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News & Events
Amendments to the BVI Business Companies Act 2004
The amendments are being introduced to ensure that the BVI keeps pace with and remains consistent with the international standards established by standard institutions, such as maintaining its leading role in the transparency and exchange of information for global tax purposes
Seychelles Enactment of Virtual Asset Service Providers Act
The passage of the Virtual Assets Service Providers Act (“the VASP Act”) was announced by the Seychelles Financial Services Authority (“FSA”) and come into effect on 1 September 2024.
China Eases Foreign Strategic Investment in Listed Companies
On 1 November 2024, the Ministry of Commerce, China Securities Regulatory Commission, State-owned Assets Supervision and Administration Commission of the State Council, State Administration of Taxation, State Administration for Market Regulation
Commencement of Periodic Review on Beneficial Owners of Companies in Seychelles
The Beneficial Ownership Regulations 2020 have been amended with the introduction of Regulation 13. This new regulation mandates that all companies (including legal persons and legal arrangements) registered in Seychelles must review
China Expands Pilot Opening-up in Medical Sector
The Ministry of Commerce, National Health Commission and National Medical Products Administration of the PRC jointly released a circular on 7 September 2024, announcing the expansion of pilot program for opening up in medical sector.
China to Raise Statutory Retirement Age Gradually
On 13 September 2024, the 11th Session of the Standing Committee of the 14th National People's Congress of the PRC adopted and released a decision on implementation of the gradual extension of the statutory retirement age, announcing that the statutory retirement age will be gradually raised from 1 January 2025.
China Releases 2024 Negative List for Foreign Investment Access
The National Development and Reform Commission and the Ministry of Commerce of the PRC released the Special Administrative Measures for Foreign Investment Access (Negative List) (2024 Edition) on 8 September 2024.
PR of HK and Macao can Apply for Travel Documents to and from Mainland
Permanent residents of Hong Kong and Macao include both Chinese and non-Chinese nationals. With the accelerated development of the Guangdong-Hong Kong-Macao Greater Bay Area
Vietnam Revises Social Insurance Law
The 15th National Assembly of Vietnam passed the revised Social Insurance Law during its 7th session at the end of June 2024. The revised Social Insurance Law will come into force on 1 July 2025.
Vietnam Extends 2% VAT Rate Cut till End of 2024
The government of Vietnam issued Deree No. 72/2024/ND-CP on 30 June 2024 to extend the policy of 2% Value Added Tax (VAT) rate reduction to 31 December 2024, which was previously set to expire on 30 June 2024.
Vietnam Allows 100% Foreign Investment in Certain Telecom Sector
The new Law on Telecommunications which is approved by the National Assembly of Vietnam on 24 November 2023 adds three types of new non-traditional telecommunications services to its scope of regulation, i.e. data center services
GZ Nansha Issues 2024 Application Guidelines for FIE Support Funds
Recently, the Commerce Bureau of Nansha District of Guangzhou issued the 2024 application guidelines for foreign invested enterprises (FIEs) support funds, which specifies the application period
HK Residents May Apply for 2023 IIT Refund in Qianhai Now
Recently, the Tax Bureau of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone and the Tax Bureau of Baoan District of Shenzhen jointly released the Circular on the Application Guidelines
Shenzhen Releases Application Guidelines for 2023 GBA IIT Subsidy
On 25 August 2023, the Ministry of Finance and State Tax Administration of the PRC Jointly issued a Circular on Continuing the Preferential Individual Income Tax (IIT) Policies in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA)
China Releases Administrative Measures on Beneficial Owner Information
Recently, the People's Bank of China and the State Administration for Market Regulation of the PRC Jointly released the Administrative Measures on Beneficial Owner Information
Guangdong Rolls Out Rewards for Foreign Invested Enterprises
Recently, the Department of Commerce and Department of Finance of Guangdong Province jointly released the Implementation Plan for Guangdong Province to Enhance the Attraction and Utilization of Foreign Investment
China Extends Unemployment Insurance Reduction and Refund Policies
Recently, the Ministry of Human Resources and Social Security, Ministry of Finance and State Taxation Administration of the PRC have jointly issued the Circular on the Extension of Unemployment Insurance Supporting Policies.
