Buffalo Hill (Hong Kong) can be identified by its uniquely shaped Buffalo's head peak. Eight valleys associated with six streams lie around the slope of the hill. The biggest stream and valley flows along the north-eastern slope of Buffalo Hill and into the Shing Mun River. The entire hill is composed of exposed basalt rock, with some smaller granite deposits also present. The peak of Buffalo Hill is covered by grass and small shrubs, while the valleys are lush with forests. Different types of grass, including Couch grass, Bermuda Grass, Manila Grass and annual bluegrass, grow on the slopes of the hill, while the
Economy of Bermuda the annual fee. (See Taxation in Bermuda#Licence fees.) Foreign companies require a local secretary and agent, which charges a fee. Foreign companies that wish to establish a place of business in Bermuda require a permit, but a permit is not required for offshore activities. There are no taxes on profits, income, dividends, capital gains, estate, or death duties. There are more than 12,500 foreign companies registered in Bermuda, many US-owned, which are an important source of foreign exchange for the island. Offshore companies spent US$967m in Bermuda in 2000. Total income, including secondary effects, was US$1.3bn. Many large international companies