News and Updates


Updated goverment 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, 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 a prescribed place in Hong Kong.


Also a company must designate at least one person as its representative 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. A person commits an offence if the person carries on a trust or company service business in Hong Kong without a license.


International Secretaries Limited has been registered as a "TCSP" to provide expertise company secretarial services to our clients.

Please click here to view


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 for 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 business in Hong Kong. The Amendment Ordinance have come into operation on 1 February 2019.


The major amendments introduced by the Amendment Ordinance include:

  1. updating relevant accounting-related provisions;
  2. expanding the types of companies eligible for reporting exemption; and
  3. 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.

 

2019 2018

TIHK Newsletter Apr 2019

TIHK Newsletter Issue 32, covering the Hong Kong, PRC and international tax updates and a variety of Institute's activities has been uploaded to TIHK’s website for your retention: http://www.tihk.org.hk/v2/news/news_letter.

 

This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.

TAG annual review e-booklet

TAG Alliances announced the publication of their 2018 Annual Review: "Rooted in History. Growing Our Tomorrow." Our company is one of TAG Alliance members.

 

This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.

TIHK Newsletter Feb 2019

TIHK Newsletter Issue 31, covering the Hong Kong, PRC and international tax updates and a variety of Institute's activities has been uploaded to TIHK’s website for your retention: http://www.tihk.org.hk/v2/news/news_letter.

 

This section includes links to sites of third parties where our company does not exercise any control over these sites for their content and thus assumes no responsibility for the accuracy of information provided.

The Budget 2019-2020

On 27 February 2019, Financial Secretary, the Honourable Paul Chan Mo-po, delivered the budget speech. In his 2019-20 Budget, he laid out a series of economic relief measures.

 

Highlights of the budget


One-off measures:

 
  1. 75% tax reduction subject to a cap at $20,000 per case of salaries tax and tax under personal assessment for 2018/19.
  2. 75% tax reduction subject to a cap at $20,000 per case of profits tax for 2018/19.
  3. Rates concession for the four quarters of 2019/20, subject to a cap of $1,500 per quarter for each rateable property.
  4. Provide an extra allowance to social security recipients, equal to one 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.
  5. Provide a one-off grant of $2,500 to each student in need to support learning.
  6. Pay the examination fees for candidates sitting for the 2020 Hong Kong Diploma of Secondary Education (HKDSE) Examination.
  7. Provide a one-off additional $1,000 worth of Elderly Health Care Vouchers, and increase the accumulation limit of vouchers to $8,000.
  8. Waive the business registration fees for 2019-20.

Profit tax


  1. Profits tax rate for the first HK$2 million of profits of corporations / unincorporated business will be lowered to 8.25% and 7.5% respectively. The remainder of profits of corporations / unincorporated business remain at 16.5% and 15% respectively.

Salareis tax


  1. Standard tax rate remain unchanged.

Other tax relief


  1. Provide a tax reduction for people who purchase eligible health insurance products for themselves or their dependants under the Voluntary Health Insurance Scheme, at the upper limit of $8,000 per insured person.
  2. Provide a tax reduction for voluntary contributions made to the Mandatory Provident Fund (MPF) and contributions made to deferred annuity products under Life Annuity Scheme, at the upper limit of $60,000 .