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Guangdong-Hong Kong-Macao Greater Bay Area Development – Survey from Tax and Business Perspectives
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Background and purpose:
Guangdong-Hong Kong-Macao Greater Bay Area Development is one of the major economic development strategies of China in recent years. Through this survey, Deloitte China aims to have a better understanding on, from the tax and business perspectives, the expectations, participation and challenges encountered by enterprises in different industries of various regions towards Guangdong-Hong Kong-Macao Greater Bay Area Development, and will provide professional opinions in future.
The target of this survey is the enterprises that have been carried out or are planning to carry out business in Guangdong-Hong Kong-Macao Greater Bay Area district. We welcome the general manager, chief financial officer, financial manager, etc., from different industries of various regions to participate in this survey. It has a total of 24 questions and would take approximately 10-15 minutes.
The survey participants, based on his/her knowledge of the company he/she works for, may provide information/express opinions on the following matters from the tax and business perspectives:
· Basic information of the company (industry, scale and location);
· The company's views and expectations on the market access, site selection and investment financing of Guangdong-Hong Kong-Macao Greater Bay Area;
· The concern on business models (including human resource arrangements).
For enterprises wishing to learn more about the business and taxation analysis of the Greater Bay Area, please refer to
Deloitte's Tax Newsletter for the Guangdong-Hong Kong-Macao Bay Area
and fill out the following basic information to get the future alerts.
A. Basic Information
*
Are you willing to receive the survey results and further contacts from Deloitte?
Agree
Disagree
Basic information:
Company name
Company name
*
Company phone/ email
Company phone/ email
*
Position
Position
Company address
Company address
Basic information (optional):
Company name
Company name
Company phone/ email
Company phone/ email
Position
Position
Company address
Company address
Basic business information:
*
1. Please indicate your company's main business(es)
【Multiple】
Production and Manufacturing
Trading, Shipping, Logistics
Finance, Funds, Asset Management
Professional and Business Support Services
Real Estate Development and Investment Business
Tourism, Hospitality and Entertainment
Innovation and Technology
Others (Please specify)
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2. Current size and location of your group/company
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i. Total Group Assets
USD5 million or less
Between USD5 million and USD50 million
Between USD50 million and USD100 million
Between USD100 million and USD1 billion
USD1 billion or more
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ii. Annual profit amount of your group/company
USD5 million or less
Between USD5 million and USD10 million
Between USD10 million and USD50 million
Between USD50 million and USD100 million
USD100 million or more
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iii. Whether or not your Group/Company has operated in the Guangdong-Hong Kong-Macao Bay Area and set up headquarters (including group headquarters and regional headquarters):
Yes
No, but is planning to set-up business
No, not planned yet
*
Please tick the location
【Multiple】
Operation Location in the Greater Bay Area
Group headquarters or Regional headquarters has been established in
a. Hong Kong
a. Hong Kong
b. Macao
b. Macao
c. Guangzhou
c. Guangzhou
d. Shenzhen
d. Shenzhen
e. Zhuhai
e. Zhuhai
f. Foshan
f. Foshan
g. Zhongshan
g. Zhongshan
h. Dongguan
h. Dongguan
i. Zhaoqing
i. Zhaoqing
j. Huizhou
j. Huizhou
k. Jiangmen
k. Jiangmen
l. Outside the Greater Bay Area
l. Outside the Greater Bay Area
*
iv. Whether your group/company is a listed company:
Yes (Listing place: Hong Kong, Shanghai, Shenzhen, United States, Others please specify:)
*
No, but is planning to be listed
No, but have issued bonds/debentures in public
No
B. Market Access and Site Selection, Investment Financing
Market Access/ Government Incentive and Site Selection:
*
3. The major business considerations for your company to operate in Guangdong-Hong Kong-Macao Greater Bay Area is:
【Multiple】
Fully develop the market of Guangdong-Hong Kong-Macao Greater Bay Area
To develop the China market through Guangdong-Hong Kong-Macao Greater Bay Area
To develop the global market through Guangdong-Hong Kong-Macao Greater Bay Area
Others (Please specify)
*
*
4. For entering into Guangdong-Hong Kong-Macao Greater Bay Area in the future, apart from the current main business, your company is interested in:
【Multiple】
Production and Manufacturing
Trade, Shipping, Logistics
Finance, Funds, Asset Management
Professional and Business Support Services
Real Estate Development and Investment Business
Tourism, Hospitality and Entertainment
Innovation and Technology
Do not consider industry other than the main business for the moment
Others (Please specify)
*
*
5. For entering into Guangdong-Hong Kong-Macao Greater Bay Area in the future, in addition to the above business, which of the following industries that are temporarily restricted in China that your company is interested in:
【Multiple】
International Maritime Transport Company
General Aviation
Shipping Agency
Educational Institutions
Finance, Asset Management
Do not consider restricted industries for the moment
Others (Please specify)
*
*
6. What are the most interested issues for your company in doing business and investing in Guangdong-Hong Kong-Macao Greater Bay Area (please choose and rank the 3 most concerned items among the following factors)?
