Very interesting - you seem to be right - more info on following page ...

http://www.guidemehongkong.com/taxation/corporate-tax/calcul...

btw, do you have any info on any agent who can help with this? do you need a physical address (even for opening a bank account)? Do you need to visit HK for any reason to setup a company?

I don't want to spam anything here, but there are tons of agents you can find via google.

The registered address in HK can be provided by the agent. I'm not sure what else you mean by physical address.

You'll need to visit HK to open a bank account in case you need one in HK, but you could open a bank account in any other country as well if you can find a bank willing to do so (tough where I'm from).

As far as I know, this wouldn't work for U.S. citizens, as they are taxed on world wide income. Residents of countries (like Canada) do not pay tax on world wide income, if person in question is considered a non-resident for tax purposes (ie not living in Canada).

OP is a EU citizen though.

I have no idea about the legal intricacies involved for US citizens, but that doesn't change the fact that there is no corporate tax for the HK setup I described.