Hengqin Launches Individual Business Filing Administration Measures
The Commercial Services Bureau of Guangdong-Macao In-depth Cooperation Zone in Hengqin recently released the administration measures on individual business filing in Hengqin
Adjustment of Preferential Tax Policies in Qianhai Shenzhen
Recently, the Ministry of Finance and State Administration of Taxation of the PRC released the Circular on Preferential Enterprise Income Tax Policies in Qianhai Shenzhen-Hong Kong Modern Services Industry Cooperation Zone (Caishui [2024] No. 13)
China Pilots to Lift Foreign Equity Cap in Value-added Telecom Services
The Ministry of Industry and Information Technology of the PRC released a circular on the launch of pilot scheme for the further opening up of value-added telecommunications services on 10 April 2024
China Released Negative List for Cross-border Trade in Services
The Ministry of Commerce of the PRC released the Special Administrative Measures (Negative List) for Cross-border Trade in Services (2024 Edition) and the Special Administrative Measures (Negative List) for Cross-border Trade
Qianhai Releases New Incentives for Foreign Invested Enterprises
The Administration Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone formulated and issued the Foreign Investment Rewarding Measures recently to attract more foreign investment and support the development of foreign invested enterprises in Qianhai.
China to Exert More Efforts to Attract Foreign Investment
The highly anticipated 2024 Government Work Report of the PRC sets a vast range of work tasks in attracting foreign investment, which include: Continuing to shorten the negative list for foreign investment.
The HKSAR Government resuming the collection of Hotel Accommodation Tax
On 28 February 2024, the Financial Secretary of Hong Kong, Mr. Paul Chan Mo-po, delivered 2024-25 Budget. He proposed to resume the collection of the hotel accommodation tax at a rate of 3% with effect from 1 January 2025.
The HKSAR Government Proposes to Reduce the Profits Tax for the Year of Assessment 2023/24
On 28 February 2024, the Financial Secretary of Hong Kong, Mr. Paul Chan Mo-po, delivered 2024-25 Budget. He proposed a one-off reduction of profits tax for the year of assessment 2023/24 by 100%, subject to a ceiling of HK$3,000 per case.
Hong Kong Plans to Increase Business Registration Fees and Waive the Registration Levy for 2024/25
Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po proposed to increase the business registration fees by HKD200 start from 1 April 2024
Impact of the Latest Amendment to Criminal Law of the PRC on Company Management Staff
On 29 December 2023, the Amendment (XII) to the Criminal Law of the PRC has been adopted at the 7th Session of the Standing Committee of the Fourteenth National People's Congress of the PRC, which will come into force on 1 March 2024.
Vietnam Public Holiday Schedule for 2024
According to the Labor Code of Vietnam, employees are entitled to 11 statutory holidays each year, including one day for New Year’s Day, five days for Lunar New Year Holiday
Vietnam to Increase Minimum Wage by 6% from July 2024
The National Wage Council of Vietnam recently voted and agreed that Vietnam’s minimum wage should be increased by 6% from 1 July 2024.
Vietnam VAT Reduction Policy Extended to 30 June 2024
According to a resolution approved by the National Assembly of Vietnam on 29 November 2023, the policy of 2% Value Added Tax (VAT) reduction on all categories of goods and services subject to a 10% VAT rate will be extended to 30 June 2024.
Global Minimum Tax to be Effective in Vietnam from 2024
On 29 November 2023, Vietnam’s National Assembly passed a resolution, which specifies that starting from 1 January 2024 a 15% corporate income tax (global minimum tax)
2024 Taiwan Average Wages Adjustment
From January 1st 2024, the average monthly wages from TWD 26,400 are adjusted into TWD 27,470, increasing TWD 1,070, in growth rate 4.05%, announced by Taiwan Ministry of Labor.
Overseas Certification Institutions are Allowed to Operate in Hainan
According to a reply on the approval of temporary adjustments to some administrative regulations in Hainan Free Trade Port, which released on 2 November 2023 by the State Council of the PRC
License Required for Off-campus Training Institutions in Shenzhen
According to the Guidelines for the Approving Process of the License for Non-subject Based Off-campus Training Institutions in Shenzhen (Trial) issued by the Shenzhen Education Bureau and other relating departments on 16 June 2023
Phase 2 of Unique Business Identifier for Hong Kong Companies
The Hong Kong Government has decided to adopt the Business Registration Number (“BRN”) as the Unique Business Identifier (“UBI”) number for different entities in Hong Kong.
China Revises Implementation Rules for Enterprise Name Registration
Recently,
the State Administration for Market Regulation of the PRC released the revised
Implementation Measures for the Administration of Enterprise Name Registration
on its official website.
