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 enforceqent 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 |
Double Taxation Agreement and Arrangement Update - Nov 2022
The Secretary for Financial Services and the Treasury, Mr. Christopher Hui, on behalf of the Government of the Hong Kong Special Administrative Region signed in Hong Kong on 7 November 2022 a comprehensive avoidance of double taxation agreement (CDTA) with the Government of the Republic of Mauritius.
Under the CDTA, double taxation will be avoided in that any Mauritian tax paid by Hong Kong companies will be allowed as a credit against the tax payable in Hong Kong on the same profits, subject to the provisions of the tax laws of Hong Kong. Likewise, for Mauritian companies, the tax paid in Hong Kong will be allowed as a deduction from the tax payable on the same income in Mauritius.
For more details, please refer to IRD website
Implementation of Phase 2 of New Inspection Regime – Major Changes in Public Search Services - Oct 2022
Starting from 24 October 2022, correspondence addresses instead of the usual residential addresses (“URAs”) of directors and partial identification numbers (“IDNs”) instead of full IDNs of directors, company secretaries and some other individuals (such as liquidators and provisional liquidators) will be made available on the Register for public inspection.
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 indormation provided.
The Budget 2022-2023 - Feb 2022
On 23 February 2022, Financial Secretary, the Honourable Paul Chan Mo-po, delivered the budget speech. In his 2022-23 Budget, he laid out a series of economic relief measures.
Highlights of the budget
One-off measures:
- Issue $10,000 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.
- 100% tax reduction subject to a cap at $10,000 per case of salaries tax and tax under personal assessment for 2021/22.
- 100% tax reduction subject to a cap at $10,000 per case of profits tax for 2021/22.
- Rate concessions for residential properties for 2022/23, subject to a cap of $1,500 per quarter in first two quarters ans $1,000 per quarter for remaining two quarter.
- Rates concession for non-domestic properties for 2022/23, subject to a cap of $5,000 per quarter in first two quarters ans $2,000 per quarter for remaining two 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 2023 Hong Kong Diploma of Secondary Education (HKDSE) Examination.
- Extend the application period of 100% guarantee low-interest loan for enterprises to the end of 2022, raise loan ceiling from HK$6 million to HK$9 million, extend repayment period from eight to ten years.
- Waive the business registration fees for 2022/23.
- Allocate HK$6.6 billion to create around 30,000 time-limited jobs.
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.
Office special arrangement during COVID-19 - Jan 2022
During the potential outbreak of COVID-19 in the world, we do our best in adopting certain policies in our office to minimize the threat of the virus spreading in our community:
- Implementation of home offices for the audit department. (Please contact our audit staff by email directly to avoid any delay in response for any audit enquiries.)
- Mandatory quarantine measures for at least 14 days for staff who had travelled overseas.
- Cancellation of all overseas business trips.
- Implementation of video conferences to minimize physical contact.
- Implementation of infection control procedures inside the office.
The measures will be adjusted regularly in light of daily reports and government announcements, and shall be updated in our website and/or communicated via email.
Our administrative and company secretarial departments will remain in the office to continue maintaining our expert services.
We can provide assistance regarding staff, policies, and procedures for office arrangements during the current situation.
Let’s work together in the fight against the coronavirus.