Category: Company Formation
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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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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…