【Please select 3 item and sort them】
Convenience of infrastructure
Talent resources
Logistics
Funding
Industrial clusters (A phenomenon that competitive enterprises in a certain industry and cooperative enterprises, specialized suppliers, service providers, related industry manufacturers, and related institutions (such as universities, scientific research institutions, standard-setting institutions, guilds, etc.) focus in a particular geographical area.)
Taxes
Government subsidies and preferential policies
Others (Please specify)
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*
7. Among the incentive policies implemented by the government for the development of Guangdong-Hong Kong-Macao Greater Bay Area, your company is more concerned with: (please select and rank the 3 most concerned items among the following policies)
【Please select 3 item and sort them】
Tax incentives
Talent policy incentives
Policy incentives for property and housing rentals
Rebates of taxes from the local government
Local government incentives/subsidies (for particular businesses or projects)
Local government equity investment / financing / interest subsidy
Local government outsourcing service support
Local policies to promote business cooperation, attract talent, business convenience, and service optimization
Others (Please specify)
*
Investment and financing model
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8. For your company, the main sources of financing include:
【Multiple】
Self-funding (including registered capital and shareholder loan)
Traditional bank loans
Capital raised from listing
Innovative products of financial institutions
Government-sponsored Industry Investment Funds
(It refers to the equity investment funds and venture capital funds that the government invests in the equity of non-publicly traded companies, which aims to play the guiding role and the amplification effect exerted by the government funds, and also enhance the utilization efficiency of government funds and attract the investment of social funds in areas and industries supported by the government)
Others (Please specify)
*
*
9. What are the most important policies for Chinese enterprises to invest overseas, and what aspects of policy support are expected from Guangdong-Hong Kong-Macao Greater Bay Area?
Innovation in foreign exchange management
Innovation in supervision on foreign investment enterprises
Innovation in sustainable financing
Innovation in operating model
Others (Please specify)
*
Not applicable
*
10. What is your company's expectation on future investment and financing policies in Guangdong-Hong Kong-Macao Greater Bay Area?
