice over internet protocol. Some of the programs that SIP keep them running include Facebook phone call and skype. The good thing about this article is that it can help you to understand the way that SIP trunking work.

You can learn the things that you need to do to have a communication with the help of SIP trunking in this article. When you have a mobile phone that has the number of the person to communicate with, you can use SIP trunking. The best thing about SIP is that it can work well with other software according to this article. To have more knowledge on SIP trunking, you need to check out this article. In terms of money and installation, you can know if your business is ready to have SIP with the help of this article.

The fact that you have been using phone and paying monthly phone charges, you can have a chance to have SIP. You get to realize that SIP installation is very cheap when you compare with the installation of old methods like landlines. You need to only pay a one time initial fee for SIP trunking program hence something good about it. The only reason that makes SIP to be cost effective is the fact that you are to pay only two bills per month than small bills each time.

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The Process of Getting A Reliable House Contractor

Whatever kind of house you want to pull, the most important part is how to find the best contractor. It is the skill and knowledge together with the competence of the contractor that will influence the outcome of that house. You need to yearn for the top contractors for your house if you want the best services. Get someone whose reputation in house construction can never be doubted because their work speaks more than they can explain themselves. When you have a professional and reliable contractor, you are sure that the process will be smooth enough, and at the end of the project, you will find what you desired. You need someone who is ready to communicate and work with you in bringing out the best outcome.

It all begins by knowing your needs before you start setting your standards and estimates. Know your exact plan and how you want your house to be. It is time to bring those ideas and plan into reality by evaluating everything and coming into agreement that it is what you want. When you are specific on what you need, you are likely to have an easy time getting accurate estimates from the contractors. At that point, they know the materials you would want and the design, among other things that touch on the same. You may also ask friends and relatives who may have had similar projects. They may of great help through referrals for some people they would consider yet again for the job. There are also people who work in local hardware stores who may have a clue of experts in construction that they can refer you to, and you will find a perfect match for that job.

When you have asked for those references and begin to engage them either by meeting or call, make it upon yourself to select three out of them. Engage deeper questions with the three that you have and find a reliable one depending on the terms that they have and their conditions for the project to be run. Let your fears and everything is communicated and find out responses to those concerns before you give them a chance. Once you have the three bids now, you can compare among them and see which contractor you would give the first priority based on all the factors that should be considered. Again, ensure you also negotiate on the prices to know what cost you will incur before you sign in for the contract.

Finally, check if their licenses and credentials match their skills. You may ask them to provide these credentials so that you can tell what should be done and ensure that you have the best. Their history in this field should be very clean, ensuring that all the details that are provided are true to what they say they are. Do not be blinded by their good talking or papers but ensure that the papers match the skills that they have displayed in other projects before.

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Getting Creative With Advice

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How and Why to Open a Bank Account in Hong Kong

Hong Kong today remains one of the best offshore banking jurisdictions. It offers a great combination of bank secrecy, corporate secrecy, a financially and politically stable environment, and strong banks. But perhaps most importantly, it’s a secure offshore investment haven for those who want to diversify out of sinking western currencies into booming Asian markets, and China in particular.

So how can you go about opening an offshore bank account in Hong Kong? Do you have to travel there? This article will answer these questions and give you some practical hints and tips. But first some background.

A Successful Free Market Experiment For East and West Alike

Hong Kong, in my opinion, is the only practical example in the world of a major city that has been developed from scratch and run as something of an offshore, free market experiment – first by the British, then by the Chinese.

The main Island (and later Kowloon and the New Territories, parts of the mainland) was a British colony for most of the nineteenth and twentieth centuries. During this time it grew from a fishing village and opium trading hub, into a city-state of seven million people. It became known as a free-wheeling, free market paradise for capitalists, with an economy characterized by low taxation, free trade and no government interference in business.

In 1997 the British returned sovereignty over Hong Kong to China. The former colony became one of China’s two Special Administrative Regions (SARs), the other being Macau. Many people were initially doubtful about one of the world’s capitalist bastions being run by a communist power, and at the time a lot of investors pulled out, many taking their dynamic business acumen heading to places like Singapore and Vancouver.

However, the “one country, two systems” model adopted by Beijing to coincide with free market reforms and the growth of China into an economic superpower has proven very successful. The Basic Law of Hong Kong, the equivalent of the constitution, stipulates that the SAR maintains a “high degree of autonomy” in all matters except foreign relations and defence. The SAR today operates as a major offshore finance center, discreetly oiling the wheels of commerce between East and West.

These days, rather than being put off by the Chinese influence, most international investors who are attracted to Hong Kong are coming precisely because of this Chinese connection. Hong Kong is the point of access to Chinese trade, without the legal and cultural difficulties of doing business in mainland China.

Those who do not trust their own governments are reassured by the fact that under the Basic Law, Hong Kong’s foreign relations are run from Beijing. While most offshore jurisdictions humbly submit to demands from the USA and other western countries, in the case of China, the relationship is definitely reversed. Hong Kong does have a number of Tax Information Exchange Agreements (see below) but these are sensibly policed and do not allow for fishing expeditions.

