News and Updates
| Updated government regulations |
Keeping Significant Controllers Registers & Designated Representative
The Companies (Amendment) Ordinance 2018 (“the Amendment Ordinance”) has become effective on 1 March 2018. The Companies Ordinance requires a company incorporated in Hong Kong to obtain and maintain up-to-date beneficial ownership information, by way of keeping a Significant Controllers Register (“SCR”) for inspection by law enforcement officers upon demand.
The Amendment Ordinance requires a company to keep a SCR in either the English or Chinese language, as well as containing required particulars of its significant controllers (including registrable person and / or registrable legal entity). The SCR should be kept at the company’s registered office or at a prescribed place in Hong Kong.
Also, a company must designate at least one person as its representative in order to provide assistance relating to the company’s SCR to a law enforcement officer.
For more details, please refer to the Company Registry website.
A New Licensing Regime for "Trust or Company Service Providers"
A new Licensing regime for trust or company service providers (“TCSPs”) will commence with effect from 1 March 2018.
Under the new licensing regime, TCSPs are required to apply for a license from the Registrar of Companies before they can provide trust or company services as a business in Hong Kong. It is an offence for businesses to perform such services in Hong Kong without a license.
International Secretaries Limited has been registered as a "TCSP" to provide expertise company secretarial services to our clients.
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For more details, please refer to the Companies Registry website.
Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018
Anti-Money Laundering and Counter-Terrorist Financing (Financial Institutions) (Amendment) Ordinance 2018 has become effective on March 1, 2018. The ordinance seeks to apply the statutory customer due diligence and record-keeping requirements to designated non-financial businesses and professions when they engage in specified transactions.
We are actively engaged in compliance with the amendment, and establish proper policies and controls.
For more details, please refer to the Companies Registry website.
Companies (Amendment) (No. 2) Ordinance 2018 (“the Amendment Ordinance”)
The new Companies Ordinance (Cap. 622) (“new CO”), which commenced operation in March 2014, provides a modern statutory framework for the incorporation and operation of companies in Hong Kong. The Amendment Ordinance seeks to amend some provisions of the new CO to incorporate new developments, improve the clarity and operation of the new CO, and further facilitate businesses in Hong Kong. The Amendment Ordinance has come into operation on 1 February 2019.
The major amendments introduced by the Amendment Ordinance include:
- The updating of relevant accounting-related provisions;
- The expanding of the types of companies eligible for reporting exemption; and
- The providing for miscellaneous matters in relation to various administrative, procedural and technical requirements regulating local companies and non-Hong Kong companies.
For more details, please refer to the Companies Registry website.
| 2024 | 2023 | 2022 |
The Integrated Companies Registry Information System - Dec 2023
The Companies Registry has revamped the Integrated Companies Registry Information System and launched the brand new e-Services Portal. You can now access all the electronic services of The Companies Registry, including electronic document submission and search services, with desktop and mobile hand-held devices with different screen sizes through the e-Services Portal round the clock anytime and anywhere.
The Budget 2023-2024 - Feb 2023
On 22 February 2023, Financial Secretary, the Honourable Paul Chan Mo-po, delivered the budget speech. In his 2023-24 Budget, he laid out a series of economic relief measures.
Highlights of the budget
One-off measures:
- Issue $5,000 electronic consumption vouchers in instalments to each eligible Hong Kong permanent resident and new arrival aged 18 or above to facilitate and stimulate local consumption.
- Issue $2,500 electronic consumption vouchers in instalments to each eligible who come to live in Hong Kong through different admission schemes or to study in Hong Kong to facilitate and stimulate local consumption.
- 100% tax reduction subject to a cap at $6,000 per case of salaries tax and tax under personal assessment for 2022/23.
- 100% tax reduction subject to a cap at $6,000 per case of profits tax for 2022/23.
- Rate concessions for residential properties for 2023/24, subject to a cap of $1,000 per quarter.
- Rates concession for non-domestic properties for 2023/24, subject to a cap of $1,000 per quarter.
- Provide an extra allowance to social security recipients, equal to half of a month of the standard rate Comprehensive Social Security Assistance (CSSA) payments, Old Age Allowance (OAA), Old Age Living Allowance (OALA) or Disability Allowance. Similar arrangements will apply to Low-income Working Family Allowance (LIFA) and Work Incentive Transport Subsidy.
- Pay the examination fees for candidates sitting for the 2024 Hong Kong Diploma of Secondary Education (HKDSE) Examination.
- Extend the application period of all guarantee products under the SME Financing Guarantee Scheme to March 2024.
Profit tax
- Profits tax rate for the first HK$2 million of profits of corporations / unincorporated business will remain at 8.25% and 7.5% respectively. The remainder of profits of corporations / unincorporated business remain at 16.5% and 15% respectively.
Salaries tax
- Standard tax rate remain unchanged.