Category: Company Formation
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BVI Business Companies increase in Annual Fees effective 1 Jan 2023
The British Virgin Islands Financial Services Commission (FSC) has recently announced an increase in Annual Licence Fees coming in to effect on 1 January 2023. This fee increase applies to all new incorporations and renewals taking place in 2023, and does not apply to any 2022 Annual Licence Fee.
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Hong Kong Companies Ordinance (CAP622) & Personal Data – New Inspection Regime
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Arising out of social issues affecting office bearers in Hong Kong, the Hong Kong government determined in 2020 that company directors’ (and secretaries) sensitive personal information should be private. The Companies Ordinance (CAP622) (CO), has been amended accordingly. Under the amended CO, company directors’ and secretaries’ personal data will continue to be stored in the…
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Seychelles: Additional Register of Directors requirements
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To ensure that international regulatory standards of tax transparency are met, the Seychelles Government enacted a suite of new legislation over the last two years, including the International Business Companies (Amendment) Act 2021 (the Amendment Act) and the International Business Companies Act and Other Related Laws (Amendment) Act 2021. The legislation imposes a number of…
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Anguilla: Enhanced companies regime
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New legislation has recently been passed that will align Anguilla with international standards with regards to tax transparency and the associated beneficial ownership and economic substance requirements, through the creation of a more modern framework and supporting reporting system.
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Hong Kong: Reduction of Business Registration Levy
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It was gazetted on 10 June 2022, that the business registration levy will be reduced from HKD250 per annum to HKD150 per annum. Subject to the passing of the Business Registration Ordinance (Amendment of Schedule 2) Order 2022 (Order) by the Legislative Council on 15 June 2022, the new levy rate will apply to incorporation…
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Summary of BVI open-end investment funds
The British Virgin Islands has long been a jurisdiction of choice for the establishment of companies for use as asset holding vehicles. The development of the inter-connected global economy has led further to the widespread adoption of BVI companies as private equity or investment funds. Today, the BVI is home to over 2,000 registered and recognised…
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Hong Kong Business Registration Fee Waiver 2022/23
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Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2022-23 in the Budget Address on 23 February 2022. Included in the measures to support enterprises through the difficult pandemic period was the continuation of the business registration fee waiver. Click for more details.
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BVI Economic Substance – Significant amendments to BOSS Act
The most recent amendment to the Beneficial Ownership Secure Search System Act (the BOSS Act) applies to those financial periods beginning on or after 1 January 2022. Below is summary of the most significant amendments. It is expected that the BVI International Tax Authority (ITA) will publish version 3 of its ES Rules and Explanatory…
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Singapore: File your Annual Lodgments on time
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Penalty for late filing beyond 3 months increases to SGD600 from 14 Jan 2022 Under the new 2-tier penalty framework, the penalty for late filing of the annual lodgments will be SG300 within the first 3 months after the due date or SGD600 if the lodgment is filed more than three months after the filing…
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Seychelles: New accounting records obligations
The Seychelles Government has introduced new legislation that significantly increases the accounting records keeping requirements for International Business Companies (IBCs).