New legislation has recently been passed that will align Anguilla with international standards with regards to tax transparency and the associated beneficial ownership and economic substance requirements, through the creation of a more modern framework and supporting reporting system.
It was gazetted on 10 June 2022, that the business registration levy will be reduced from HKD250 per annum to HKD150 per annum. Subject to the passing of the Business Registration Ordinance (Amendment of Schedule 2) Order 2022 (Order) by the Legislative Council on 15 June 2022, the new levy rate will apply to incorporation applications lodged on or after 17 June 2022. For registration of non-Hong Kong companies, the new levy rate applies to business registration certificates with the date of commencement on or after 17 June 2022 (i.e. the date of commencement of business in Hong Kong is on or after that date). This reduction of the business registration levy comes in addition to the waiving of the business registration fee for 2022/23 as announced for this year’s budget. The IRD’s updated business registration and levy fee table can be viewed here. Marbury clients who have already been billed for their business registration fees for the coming financial year will see a credit item on their October annual invoice (where applicable). Whereas our clients who are incorporating or commencing business from 17 June onwards will be charged according to the new levy of HKD150. For more information, please contact your usual Marbury advisor or firstname.lastname@example.org.
The British Virgin Islands has long been a jurisdiction of choice for the establishment of companies for use as asset holding vehicles. The development of the inter-connected global economy has led further to the widespread adoption of BVI companies as private equity or investment funds. Today, the BVI is home to over 2,000 registered and recognised investment funds.
The BVI’s popularity was earned through its effective regulatory platform that is aligned to global regulatory standards, and its immensely flexible funds framework.
Hong Kong Budget 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. Waiving business registration fees for 2022-23 It is proposed again that the business registration (BR) fees for the period 1 April 2022 to 31 March 2023 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. Marbury clients are reminded that the two-year company annual return registration fee waiver, announced in the 2020-21 budget, ends this year. From 1 October 2022, the annual return registration fee of HKD105 (USD14) will be charged. Marbury’s company secretarial and business enterprise solutions teams can help clients keep their companies compliant with statutory filings and audits, even whilst their owners may not be able to return to Hong Kong. Marbury can also help with the full gamut of visa application and extension queries. For more information, please contact your usual Marbury advisor or email@example.com.