Category: Company Formation
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Economic Substance relating to Seychelles International Business Companies
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The Seychelles BTAA has updated the Business Tax Act to comply with the European Union’s Economic Substance requirements. Previously, Seychelles operated under a territorial tax regime, meaning only income sourced within the country was subject to taxation. Foreign-sourced income was exempt from Seychelles taxation. However, pursuant to the BTAA updates, exemptions for foreign sourced income…
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Further amendments to the Seychelles Beneficial Ownership Regime: Seychelles Beneficial Ownership (Amendment) Regulations
The Seychelles BO regime has since been further enhanced through the related Seychelles Beneficial Ownership (Amendment) Regulations enacted on 28 April 2023. We summarise the key amendments to the BO Regulations in our updater here.
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Reminder: Changes to Strike off Regime and Restoration Process in BVI – Transitional period ends 30 June 2023
The BVI Business Companies (Amendment) Act introduced changes to the strike off regime and restoration process that may impact your BVI company. Specifically, these changes affect BVI companies that were struck off after 1 July 2016 and before 1 January 2023, and that have not yet been dissolved. If you have any such existing struck…
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Hong Kong Companies Ordinance: Reduction of capital
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The Companies Ordinance (Cap 622) (CO) introduced a company-led court-free process for reduction of share capital in 2014. This followed in the wake of the removal of the requirement for companies to have an authorised capital, which in turn followed a trend globally of removing restrictions in the handling of company capital that has swept…
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Amendments to the Seychelles Beneficial Ownership regime
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The Beneficial Ownership (Amendment) Act, 2022 has been enacted with effect from 30 December 2022. The relevant amendments are introduced to ensure ongoing compliance with international standards set by the Financial Action Task Force (FATF) and Organisation for Economic Cooperation and Development (OECD) which require jurisdictions to maintain beneficial ownership information that shall be accessible…
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Hong Kong Budget 2023-24
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Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2023-24 in his Budget Address on 22 February 2023. Highlights of some measures of particular interest to Hong Kong companies and those with business interests in Asia, are set out below.
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Dormancy of a Hong Kong Limited Company
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When clients find that they no longer need their Hong Kong company they would naturally like to reduce their Company-related costs. With our clients’ best interests in mind, Marbury would usually recommend that the Company be formally deregistered in order to prevent future liabilities. However, if there is a chance that the Company may be…
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Deregistration of a Hong Kong Limited Company
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When at the end of its useful life, deregistration is an easy and inexpensive procedure to close a Hong Kong defunct solvent company, and to prevent future liabilities to the Company and its officers. We have prepared a short overview of the process here.
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Incorporation of a Hong Kong Limited Company
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The most common form of business entity incorporated in Hong Kong is a company limited by shares, or simply, a Limited Company. View our overview of this popular structure here.
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Reminder: Seychelles accounting records due
Seychelles entities are reminded of the requirement to submit their bi-annual accounting records to their registered agent (by July and January) each year. The official deadline for submitting accounting records for the second half of the year 2022 (July to December) is 31 January 2023. Furthermore, large entities (with an annual turnover of more than SCR 50 million),…