Notice of the State Council on Raising the Standard of Special Additional Deductions of Individual Income Tax
In order to further reduce the expenditure burden on families for child-rearing and the elderly supporting, in accordance with the relevant provisions of the Individual Income Tax Law of the People's Republic of China
Qianhai HK Funded Enterprise Loan Officially Launched
In order to facilitate Qianhai small and micro sized Hong Kong-funded enterprises to obtain overseas loans, the Shenzhen Branch of the State Administration of Foreign Exchange of the PRC officially released the Operation Guidelines
China ICP Filing Requirements for APP
On 4 August 2023, the Ministry of Industry and Information Technology of the PRC released a circular on the implementation of APP filings on its official website, which clarified that APP providers engaged in internet information services
China to Provide Entry Facilitation to Foreigners
To facilitate foreigners to carry out business or trade activities, work and study in China, the Ministry of Public Security of the PRC recently released some measures as follows:
China to Further Open Up Its Free Trade Zones
On 29 June 2023, the State Council of the PRC released a notice regarding the pilot launch of several measures aligned with international high standards in qualified pilot free trade zones
Adjustment of Contribution Base and Rates for Housing Provident Fund for 2023 in Shenzhen
深圳市住房公积金管理中心于2023年6月30日发布《关于做好2023年住房公积金缴存基数和缴存比例调整工作的通知》，有关住房公积金的调整内容如下
Vietnam Reduces VAT Rate Again
the Vietnamese government recently announced that the Value Added Tax (VAT) rate of all categories of goods and services currently subject to a 10% VAT rate will be reduced from 10% to 8% during the period from 1 July 2023 to 31 December 2023.
Substantial Operation Requirement for Preferential CIT in Nansha
According to the Circular Regarding Preferential Corporate Income Tax Policies for Nansha District in Guangzhou (Caishui [2022] No. 40), from 1 January 2022 to 31 December 2026, qualified enterprises registered in the start-up areas of Nansha may enjoy a reduced corporate income tax (CIT) rate of 15%.
Update on Virtual Asset Activities in Belize
The Belize Financial Services Commission (“FSC”) has public a notice on 25 May 2023 on restriction on virtual asset activities.
Substantial Operation Requirement for Preferential CIT in Pingtan
On 24 April 2023, the Taxation Bureau, Finance Bureau, Economic Development Bureau and Market Regulatory Bureau of Fujian Pingtan Comprehensive Pilot Zone
Substantial Operation Requirement for Preferential CIT in Qianhai
On 5 June 2023, Shenzhen Tax Administration Bureau and Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone jointly issued the Public Announcement Regarding Clarifications on the Relevant Issues of Preferential Corporate Income Tax Policies in Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone
Foreign Universities Allowed to Operate Independently in Hainan
Foreign institutions of higher education, including higher-level universities and vocational colleges independently established abroad or in Hong Kong, Macao and Taiwan, are now allowed to independently set up and run schools in China’s Hainan Free Trade Port
China Continues to Refund Unemployment Insurance in 2023
The General Office of the State Council of the PRC released a circular (Guobanfa [2023] No.11) recently, clarifying that China will continue to implement the unemployment insurance refund policy in 2023.
2023 New System of Late VAT Return Submission and Payment in UK
Starting on 1 January 2023, the default surcharge will be replaced by a new system of charging penalties for late submission of VAT returns and late payment of VAT.
Official Launch of Northbound Travel for Hong Kong Vehicles
Recently,
the governments of Guangdong Province and Hong Kong Special Administration
Region announced the official launch of the scheme of Northbound Travel for
Hong Kong Vehicles, which will be open for application from 9 am on 1 June 2023
and approved Hong Kong private cars can travel between Hong Kong and Guangdong
via the Hong Kong-Zhuhai-Macao Bridge from 0 am on 1 July 2023.
Vietnam Extends Tax Deadlines for Certain Taxes Again
According to Decree 12/2023/ND-CP, Vietnam has extended the tax deadlines for value added tax, corporate income tax, personal income tax and land rental fees again to tackle the problem of liquidity for business households, individuals and enterprises, which aims to accelerate the economic growth.
Seychelles Update on Business Tax (Amendment) Act
Seychelles has updated the Business Tax (Amendment) Act (“BTAA”) to further fulfill the requirements of European Union (“EU”). Some of the Economic Substance obligation of an International Business Company (“IBC”) in Seychelles had changed.
Preferential Corporate Income Tax Policy in Hainan
According to the Circular about Preferential Corporate Income Tax Policy for Hainan Free Trade Port (Cai Shui [2020] No.31) issued by the Ministry of Finance and the State Taxation Administration of the PRC
Hague Agreement Takes Effect in China
The Hague Agreement governs the international registration of industrial designs. First adopted in 1925, the Agreement effectively establishes an international system – the Hague System.
