Category: News & Updates
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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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Marbury supports Templewater Bravo’s acquisition of New World First Bus Service and Citybus
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Marbury is pleased to support Templewater and Investec Bank plc, as administrator for each of Bowen SP and Templewater I, L.P, and the Project Bravo investment structure for the acquisition of New World First Bus Services Limited and Citybus Limited from NWS Holdings Limited for HKD3.2 billion.
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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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BVI Economic Substance framework now fully operational
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.
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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…
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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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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…
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Encore Professional Services acquired by the Marbury Group
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We are delighted to announce that Marbury has acquired Encore Professional Services whose team are now part of and supported by the Marbury group. With the acquisition of Encore, this brings more depth into Marbury’s service line relating to accounting, payroll and visa services. Whilst Compass Offices’ clients will now have access to a wider…
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Singapore announces support measures for companies
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The Accounting and Corporate Regulatory Authority (ACRA) has implemented support measures to businesses in light of the difficulties brought about by the COVID-19 situation. As some entities may have difficulties holding their Annual General Meetings (AGMs) and filing their Annual Returns (ARs) certain deadlines have been extended and guidelines issued on Temporary Measures for Conduct…
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