The Limited Partnership Fund Ordinance (Cap 637) comes into operation on 31 August 2020, providing a rather ground breaking new standalone entity framework for the formation of what has been termed limited partnership funds in Hong Kong.
The Marshall Islands, following the lead of other offshore jurisdictions such as Bermuda, the British Virgin Islands and the Cayman Islands, has introduced an economic substance regime effective 1 January 2019 in response to the work of the OECD and the European Union on fair taxation. The legislation has since been twice amended and supplemented by guidelines which were last updated in January 2020.
The guidelines provide some clarity to the international business community in interpreting the regulations, especially for shipping and pure holding companies, with further clarification provided on the launch of the reporting portal on 1 July 2020. We have provided an updated overview.
Hong Kong’s Legislative Council has recently passed the Employment (Amendment) Bill 2019 (the Bill) which enhances the leave benefits of female employees who are employed under a continuous contract of employment. The key changes are as follows: The amendments are not yet in force. The Bill is expected to be effected by the end of the year. Marbury services Marbury offer a comprehensive HR & payroll solution to employers in Hong Kong. Marbury’s professionals help our clients to understand local operating conditions, tax regulations and company and labour laws and then keep them compliant throughout helping to manage all the company’s statutory obligations. Marbury can assist to assess the company’s eligibility for available subsidies and to make the application to the Government. For further information please contact any member of the Marbury team or info@marburys.com.
On 7 July 2020, the Private Funds Law, 2020 (PF Law) was amended to vary the definition of a “private fund” by clarifying the definitions of certain entity types and extending the scope of the PF Law to additional entities.
The deadline for registration under the PF Law remains 7 August 2020. We recommend that all Cayman Island investment vehicles be re-assessed to ensure compliance particularly considering the new Administrative Fine regime. Open-ended mutual funds and hedge funds are unaffected.