Hengqin Released Detailed Rules for Preferential Individual Income Tax
On 11 April 2023, the Guangdong-Macao In-Depth Cooperation Zone in Hengqin released a regulation on preferential individual income tax policies for high-end and urgently-needed talents
BVI Business Companies Act 2023 - Annual Return
Key requirement under the new ACT that BVI companies are now required to provide certain financial information in the Annual Return to the Registered Agent annually.
Hong Kong Tax Authority Starts Sending out Tax Returns for 2022/23
The tax authority in Hong Kong, the Inland Revenue Department (“IRD”), sent out around 220,000 Profits Tax Returns, 120,000 Property Tax Returns
Detailed Rules for Childcare and Elderly Care Leave in GD
According to the Regulation on Population and Family Planning of Guangdong Province (GD), each parent can enjoy 10 days of childcare leave each year until their child reaches three years old.
Support Measures for Macao-Funded Enterprises in Hengqin
the Support Measures for the Development of Macao-Funded Enterprises in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin was officially released and implemented
Significant Amendments to the Seychelles Beneficial Ownership Act
Beneficial Ownership (Amendment) Act, 2022 has been enacted with effect from 30 December 2022 which replacing the original The Beneficial Ownership Act, 2020 for the purpose of ensuring the on-going compliance with international standards.
China Lifted the Travel restriction on March 15th, 2023
Due to the influence
on Covid, China issued many regulations on adjustment of entry and exit and
announced that the visa issued before March 28th, 2020 is no longer
available for entry in China, disrupting the travel plan for many international
travellers.
Apostille Convention to Take Effect in China on 7 November 2023
On 8 March 2023, China officially deposited the instrument of accession with the Ministry of Foreign Affairs of the Netherlands
The HKSAR Government Proposes to Reduce the Profits Tax for the Year of Assessment 2022/23
On 22 February 2023, the Financial Secretary of Hong Kong, Mr. Paul Chan Mo-po, delivered 2023-24 Budget.
Virtual ABTC Holders Can Enter China From 1 May 2023
Recently, the Chinese embassies in Australia, New Zealand, Singapore, Japan, Malaysia, the Philippines, Indonesia, Luxembourg and other countries have issued notices
Mutual Recognition of Food Business Licensing in 3 Cities of GD
Recently, Shenzhen Administration Bureau for Market Regulation of Guangdong Province (GD) had signed a mutual recognition agreement on food business licensing
BVI Enactment of Virtual Asset Service Providers Act
The passage of the Virtual Assets Service Providers Act, 2022 (“the VASP Act”) was announced by the British Virgin Islands Financial Services Commission (“FSC”) and come into effect on 1 February 2023.
Hong Kong Business Registration Fees Wavier Ends and Resume to Normal fee for 2023/24
Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-po delivered the 2023/24 budget speech on 22 February 2023
HK and MAC Travel Endorsement for Talents Working in GBA
The National Immigration Administration of the PRC recently issued a notice, which announcing that mainland cities in the Guangdong-Hong Kong-Macao Greater Bay Area
The Highlight of Hong Kong Companies (Amendment) Ordinance 2023
Amendments to the Companies Ordinance and its subsidiary Legislation to facilitate the holding of general meetings by using Virtual Meeting Technology
New Policy of VAT for Vietnamese Enterprises in 2023
Vietnam updated Decree No. 15/2022/ND-CP on the Enterprise Law on December 12, 2022, and in order to support Vietnam's post-pandemic recovery in 2022
Hong Kong Licensing Regime for Virtual Asset Service Providers - Amended Anti-Money Laundering and Counter-Terrorist Financing
On December 7, 2022, the Legislative Council (“LegCo’) of the Hong Kong Special Administrative Region (“HKSAR”) passed the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (“Amended AMLO”) into law.
China Cancelled Foreign Trade Operator Registration
On 30 December 2022, the 38th Meeting of the Standing Committee of the 13th National People's Congress of the PRC passed the decision on revising the Foreign Trade Law of the PRC
Hong Kong Removes Movement Restrictions For Travelers effective from 14 December 2022
starting on 14 December 2022, three-day amber code restrictions on Inbound travelers will be cancelled
HK Companies (Amendment) Bill 2022
The amendments to the Companies Bill (November 25), has allowed Companies to provide greater flexibility and engagement opportunities to all the Company’s members regardless of their location.