【Multiple】
Positioning different roles of Hong Kong, Guangzhou, Shenzhen, Macao and Zhuhai and Nansha, Qianhai and Hengqin to achieve synergy
Opening financial markets in China, and Hong Kong and Macao
Innovation in financial regulatory system
Innovation in foreign exchange system
Innovation in tax system
Others (Please specify)
*
*
11. In order to fully unleash the financial advantages of Guangdong-Hong Kong-Macao Greater Bay Area, which of the following innovations your company will consider in investment and financing:
【Choose at most 3 items】
Introduction of venture capital funds and private equity investment funds
Listing on the Shenzhen Stock Exchange
Listing on the Hong Kong Stock Exchange
Innovative financial products and financial services
Using Hong Kong as an investment and financing innovation platform
Introduction of government funds
Others (Please specify)
*
*
12. Does your company consider Hong Kong as the priority place of finance, operation and funding:
Yes
No
*
Reason is:
【Multiple】
Hong Kong has a similar law and financial system with other investment regions;
Leverage on Hong Kong's international financial centre status to obtain international asset management and risk management support, in order to achieve the role of global capital management;
Lower cost of financing because of Hong Kong's international financial centre status;
No foreign exchange control in Hong Kong;
Others (Please specify)
*
*
The first choice is:
Singapore
Tokyo
Shanghai
Shenzhen
Others (Please specify)
*
*
13. Would your group consider to set up a new company in Hong Kong？
Do not consider
Considering
Decided
*
If your group is considering or have decided to set up a new company in Hong Kong, the business nature of the new company in Hong Kong would be
【Multiple】
Production and manufacturing
Trade and retailing
Transportation and logistics
Finance, insurance, asset management
Corporate finance centre
Innovation and Technology
Headquarter of the group
Service centre of the group
Tourism and Hospitality related business
Service platform for cross-border trade
Others (Please specify)
*
*
14. Would your group consider to set up a new company in Macao？
Do not consider
Considering
Decided
*
If your group is considering or have decided to set up a new company in Macao, the business nature of the new company in Macao would be
【Multiple】
Production and manufacturing
Trade and retailing
Transportation and logistics
Finance, insurance, asset management
Corporate finance centre
Innovation and Technology
Headquarter of the group
Service centre of the group
Tourism and Hospitality related business
Service platform for cross-border trade
Others (Please specify)
*
*
15. Other than Hong Kong and Macao, would your group consider to set up a new company in other cities in Guangdong-Hong Kong-Macao Greater Bay Area (including Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Zhaoqing, Huizhou, Jiangmen)？
Do not consider
Considering
Decided
*
If your group is considering or have decided to set up a new company in any of the above cities in China, the business nature of the new company in China would be:
【Multiple】
Production and manufacturing
Trade and retailing
Transportation and logistics
Finance, insurance, asset management
Corporate finance centre
Innovation and Technology
Headquarter of the group
Service centre of the group
Tourism and Hospitality related business
Service platform for cross-border trade
Others (Please specify)
*
Market Integration:
*
16. What is the most important factor in achieving market integration of Guangdong-Hong Kong-Macao Greater Bay Area？
Government support
Innovation of policies
Industries synergy from different regions
Flow of talents, goods and funding
Others (Please specify)
*
*
17. Under the market integration of Guangdong-Hong Kong-Macao Greater Bay Area, what would be the most important policies innovation in China to your company？
【Multiple】
Tax policies
Foreign exchange policies
Customs policies
Financial supervision policies
Business registration policies
Others (Please specify)
*
18. In achieving market integration in the Guangdong-Hong Kong-Macao Greater Bay Area, does your company think that:
*
i. Major restriction in flow of talents is due to
(in a scale of 1-10, 10 means most restricted aspect, 1 means the least restricted aspect)
· Difference in individual tax burden between China, Hong Kong and Macao
· Tax residency issue
· Sending personnel to China may create Hong Kong and Macao company a Permanent Establishment in China (The enterprise's tax burden may increase if Permanent Establishment is created.)
· Hong Kong and Macao do not have Double Taxation Agreements
· Difference in visa between China, Hong Kong and Macao
· Difference in social security between China, Hong Kong and Macao
Please specify below if "Others" in Q18(i) above:
Please score the "Others" you filled:
(1)
(10)
*
ii. Major restriction in flow of funding is due to
(in a scale of 1-10, 10 means most restricted aspect, 1 means the least restricted aspect)
· Difference in foreign exchange control
· Fluctuation in foreign exchange rate
· Difference in financing and financial products
· Difference in tax policies
· Difference in cost of borrowing
Please specify below if "Others" in Q18(ii) above:
Please score the "Others" you filled:
(1)
(10)
*
iii. Major restriction in flow of goods is due to:
(in a scale of 1-10, 10 means most restricted aspect, 1 means the least restricted aspect)
· Goods need to be declared separately in China, Hong Kong and Macao customs, and fulfil the corresponding requirements
· Other than customs, goods also need to fulfil the requirements of quality supervision, inspection and quarantine, port, etc.
· Indirect tax cost from China including tariff and value-added tax
· Low service standard in logistics industry, forwarder industry, etc.
