To align with global initiatives against tax evasion and ensure fair taxation, Hong Kong has revised its Foreign Source Income Exemption (FSIE) regime for passive income. The amendments were made in accordance with the European Union's Guidance on FSIE regimes, following Hong Kong's inclusion in the EU's watchlist of jurisdictions with potentially harmful tax practices in 2021.
COVID-19 and related quarantines and restrictions have damaged the image of Hong Kong, considered the international centre of Asia, provoked the departure of expats and spurred the ambitions of rival cities to replace Hong Kong and take its place as the preeminent financial centre of the region.
AGENDA: General information on Hong Kong, Company registration procedure and types of companies in Hong Kong,MCompany corporate documents, First directors, shareholders and company secretary, Nominee service, Compliance regulations, Options to liquidate a company
An Electronic Money Institution (popularly known as an EMI for short) is a fully licensed financial institution which engages in electronic payment services. The full license for a Hong Kong electronic money institution currently has no restrictions to either trading period or sector of activities.
The types of companies that may be formed and regulated under the new Companies Ordinance in Hong Kong are public and private companies limited by shares; companies limited by guarantee without a share capital, public and private unlimited companies with a share capital.
Hong Kong finalised and signed an agreement with Indonesia to allow for the automatic exchange of financial information (AEOI) regarding all tax matters.
The Hong Kong Securities and Futures Commission has remarked upon the growth and popularity of ICOs for raising money not only in Hong Kong but other Asian countries. This article confirms and explains how digital tokens that are offered or sold may be defined as “securities” and as such are therefore governed by the relevant securities legislation of Hong Kong.
As per new legislation, every company incorporated in Hong Kong will be required to keep and maintain a register of all persons who have significant control of the company. The record must be updated as required and kept at the registered company address, even if there are no persons of significant control.
All Hong Kong businesses providing Trustee Services will not be able to operate without a valid trading license after March the 1st 2018. The new scheme is designed to better regulate individuals carrying out services within the financial sphere in Hong Kong and will be overseen and administered by the Hong Kong Companies Registry.
As per Hong Kong company’s ordinance subdivision 3 section 379 subsection 1, a Company Director will have to prepare year-end financial accounts that comply with sections 380 and 383.
Every week, we'll be sending you curated materials handpicked tips about international business, law, taxes, accounting and compliance.
Plus, you'll be the first to know about our discounts!