OVERVIEW: A Look at the Approved Manager Regime in the BVI

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 Resident Visa Extension of Stay applications processing update under COVID-19

The Hong Kong Immigration Department has announced that in view of the travel restrictions and difficulties imposed by the COVID-19 pandemic, Hong Kong non-permanent resident visa-holders may apply to extend their visa whilst currently overseas. This is a temporary measure and not applicable to Foreign Domestic Helpers and Imported Workers. The Immigration Department published the announcement on 31 December 2020 and the announcement may be viewed here below and at its source here. The Immigration Department Accepts Applications for Return to Hong Kong from Non-Permanent Residents Outside Hong Kong under the COVID-19 Pandemic (Not Applicable to Foreign Domestic Helpers and Imported Workers) In general, persons admitted into Hong Kong under various immigration policies/schemes may apply for extension of stay within four weeks before their limit of stay expires. Applicants should be physically present in Hong Kong both at the time of applications and collection of the relevant labels (for approved applications). Some persons outside Hong Kong with their limit of stay about to expire / expired and, due to the COVID-19 pandemic, may not be able to return to Hong Kong timely to apply for extension of stay. For those whose limit of stay is about to expire (within four weeks) / has expired for less than 12 months, they may submit a duly completed application form together with the required supporting documents required for application for extension of stay under the relevant immigration policy/scheme concerned in general situations, and a letter setting out the details on their inability to return to Hong Kong timely for the extension of stay formalities. If the applicants continue to meet the eligibility criteria under the relevant immigration policy/scheme concerned and it is satisfied that … Discover More

Employment Support Scheme (ESS)

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).

Hong Kong Limited Partnership Fund Ordinance

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.