Category: Hong Kong
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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.
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Hong Kong to increase maternity leave to 14 weeks
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…
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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…
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Hong Kong 2020-21 Budget proposal highlights for HK Companies
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Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2020-21 in his Budget Address on 26 February 2020. Following the HKD30 billion coronavirus relief package two weeks ago by Hong Kong Chief Executive, Carrie Lam, Chan’s budget offers additional relief with generous measures for business.
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Hong Kong 2019-20 Budget proposal
A range of relief measures were outlined to help local enterprises deal with the fallout and uncertainty of the global economic and trade environment. As part of these measures it is proposed that the business registration (BR) fees for the period 1 April 2019 to 31 March 2020 will be waived, and only the BR…
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The Companies (Amendment) (No. 2) Ordinance 2018
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in Hong KongHONG KONG: The Companies (Amendment) (No. 2) Ordinance 2018 has been introduced to streamline the administration of Hong Kong companies and facilitate compliance and came into force on 1 February 2019.
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HK: New Requirement – Register of Significant Controllers
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The Companies Ordinance (Cap.622) has been amended to require a company incorporated in Hong Kong to identify persons who have significant control over the company and to maintain a register of significant controllers to be accessible by law enforcement officers upon demand. This follows similar steps taken in the UK and other jurisdictions, and the…
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HK: New Client Due Diligence and Licensing Regime for Providers
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The Hong Kong government has now introduced amended legislation that regulates the provision of, until now, unregulated company services by accounting professionals, estate agents, legal professionals and trust and company service providers. The move is consistent with the government’s commitment to adopt common reporting standards, institute a register for persons with significant control and generally…
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Vietnam and Foreign Investment Structures
The British Virgin Islands, Hong Kong and Singapore provide attractive product offerings broadly characterised by cost effective incorporation and ongoing maintenance fees, a tax neutral investment platform, corporate flexibility, an English common law system that underpins the rule of law and contractual certainty, and enforcement provided by a modern and effective commercial court.
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Key tax takeaways from Hong Kong Chief Executive’s 2017 Policy Address
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Hong Kong Chief Executive, Carrie Lam, delivered her first policy address to the Legislative Council last week on 11 October, outlining the Government’s future policy initiatives. Among these were two key tax-related measures to maintain Hong Kong’s position as a leading business hub in Asia.