Hong Kong

Marbury at the Hong Kong Sevens 2024

Over the 5-7 April weekend Marbury hosted close to 100 clients and friends of Marbury, and Marbury founder, Duncan Smith, at the Hong Kong Sevens – the premier tournament on the World Rugby Sevens Series.  As we finally recover after the exhilarating weekend, we at Marbury want to extend a heartfelt thank you to all our clients and overseas guests who joined us at the iconic Hong Kong Stadium. From the edge-of-your-seat matches to the vibrant atmosphere, it was a celebration of sportsmanship, camaraderie, and the spirit of rugby. We were thrilled to share this pitch-side experience with our clients providing an invaluable opportunity to cement and expand our relationships with you. As we bid farewell to the Hong Kong Stadium before it passes the torch to Kai Tak Sports Park, we couldn’t have asked for a better send-off.  Here’s to more successful collaborations and shared experiences in the future. Let’s keep the ball rolling!

Hong Kong: Audited financial statements required to be submitted with the Profit Tax return for 2022/23

In a recent circular to tax representatives by the Hong Kong Inland Revenue Department (the IRD), it was underlined that the IRD no longer exempts the submission requirements of supporting documents from the year of assessment 2022/23, except for dormant companies or overseas companies which are not required to carry out statutory audit in the respective jurisdiction.

Hong Kong Companies Ordinance: Reduction of capital

The Companies Ordinance (Cap 622) (CO) introduced a company-led court-free process for reduction of share capital in 2014.  This followed in the wake of the removal of the requirement for companies to have an authorised capital, which in turn followed a trend globally of removing restrictions in the handling of company capital that has swept up major common law countries such as the UK and Australia.

Payroll and HR obligations for Hong Kong employers

Although Hong Kong is very business-friendly and constantly ranked among the top countries for its ease of doing business, when it comes to HR and payroll compliance, most foreign owned companies and start-up businesses find employer and employee compliance burdensome. This is often due to the limited resources available in time and funds. Hiring an employee early on solely for the administration of personnel matters for a small team can rarely justify the expense. However, the consequences of an oversight and the resulting potential non-compliance with labour laws and related regulations can be severe. In this short guide, we will highlight the most common issues business owners and directors should keep in mind.