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Smart Tips for Selecting the Right Under Deck Roofing Contractors

When it comes to concealing the insides of your deck’s roof there is a need to go for the highest quality workmanship. This involves hiring under deck ceiling contractors who have been in the industry for many years as well as ones who possess all the pieces of equipment that your project will need. When you are able to hire the right technician for this job you will be sure to get a high-quality ceiling for your deck and this is an investment that will serve for a good deal of time. So when you are considering hiring the services of an under deck ceiling contractor make a point of ensuring that you hire the right person.

Here you will be doing some serious homework to ensure that you do not fall into the traps of the quacks that purport to offer the best ceilings for homeowners. Since the scammers are so many in the industry is it important that you read the following tips that will make it easy for you to navigate the market and locate an excellent contractor. Here are some of the tips that most people have you and they ended up hiring the best under deck ceiling contractors.

The first tip for any homeowner who is looking forward to hiring an excellent under deck ceiling contractor is to look for licensed professionals. Ideally, any good government will protect its citizens from illegal people by licensing the right professionals. As such it is the work of the homeowner to see to it that the person working on his or her project is a legitimate professional and this can only be clarified of the license is valid. Son when you are in doubt about the validity of the license it is prudent to contact the regulatory authority in your area.

The second tip is to choose a contractor who is conversant with various designs. Under deck, ceilings come in different styles and materials and one that is right for you will depend on the size of your project as well as the level of functionality you are looking for. The only way you can have a perfect design that will increase the efficiency and functionality of your deck is choosing a professional who is aware of the various designs that exist in the market. This way you will get the advice that you need so that you invest in an under deck ceiling that will serve you for a long period of time.

It is also a good thing to check the varying costs of the project. Depending on the contractor who will be working on your project you may pay a higher or lower amount. This means that you will need to take some time to evaluate the various bids that you get from your contractor and the more the bids you get the higher the chances of getting the project completed at the lower budget. You should compare the prices of the various contractors and choose a contractor whom you deem fit for your budget.

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Benefits of Hiring Professional Home Remodeling Services

Owning a home is one of the best privileges of many adults. These privileges come with some kind of challenges especially when it comes to renovation and repair of the house. You need to find the best home renovation specialist for the job to be done perfectly and within the required time. The following are some of the advantages of hiring professional home remodeling services.

Low home remodeling cost is one of the benefits of hiring professional home remodeling services. It is tempting to try to renovate your home by yourself especially if you have some renovation skills. These temptations normally arise when you do not want to spend money on the renovation services. When you hire professional home remodeling service, the renovation work will be done within the shortest time possible and this is one way of saving money. When you do the renovation by yourself, the chances of causing costly damages are high. It is important to know that the majority of home renovation specialists normally have a network connection with industries that normally offer them materials at a low price. When you hire a home renovation specialist, you do not need to procure tools and equipment since they have their own tools and equipment.

You are entitled to better workmanship when you hire professional home renovation specialists. When you are tempted to start a renovation project by doing it yourself, you will realize that you do not have the skills and ability to finish the task successfully. Even if you have some skills, you will not be able to complete the job perfectly and on time. When you hire a professional specialist, you will benefit from their experience and skills. You will also be guaranteed a perfect job and the job will be completed within the timeframe. A professional home renovation specialist will also deliver a perfect job within your budget.

Another important beneficial factor about the professional home renovation specialist is that they are licensed, bonded and insured. When you want to do the renovation job by yourself or hire a handyman, the major challenge will be to obtain the permit to do the job. You will also need to get the insurance cover for yourself and the handyman you will hire to help you in doing the job in case of causing damage to your house or in case you or the person you hire get injured. You do not need to worry about all these when you hire a professional remodeler because they are normally bonded, licensed and insured from any kind of damages and accidents.

When you hire the services of a professional home remodeler, you get access to reliable home support services. When you do the renovation by yourself, you are not sure that the job is perfectly done and in case of something wrong, you will not be able to call anyone for assistance. Professional home remodeler normally offers emergency services in case something goes wrong after renovation. This will give you peace of mind because the professional remodelers normally correct some renovation mistakes at their cost.

Lastly, professional remodelers normally do the shopping of materials themselves and deliver the material at your home. Home remodeling specialists have the knowledge and experience to choose the best materials for your home. When you do the renovation yourself, it is difficult to choose the right material for the renovation job due to limited knowledge.

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A Look at Fiction Authors

If you love to read, you might have read those fiction stories before. There are a lot of really wonderful fiction books out there that you can pick up at your book stores and start reading. Fiction stories are unreal stories but they can have such effects on you because they are really wonderfully written. You might have been so inspired by those fiction books that you have just purchased and that is good. If a book inspires you to do good and to help out, it is really a good book and it is worth advertising out there. There are many wonderful fiction authors that you might want to know about so that you can get their books and start reading them as well.

Many of those old novels or fiction books were inspired by authors who have gone through something in the past. Some fiction authors write about the things that have happened to them or the hard times that they went through in the eighteenth century. You can actually learn a lot about what was happening during those old times when you read of such fiction books even though they are not real. Such fiction authors of the past have really been able to capture their time and what was going on during their era in such fiction books and stories. You can really enjoy such writings and you can also get to understand more of what was taking place back then.

If you are unfamiliar with those great fiction authors, you might want to do some research on them. When you find good fiction authors, you can search for the books that they have written at your local book stores. Once you find their books there, you can get them and read them to find out what style of writing they use. There are actually many styles of writing and if you are not sure how to tell, you can maybe do a study about that to see what your favorite fiction author uses. You can also search those fiction books written by your favorite authors online as there are many books for sale up online that you can get and have delivered to you.

When it comes to those fiction book authors, you will find so many kids of them. You will find fiction books for kids that are written by those good fiction authors and you will also find those for adults. When you get into the fiction world, you are really going to imagine a lot of things as that is what fiction stories help you to do. You can use your mind when you read fiction books and that is great. If you would like to be a fiction author yourself, you can go ahead and start writing fiction stories that you can maybe publish one day and sell to book worms out there. You just might become one of the top fiction authors of this age and that is really something that you might be aiming for.

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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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