In China, Hong Kong identity, Beijing hukou, and Shanghai hukou are all pursued by many elites, regardless of their children's education or personal interests.
So, compared with Hong Kong identity, Beijing hukou or Shanghai hukou, which one is more attractive?
Degree of difficulty
It is reported that the household registration application requirements in Beijing and Shanghai are relatively strict, and you need to meet a certain points standard. Only those who hold a local residence permit and have paid social insurance for more than seven years have a chance to obtain it.
In comparison, the threshold for obtaining Hong Kong identity is lower, and the ways to obtain it are more diverse. It can be obtained through talent introduction, employment or studying abroad.
Tax System
Hong Kong's tax system is simpler than that of the Mainland, with lower tax rates.
★Enterprise Income Tax
Hong Kong’s corporate income tax is also called “profits tax”.
The tax rate for Hong Kong companies on the first HK$2 million of income is 8.25%, and the excess is 16.5%, while the mainland's corporate income tax rate is 25%.
★Individual income tax
Personal income tax is also called "salary tax" in Hong Kong.
The highest personal salary tax rate in Hong Kong is 15%, while the personal income tax rate in the Mainland can reach up to 45%!
In addition, there is no double taxation in Hong Kong and there is no inheritance tax, interest tax, capital tax, business tax, sales tax, value-added tax, gift tax or capital gains tax.
education benefits
Hong Kong’s education system is advanced and in line with international standards.
Holding Hong Kong identity has huge advantages in terms of educational benefits and further studies.
★Compulsory education
Hong Kong implements 15 years of compulsory education (including 3 years of kindergarten, 6 years of primary school, 3 years of junior high school and 3 years of high school).
Students studying in public primary and secondary schools in Hong Kong only need to pay textbook and miscellaneous fees each semester to enjoy first-class international educational resources and receive education in a bilingual environment from an early age. Beijing and Shanghai implement 9 years of compulsory education.
★Entertainment
In terms of further studies, Hong Kong enjoys diverse pathways for further studies.
?Hong Kong local universities
Students with Hong Kong identity can apply to Hong Kong's "eight major universities" based on their DSE scores, and the admission rate is high. Among them, prestigious universities such as the University of Hong Kong and the Chinese University of Hong Kong reserve 80% of their admission quotas for local students.
?Famous Mainland schools
Students with permanent residence status in Hong Kong can, firstly, apply for 130 universities in the mainland through the "Exam-free Admissions Scheme" with their Hong Kong Diploma of Secondary School (DSE) scores, including Tsinghua University, Peking University, Fudan University and Shanghai Jiao Tong University. .
Second, you can take the Joint Entrance Examination for Overseas Chinese Students and get into Mainland 211 and 985 universities with simpler test questions and lower scores.
?Famous overseas schools
Students with Hong Kong identity can apply to more than 300 overseas universities based on their DSE scores.
passport benefits
Individuals holding Hong Kong identity are eligible to apply for a Hong Kong passport, thereby enjoying visa-free or visa-on-arrival services provided by 167 countries or regions.
For business people who love traveling or who often need to go on business trips, holding a Hong Kong passport can bring more convenience to their global travels.
Holding a Hong Kong identity can bring many benefits, whether it is personal career development, children's growth and education, or future retirement planning.
If you are also interested in planning a Hong Kong identity, please contact Xingyunhai International!
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