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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. The same day, the LegCo’s Bills Committee also published a report (“Report”), providing clarification on certain concepts under the Amended AMLO
Introduction to Seals and Chops of a Hong Kong Company
In respect of a company registered in Hong Kong, the “chops” we use on a daily basis are the signature stamp and the small round chop. The company name or the word of “For and on behalf of” is engraved on the chop, and usually be used when the authorized person signs the commercial documents.
Limited Partnership Fund Ordinance for Hong Kong
In Hong Kong, our Limited Partnerships Ordinance (Cap. 37) (“LPO”) was enacted about a century ago. It is not tailored to and cannot quite meet the needs of investment funds which are a relatively modern invention that suppress the fund manager desire to set up the fund with limited liability in Hong Kong.
HK Government Funding Schemes – BUD Fund
The Government of the Hong Kong Special Administrative Region formally established the "BUD Special Fund" in June 2012, and further optimization measures was launched recently on April 9, 2020."BUD Fund" could be separated as "Mainland Programme" and " FTA Programme" to assist Hong Kong enterprises in branding, Upgrading & Restructuring, Promoting Sales.
Investments in Hong Kong - Labour Legislation
The Employment Ordinance is the main piece of legislation governing conditions of employment in Hong Kong. It now covers a comprehensive range of employment protection and benefits for employees.All employees covered by the Employment Ordinance, irrespective of their hours of work, are entitled to basic protection under the Ordinance including payment of wages
Recruitment in Hong Kong
The Labour Department (LD) provides comprehensive and free employment and recruitment services to job seekers and employers, to help job seekers find suitable jobs and employers fill their vacancies. The Interactive Employment Service (iES) website (https://www2.jobs.gov.hk/1/0/WebForm/Default_Emp.aspx) provides job vacancy and employment information to job seekers
Hong Kong Company Maintenance and Compliance Guide (8) Filing of Profits Tax Return
A corporation carrying on a business in Hong Kong has to file a Profits Tax Return (tax return Form BIR51) for every year of assessment. The tax return must be supported by the following (except small corporation): a certified copy of detailed Statement of Financial Position/Balance Sheet and Statement of Comprehensive Income/Profits and Loss Account;
Hong Kong Company Maintenance and Compliance Guide (7) - Employer's Return
The Employer's Return is issued by the Inland Revenue Department (IRD) every year for the purpose of reporting the amount of remuneration, including salaries, wages, commission etc, paid to each employee during a year of assessment, that is, for a year running from April 1 to 31 March next year.
Hong Kong Company Maintenance and Compliance Guide (9) - Application and Renewal of Business Registration Certificate
For an overseas company that is going to commence business in Hong Kong, it is necessary to register with Companies Registry within 1 month of its Hong Kong business commencement. Application should be submitted to Companies Registry for registering a Non–Hong Kong Company. Similar with registration of Hong Kong Limited Company
Hong Kong Company as Holding Company
Choosing the location of holding company or regional holding company can be a daunting decision for many international structures. The minimization of tax, cost and risk are the main concerns. With the robust economy of China, much interest has been seen in investing in the Greater China or even the Asia Markets. Some investors may prefer to set up an appropriate holding structure within Asia.