· Relatively high cost for bonded warehouse
· Informatisation and visibility in logistics is insufficient
Please specify below if "Others" in Q18(iii) above:
Please score the "Others" you filled:
(1)
(10)
C. Business model / Tax environment
Business model:
*
19. If your company is considering or have decided to operate in the Guangdong-Hong Kong-Macao Greater Bay Area, what is the core competency of your company:
【Multiple】
Advanced technology
Developed sales channel and source of customers
Leading production and manufacturing technologies in or outside China
Research and development skills
Famous brand name in China
Leading position within the industry
Others (Please specify)
*
20. Your company's expectation/expected actions on the Guangdong-Hong Kong-Macao Greater Bay Area development
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i. benefit from the Greater Bay Area development
No
Uncertain
Yes
*
ii. increase capital investment in response to the Greater Bay Area development
No
Uncertain
Yes
*
iii. increase human resources in response to the Greater Bay Area development
No
Uncertain
Yes
*
iv. increase exchange of personnel (i.e. staff secondment and traveling between China, Hong Kong and Macao)
No
Uncertain
Yes
*
v. change the business model in response to the Greater Bay Area development
No
Uncertain
Yes
*
If "yes", what will be the direction of change?
【Multiple】
Cross-border investment
New products/ services
Innovation/ research
New sales channel (e.g. e-commerce)
Shared centre (e.g. internal shared services centre)
Others (Please specify)
*
*
vi. undergo merger and acquisition in response to the competition in the industry
No
Uncertain
Yes
Tax environment:
*
21. Under current business model, which of the following tax policies and compliance requirement would be a challenge to your company：
【Multiple】
Corporate (Corporate tax, new and high-technology and research and development)
Personal (Individual tax)
Cross-border goods (Indirect tax: tariff and value-added tax)
Convenience of preferential tax arrangement application
Mechanism of settlement and solution of tax dispute
Others (Please specify)
*
*
22. When facing potential tax matters, investigation and dispute, which of the following solutions and mechanisms do your company understand?
【Multiple】
Taxation administrative reconsideration
Taxation administrative lawsuit
Taxation advance ruling (including Advance Pricing Arrangement)
Customs pre-ruling
Adjustment and mutual agreement on cross-border tax matters
None of the above
Others (Please specify)
*
23. In respect of tax incentives, your company considers :
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i. Which of the following tax incentives in China is the most critical to promote the development and change of business model?
【Multiple】
Tax concession rate for new and high-technology enterprises
Super deduction on R&D expense
Corporate tax concession for small low-profit enterprises
Tax concession rate on withholding tax for non-resident enterprises based on the double taxation agreement
Reduction of tariff on motor vehicles, consumer goods and medical and health products
Policies on zero value-added tax rate and tax exemption on cross-border taxable acts
Import duty reduction on encouraging investment project
Others (Please specify)
*
*
ii. Which of the following tax concessions in Hong Kong is the most critical to promote the development and change of business model?
【Multiple】
Two-tiered tax rate on Hong Kong profit tax
Tax regime for qualifying corporate treasury centres
No taxation on offshore income
No taxation on capital gain
No taxation on dividend income
Super deduction on expenditure on research and development
Industry specific tax concession (e.g. funds, aircraft leasing)
Others (Please specify)
*
*
iii. Which of the following tax concession policy in Macao is the most critical to promote the development and change of business model?
【Multiple】
Tax exemption for Macao offshore companies (Pursuant to the latest proposal from the Macao SAR government, this concession policy will be terminated on 1 January 2021)
Comparatively lower income tax rate (compare with China and Hong Kong)
Lower individual income tax rate
Others (Please specify)
*
*
24. Which of the following tax administrative system in China do your company consider that is the most critical to promote the development and change of business model?
【Multiple】
Merger of State Administration of Taxation and local tax bureau
Enterprise establishment and tax registration process
Enterprise relocation process
Tax reporting and payment process
Tax incentives application process
Fapiao administration process
Others (Please specify)
*
Thank you for your time to complete this questionnaire.
If you have any questions regarding the survey, please contact:
Leo Yang
Tax and Business Advisory Partner
Deloitte China
Email:
leoyang@deloitte.com.hk
Sarah Chan
Tax and Business Advisory Partner
Deloitte China
Email:
sarahchan@deloitte.com.hk
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