Offshore Banking in Hong Kong

The region’s population is 95 percent ethnic Chinese and 5 percent from other groups, but English is very widely spoken and is the main language in businesses like banking.

One thing I like about using Hong Kong for offshore bank accounts is the same argument I have used for Panama and Singapore: it’s a ‘real’ country with real trade going on. The Hong Kong dollar is the ninth most traded currency in the world. Compare this to doing business on a small island or other remote banking jurisdiction, where everybody knows your only reason for doing business there is offshore banking. It also means that there is no problem doing your banking in cash, if you so wish.

For now the HKD, the local dollar, still tracks very closely the US dollar, but this appears to be changing as the Chinese Yuan circulates freely in Hong Kong, both in cash and in bank deposits. We think this represents an excellent opportunity to diversify funds out of the US dollar now, gaining exposure to Chinese growth in the meantime. (Of course, you can also hold HKD in banks in other parts of the world too)

Bank accounts in Hong Kong are almost all multi-currency by default, allowing all major local and international currencies to be held under one account number and exchanged freely and instantly within the account at the click of a mouse.

There is no capital gains tax, no tax on bank interest or stock market investments, and no tax on offshore sourced income. This, combined with a welcoming attitude to non-resident clients in the banks (including US citizens by the way, who are generally unwelcome in traditional offshore banking havens like Switzerland), and strong cultural and legal respect for financial privacy, makes Hong Kong one of Asia’s best offshore banking jurisdictions.

For those who want to establish a small offshore account under reporting limits, or simply to have the bank account established in view of future business, Hong Kong is also attractive given the low minimum deposits demanded by the major banks there. The minimum bank account balance can be as low as HK$ 3,000. Of course, you can’t expect red carpet, VIP private banking at this level – but you get a perfectly good functioning bank account with all the technological trimmings.

Offshore Corporate Bank Accounts in Hong Kong – Do’s and Don’ts

Typically, offshore clients choose to open accounts using corporations, as opposed to personal accounts. This not only offers greater privacy, but also flexibility and can – depending of course on how things are structured – offer significant tax and asset protection advantages.

Accounts can easily be opened both for pure offshore companies like Panama, BVI, Nevis or Marshall Islands, or for local Hong Kong companies that are set up using nominee directors and shareholders.

When contacting local corporate service providers in Hong Kong, you’ll find that most of these corporate service providers will recommend you use a Hong Kong company to open the account. The reason they do this is that it’s simpler and more profitable for them. They can incorporate a local company at low cost, opening the bank account is smoother and faster with a local company, and they can carry on billing nominee director fees every year. But it may not be the right thing for you.

Whilst it is true that Hong Kong companies do not have to pay any tax provided they do not make any local source income, administering such a company is not so simple. For example, Hong Kong companies are required to file audited accounts every year. They must file pages and pages of documents to convince the Inland Revenue Department (HKIRD) that they don’t have any local business, and, from practical experience, the HKIRD is getting much stickier about this. Long-established companies are normally left unmolested but newly established companies can expect a lot of compliance work in their first few years. Again, this suits the Hong Kong corporate service providers who charge handsomely for such services.

Another factor to consider is Controlled Foreign Corporation (CFC) legislation in your home country. (For an explanation see Wikipedia ) Many clients choose to set up LLCs as they can be treated as passthrough entities, vastly simplifying reporting requirements in some countries like the USA. Hong Kong corporations are not LLCs and cannot be treated as passthroughs for tax purposes.

My advice – assuming you don’t intend to do any business in Hong Kong besides banking and perhaps the occasional trip to visit your money – would be to open the account in the name of a company from a foreign offshore tax haven. It’s a little more work and expense at the beginning, and the bank might ask you more questions, but it will save you a lot of money and headaches in the long term. If you want a local look and feel for your company, numerous virtual office services are available.

Hong Kong Tax Information Exchange Agreements

Contrary to what you will read on some out-of-date websites, Hong Kong has signed a number of Tax Information Exchange Agreements (TIEAs). However, the HKIRD is at pains to point out that fishing expeditions are not going to be tolerated.

The HKIRD has issued Practice Note 47, available on the internet, which usefully explains how the HKIRD seek to achieve a balance between the requirements of compliance with the OECD requirements, whilst providing checks and balances to protect the rights of businesspeople.

The HKIRD are professionals and should be well positioned to deal with TIEA requests properly and justly in accordance with the treaties and guidelines. I am confident not going to allow their ‘clients’ rights to be trampled on.

Regulation of Banks in Hong Kong

Hong Kong’s Banking Ordinance was revamped in 1986. It has since undergone several amendments to improve prudential supervision. The Hong Kong Monetary Authority (HKMA) was formed in 1993 as a one-stop financial regulator, responsible for everything from banks to stored value anonymous debit cards.

