Hong Kong’s Financial Secretary, Paul Chan, outlined his budget for 2022-23 in the Budget Address on 23 February 2022.
Included in the measures to support enterprises through the difficult pandemic period was the continuation of the business registration fee waiver. Click for more details.
Launching a new fund or investment structure can be an exciting but daunting experience. The right choice of partner to help set up and service the structure can make all the difference. Here are a few things we focus on, because they make a huge difference to the manager and the LPs.
The most recent amendment to the Beneficial Ownership Secure Search System Act (the BOSS Act) applies to those financial periods beginning on or after 1 January 2022. Below is summary of the most significant amendments. It is expected that the BVI International Tax Authority (ITA) will publish version 3 of its ES Rules and Explanatory Notes in Q1 2022 reflecting these changes. Information exchange under the mechanisms set out in the OECD Guidance may occur with the jurisdiction(s) in which an immediate or ultimate parent is registered. Marbury’s Compliance Services team has expanded to work alongside the Corporate Services and Fund Services teams to assist with and advise on the classification and reporting requirements for all entities under Marbury’s administration since the introduction of the ES. Should you have any queries about our ES-related services for the BVI or other jurisdictions, please contact your usual Marbury adviser or via info@marburys.com. For an introduction to BVI’s Economic Substance regime, please see our overview here.
Penalty for late filing beyond 3 months increases to SGD600 from 14 Jan 2022 Under the new 2-tier penalty framework, the penalty for late filing of the annual lodgments will be SG300 within the first 3 months after the due date or SGD600 if the lodgment is filed more than three months after the filing due date. The new 2-tier penalty framework applies to annual lodgments (see below), and for ad hoc filings by Variable Capital Companies (VCCs). So which entities must file annual lodgments? The following types of entities have annual statutory lodgment obligations: Annual Returns by local companies under s197 of the Companies Act Annual Filing of Financial statement by foreign companies under s373 of the Companies Act Annual Declaration by Limited Liability Partnerships (LLP) under s24 of the LLP Act Annual Returns by Variable Capital Companies (VCC) under s97 of the VCC Act. Clients are reminded to pay attention to their annual filing deadlines and related reminders from their Company Secretary. Should you have any queries about the new penalty framework or your ongoing obligations, please contact your usual Marbury adviser or info@marburys.com.