The Approved Fund Manager regime in the British Virgin Islands has been in force since 2012 and was designed to cater to start-ups, but is equally attractive to established small and medium-sized funds. Until recently we could count the number of AFMs in the structures we administer on one hand. However this has changed rapidly over the last 6 months. Increasingly we find this regime to be of interest to managers of global funds or where managers require an additional leg to their investment advisory function, often for specific investment purposes.
Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2020-21 in the Budget Address on 24 February 2021. Acknowledging a record high deficit and another difficult year ahead the budget proposals focus on stabilising the economy and relieving people’s burden. The Financial Secretary outlined measures to support enterprises, and revive and stimulate the economy, as well as regarding tax policy. Highlights of the measures of particular interest to Hong Kong companies and our clients operating in Hong Kong are set out below. · Waiving business registration fees for 2021-22 It is proposed again that the business registration (BR) fees for the period 1 April 2021 to 31 March 2022 will be waived, and only the BR Levy will be charged. As such, the total BR fee for a 1-year certificate will be HKD250 (USD32) for this period, instead of HKD2250 (USD287). The IRD will announce the refund arrangement after the relevant legislative amendment is passed by the Legislative Council. Marbury clients who have already been billed for their BR fee the coming financial year will receive a reduced invoice to account for the fee waiver in their next billing cycle. Whereas our clients who are incorporating in the coming financial year will be charged according to the proposed fee waiver. Hong Kong companies continue to benefit from the waiver of registration fees for company Annual Returns as announced in last year’s budget. Watch this space: · Tax Policy The Financial Secretary confirmed that Hong Kong will actively implement the BEPS 2.0 proposals, relating to global minimum taxation, whilst seeking to minimise the impact on local SMEs and Hong Kong’s simple tax regime, and its attractiveness to multinational corporations to invest and operate in Hong Kong. More information can be … Discover More
Marbury is pleased to support Templewater and Investec Bank plc, as administrator for each of Bowen SP and Templewater I, L.P, and the Project Bravo investment structure for the acquisition of New World First Bus Services Limited (NWFB) and Citybus Limited (Citybus) from NWS Holdings Limited for HKD3.2 billion. Templewater Bravo Holdings Limited (Templewater Bravo) together with its operating partner Ascendal Group Limited, and its investor partner Hans Energy Company Limited lead an international consortium in the acquisition of NWFB and Citybus. NWFB and Citybus have more than 5,000 employees in total, operating around 200 routes with a fleet of more than 1,700 buses and are proud to serve about 1 million passenger trips a day in Hong Kong. They are committed to providing Hong Kong with the best possible bus service. Templewater Bravo is an investment holding company advised, managed and controlled by Templewater I, G.P., which is wholly-owned by Templewater Holdings Limited (Templewater). Templewater is an alternative investment firm founded by Investec Bank plc and Mr. Cliff Zhang. Templewater Bravo will own more than 90% of NWFB and Citybus post acquisition. Cliff Zhang, CEO and Founding Partner of Templewater, expressed his pleasure at the completion of the deal: “We are delighted after the hard work and hurdles overcome to see this deal complete. We operate in a fast moving and complex environment and we are delighted also to have providers like Marbury who support us across all of our fund management activities on an ongoing basis.” Templewater Managing Partner Mr. Nicolas de Mascarel said of Project Bravo, “The professional management team at NWFB and Citybus has been unwavering in its commitment and service pledge to passengers. We believe … Discover More
The Singapore Accounting and Corporate Regulatory Authority (ACRA) has extended filing deadlines and is waiving late filing penalties for a period following system slowness and intermittent disruption issues with its business filing portal, Bizfile+.
In response to the concerns of Corporate Service Providers (CSPs) who had experienced difficulties filing annual returns and other transactions, ACRA has announced relief measures.
The Hong Kong Government has announced the application details for the second payment instalment of its Employment Support Scheme (ESS). Eligible employers may submit their applications for the second tranche wage subsidies from 31 August to 13 September 2020. Employers who have previously applied for the first tranche of the wage subsidies (for wages paid from June to August 2020) must submit a new application (whether the first application was successful or not).