Temporary Suspension of Corporate Service and Launch of OBRS in Belize for the period of November 2022
urther to our Newsletter in August 2022, in accordance with the New Belize Companies Act
China Released New Catalogue to Attract FDI in Encouraged Industries
On 28 October 2022, the National Development and Reform Commission and the Ministry of Commerce of the PRC jointly released the Catalogue of Encouraged Industries
China Raises Foreign Debt Quota for Enterprises
On 25 October 2022, the People's Bank of China and the State Administration of Foreign Exchange jointly announced
Deadline Approaching for 2023 Foreign Employee Quota Application in Cambodia
Cambodian enterprises intending to hire foreign employees are required to apply for a foreign employee quota from the Ministry of Labour and Vocational Training in advance annually.
China Relaxes Restriction on Foreign Invested Travel Agency
Recently, the State Council of the PRC released a circular on the approval of temporary adjustment of laws and regulation in four cities, which includes the adjustment of the Travel Agency Regulations.
China Offers Tax Incentives for Private Pension
At the executive meeting of the State Council held on 26 September 2022, China announced that it will offer individual income tax incentives for private pensions that are supported by policies and operated commercially.
China Further Adjusts Entry Policy for Foreigners
Chinese embassies in the United States, France, Australia, New Zealand, Singapore, Malaysia, Japan and other countries have released notices on their official websites respectively, announcing the adjustment to the entry policy for foreigners.
Implementation of Phase 2 of New Inspection Regime – Revised Approach for Rectification of Information
Further to our Newsletter in September 2022, Phase 2 of the New Inspection Regime come into effect on 24 October 2022.
Amendments to the BVI Business Companies Act 2004 w.e.f. 1 January 2023
The amendments are being introduced to ensure the BVI keep pace and consistent with the international standards established by standard institutions, such as keeping its leading role on the transparency and exchange of information for tax globally and fighting financial crime
Profit-seeking Enterprise Provisional Payment in September
On each September annually, it is the season for Taiwan profit-seeking enterprises to proceed provisional payment. From the statement issued by Ministry of Finance
End of the Waiver of Annual Return Fee of Hong Kong Companies
The two-year waiver of annual return fees (except for late delivery) will be ended on 30 September 2022.
Enactment of the Belize Companies Act, 2022
The passage of the Belize Companies Act, 2022 (the “Act”) was announced by the Financial Services Commission on 5 August 2022 to repeal the International Business Companies Act
Anguilla - New Business Companies Act 2022
the Government of Anguilla has passed and gazetted a new Business Companies Act, 2022 and Commercial Registry and Beneficial Ownership Registration Act, 2022 which came into effective on 1 July 2022.
Revised Regulations on Payment of Wages Released in Shenzhen
On 4 August 2022, the Standing Committee of the Shenzhen Municipal People's Congress released the revised Regulations of Shenzhen on Payment of Employees' Wages on its official website
Adjustment of Contribution Base & Rate for Social Insurance in Guangzhou
Acording to the statistics data released by Guangzhou Statistic Bureau, the monthly average salary for the year of 2021 in Guangzhou is RMB12,024.
Cambodia Launches Pension Scheme from 1 October 2022
the Ministry of Labour and Vocational Training of Cambodia released a circular announcing that the pension scheme will be officially launched from October 1, 2022.
Adjustment of Contribution Base and Rates for Housing Provident Fund for 2022 in Guangzhou
According to the Notice on the Adjustment of Contribution Base and Rates for Housing Provident Fund issued by Guangzhou Housing Provident Fund Administration Centre on June 17, 2022, the following adjustments shall be implemented.
Shenzhen to Pilot Recognition of International Professional Qualifications
2022年6月2日，深圳市人力资源和社会保障局在其官方网站上发布了一则通知并印发了《深圳市国际职业资格视同职称认可目录（2022年）》（以下简称“《目录》”），宣布开展国际职业资格认可试点。根据前述通知的规定，对持有《目录》内国际职业资格证书的专业人才，不限国籍、户籍，凡从事与资格证书相一致或相近的专业技术工作，且在深圳工作一年以上的，视同取得相应职称，可按规定条件申报评审高一层级的职称，其境外从业经历可视同境内从业经历。
Seychelles Beneficial Ownership Act and Regulation, 2020
The Seychelles Beneficial Ownership Act, 2020 (“BO Act”) and The Seychelles Beneficial Ownership Regulation, 2020 (“BO Regulation”) came into effect on 28 August 2020.
