Hong Kong vs Bermuda: which jurisdiction wins?

Hong Kong vs Bermuda — both credible, very different trade-offs. Below: side-by-side on the variables that actually move the decision.

	Hong Kong	Bermuda
Tax headline	16.5% profits tax, territorial system	0% (15% CIT for in-scope MNEs from 2025)
Formation days	7	7
First-year cost	$3,200	$6,500
Treaties	47+	Limited
Substance	Offshore claim requires substance and operational evidence	Economic Substance Act 2018
Banking	HSBC, Standard Chartered, plus VASP-licensed banks since 2024	Butterfield, HSBC Bermuda, Clarien

Talk to a partner before you incorporate.

Wrong jurisdiction, wrong substance, or wrong bank shortlist is a 12-month problem. A 30-minute briefing fixes 80% of it.