Author: Admin
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Increased penalties for employing overstayers in Hong Kong after changes to Immigration Ordinance
The Immigration (Amendment) Bill 2020, which came into effect on 1 August 2021, imposes increased penalties for employers who employ individuals not lawfully employable, and now covers overstayers.
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BVI: New Registry filing fee for the first Register of Directors
Further to the BVI Business Companies (Amendment of Schedule 1) Order, 2021, a fee of USD75 will be introduced for filing of the first register of directors. Please note that a filing fee of USD75 will be added to the incorporation of all BVI companies incorporated on or after 1 Jul 2021.
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OVERVIEW: A Look at the Approved Manager Regime in the BVI
The Approved Fund Manager regime in the British Virgin Islands has been in force since 2012 and was designed to cater to start-ups, but is equally attractive to established small and medium-sized funds. Until recently we could count the number of AFMs in the structures we administer on one hand. However this has changed rapidly…
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Hong Kong 2021-22 Budget proposals
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Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2020-21 in the Budget Address on 24 February 2021 outlining measures to support enterprises, revive and stimulate the economy as well as tax policy. Highlights of the measures of particular interest to Hong Kong companies and our clients operating in Hong Kong are set out…
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Seychelles Beneficial Ownership Act and Regulations 2020
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The Seychelles Beneficial Ownership Act 2020 and the Seychelles Beneficial Ownership Regulations were introduced on 28 August 2020, extending the requirements for Seychelles entities to keep registers of beneficial owners at the company’s registered address. The new legislation also mandates beneficial ownership information to be submitted to a centrally managed government database by registered agents.…
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Hong Kong Resident Visa Extension of Stay applications processing update under COVID-19
The Hong Kong Immigration Department has announced that in view of the travel restrictions and difficulties imposed by the COVID-19 pandemic, Hong Kong non-permanent resident visa-holders may apply to extend their visa whilst currently overseas. This is a temporary measure and not applicable to Foreign Domestic Helpers and Imported Workers. The Immigration Department published the…
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Marbury supports Templewater Bravo’s acquisition of New World First Bus Service and Citybus
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Marbury is pleased to support Templewater and Investec Bank plc, as administrator for each of Bowen SP and Templewater I, L.P, and the Project Bravo investment structure for the acquisition of New World First Bus Services Limited and Citybus Limited from NWS Holdings Limited for HKD3.2 billion.
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Singapore update: BizFile+ filing extensions and filing penalty waivers
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The Singapore Accounting and Corporate Regulatory Authority (ACRA) has extended filing deadlines and is waiving late filing penalties for a period following system slowness and intermittent disruption issues with its business filing portal, Bizfile+. In response to the concerns of Corporate Service Providers (CSPs) who had experienced difficulties filing annual returns and other transactions, ACRA has announced…
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Employment Support Scheme (ESS)
The Hong Kong Government has announced the application details for the second payment instalment of its Employment Support Scheme (ESS). Eligible employers may submit their applications for the second tranche wage subsidies from 31 August to 13 September 2020. Employers who have previously applied for the first tranche of the wage subsidies (for wages paid…
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Implementation of a Central Register of Controllers
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Singapore – With effect from 30 July 2020, all companies, foreign companies and limited liability partnerships (LLPs), unless exempted, are required to lodge with the Accounting and Corporate Regulatory Authority (ACRA) the same information that they presently continue to maintain in their Register of Registrable Controllers (RORC). This is part of ACRA’s on-going efforts to…