Author: Admin

  • Hong Kong Limited Partnership Fund Ordinance

    Hong Kong Limited Partnership Fund Ordinance

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    The Limited Partnership Fund Ordinance (Cap 637) comes into operation on 31 August 2020, providing a rather ground breaking new standalone entity framework for the formation of what has been termed limited partnership funds in Hong Kong.

  • Economic Substance in the Marshall Islands

    Economic Substance in the Marshall Islands

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    The Marshall Islands, following the lead of other offshore jurisdictions such as Bermuda, the British Virgin Islands and the Cayman Islands, has introduced an economic substance regime effective 1 January 2019 in response to the work of the OECD and the European Union on fair taxation. The legislation has since been twice amended and supplemented…

  • Hong Kong to increase maternity leave to 14 weeks

    Hong Kong to increase maternity leave to 14 weeks

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    Hong Kong’s Legislative Council has recently passed the Employment (Amendment) Bill 2019 (the Bill) which enhances the leave benefits of female employees who are employed under a continuous contract of employment. The key changes are as follows: The amendments are not yet in force. The Bill is expected to be effected by the end of…

  • Cayman Islands Private Funds Law – Expanded Scope

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    On 7 July 2020, the Private Funds Law, 2020 (PF Law) was amended to vary the definition of a “private fund” by clarifying the definitions of certain entity types and extending the scope of the PF Law to additional entities. The deadline for registration under the PF Law remains 7 August 2020.  We recommend that…

  • New CIMA fines and TIA offence in force in the Cayman Islands

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    The Monetary Authority (Administrative Fines) (Amendment) Regulations, 2020 was enacted on 26 June 2020 extending the ability of the Cayman Islands Monetary Authority (CIMA) to impose significant fines. It is now also an offence for knowingly or wilfully supplying false or misleading information to the Cayman Islands Tax Information Authority (TIA).

  • BVI Economic Substance framework now fully operational

    BVI Economic Substance framework now fully operational

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    The International Tax Authority has informed all Registered Agents and legal entities with reporting obligations under the Economic Substance (Companies and Limited Partnerships) Act, 2018 and the Beneficial Ownership Secure Search System Act, 2017 that the Economic Substance portal as integrated with the Beneficial Ownership Secure Search system (BOSS(ES)s) went live on 12 June 2020.

  • New rules for regulated funds

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    As referenced in our updater on new registration requirements for Cayman Islands investment funds, the Cayman Islands Monetary Authority (CIMA) has published new rules governing the segregation of assets and the contents of offering documents and marketing materials for regulated funds. The new rules apply to mutual funds that are regulated under the Mutual Funds…

  • FAQs Accounting, annual audit and tax compliance

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    Are all Hong Kong companies required to have audited accounts? All companies incorporated in Hong Kong are required to appoint an auditor for each financial year in accordance with the Companies Ordinance. Further, the audit report forms part of the reporting documents the directors of a company must produce for the Annual General Meeting. Only…

  • HK Government introduces Employment Support Scheme (ESS)

    HK Government introduces Employment Support Scheme (ESS)

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    The Legislative Council Finance Committee has approved funding to launch the HKD81 billion Employment Support Scheme (ESS) as part of the Government’s second round of Anti-epidemic Fund measures. All employers who have been making Mandatory Provident Fund (MPF) contributions or have set up Occupational Retirement Schemes (ORSO schemes) for employees are eligible…

  • Cayman Islands announce business continuity measures (UPDATED)

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    In response to the COVID-19 global pandemic, the Cayman Islands Government has announced a number of measures to support the continuity, viability, and strength of the financial services industry and ensure business continuity to clients. The measures have been announced through industry advisory notices and those of most interest to our clients are noted here…