The SAR maintains a three-tier system of deposit-taking institutions, comprising licensed banks, restricted license banks, and deposit-taking companies. Only licensed banks may operate current and savings accounts, and accept deposits of any size and maturity. RLBs are only allowed to accept deposits of HK$500,000 and above, while DTCs are only permitted to accept deposits of a minimum of HK$100,000 with original maturity of not less than three months.

Both these latter categories provide an opportunity for overseas banks to conduct wholesale, investment or private banking activities in Hong Kong without having to jump through the hoops of applying for a full banking license. In addition, some foreign banks have chosen to open representative offices in Hong Kong, which are not allowed to take deposits but can assist in opening accounts at other offices within their groups.

As Hong Kong is an international financial centre, it is an explicit policy of the HKMA that the regulatory framework in Hong Kong should conform as much as possible with international standards, in particular those recommended by the Basel Committee.

Hong Kong’s five largest banks, in terms of total assets, are as follows:

– Hong Kong & Shanghai Banking Corporation (HSBC)

– Bank of China (Hong Kong)

– Hang Seng Bank Ltd

– Standard Chartered Bank

– Bank of East Asia Ltd.

A full list of updated Hong Kong banks can be found on Wikipedia.

Visiting Hong Kong to Open a Bank Account

If you are visiting Hong Kong to open your account, it can normally be opened the same day provided you have made some arrangements with a local service provider, or directly with the bank, in advance. This is assuming you use one of the major banks, that nearly everybody does. You can then simply visit the bank, sign documents and receive the bank account number immediately. This will be a full multi-currency account and you will typically receive a digital token for internet banking, a password and a debit card.

The documents required for opening offshore bank account are:

1) Formation documents (in the case of corporate accounts. Apostilles are required in the case of foreign corporate accounts – your offshore provider will know how to obtain these.)

2) Bank forms and business plan/expected activity (a corporate service provider will normally supply these as part of the service)

3) Passport copies of each director, signatory and shareholder (take special note of this requirement if you are using nominee directors – if the persons are not present, copies will have to be notarized.)

4) Proof of address (such as updated bill statement which shows up your name and address) and signed (of each director and shareholder)

A bank reference is generally required if you are dealing direct with the bank. If you go through a corporate service provider, they normally write a reference so you do not need to supply a bank reference. However, if you can obtain a bank reference it is better.

Opening an account without visiting Hong Kong

It is also perfectly possible to open accounts without visiting Hong Kong (known as ‘remote account opening’) though this process tends to take substantially longer as banks will ask a lot more questions. In this case, your bank or service provider will generally e-mail you the forms, that you will need to print out and sign.

Depending on the bank, there may well be certain special instructions about how and where to sign – for example, HSBC in Hong Kong will typically request that you have your signature witnessed in the HSBC Bank nearest to you. As with all foreign bank accounts, you should be sure to use the same signature that appears in your passport, otherwise the documents will be rejected.

In the case of remote account opening the bank will normally courier the password, debit card, and token direct to your address in your home country. Then you need to activate them via the bank’s website.

Conclusion

Hong Kong competes very favorably with Singapore, the other Asian banking jurisdiction we favor. If you have not yet diversified your offshore holdings into Asia, you should seriously consider doing so. I hope this article will be helpful in this regard.

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Tips for Choosing the Right Pressure Washing Firm

One of the essential things that you can think of is to choose the right pressure washing firm which will cater to your needs. If you are to choose a pressure washing company for the first time you might find it a bit challenging to identify the right one which will cater to your needs since there are multiple companies to choose from. Online research is one of the essential ways that you can use for you to easily select the right pressure washing firm with quality services that you might have been longing for. There are so many tips that can also assure of identifying the right pressure washing firm if you will put them into deliberation. And so, through this article you will know the right tips for choosing a reliable pressure washing firm which will meet your expectations.

Firstly, while finding the right pressure washing firm for your property you should reflect on the time frame. It is important first to consider if the pressure washing firm that you intend to hire is flexible enough to work on your schedule or not before hiring it. If you choose a company which is not flexible enough to work with your schedule, then you will have to change your schedule.

Secondly, while finding the best pressure washing company, you should reflect on the equipment and experience. With this you should first begin by inquiring about the supplies and equipment used when cleaning your property. For you to meet your expectations you should not settle for less. Experience is also an essential aspect that will tell you if a pressure cleaning firm will be capable of rendering quality services or not. Ensure you choose the best company with more than five years of working experience in this industry for you to meet your expectations.

The location is the third guideline to put into consideration while finding the best pressure cleaning company. It will be easier for you to fulfil your desires of identifying the right pressure cleaning firm which is near you than finding one that is located in a remote area. Note that it is time-consuming and costly to find a pressure washing company which is located in a remote area since you will have to travel for a long distance for you to find the right one.

The last explored guideline explored in this article to put into consideration while choosing a pressure washing company is the cost. Since you will get what you will pay for, if you are after quality services then ensure you adequately budget yourself. If you integrate the discussed information above you will easily hire the best pressure washing company that will assure you of quality services at an affordable cost.
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