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).
Singapore – With effect from 30 July 2020, all companies, foreign companies and limited liability partnerships (LLPs), unless exempted, are required to lodge with the Accounting and Corporate Regulatory Authority (ACRA) the same information that they presently continue to maintain in their Register of Registrable Controllers (RORC). This is part of ACRA’s on-going efforts to uphold Singapore’s reputation as a trusted financial hub, and to further enhance the transparency of ownership and control of corporate entities.
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.
The Marshall Islands, following the lead of other offshore jurisdictions such as Bermuda, the British Virgin Islands and the Cayman Islands, has introduced an economic substance regime effective 1 January 2019 in response to the work of the OECD and the European Union on fair taxation. The legislation has since been twice amended and supplemented by guidelines which were last updated in January 2020.
The guidelines provide some clarity to the international business community in interpreting the regulations, especially for shipping and pure holding companies, with further clarification provided on the launch of the reporting portal on 1 July 2020. We have provided an updated overview.
Hong Kong’s Legislative Council has recently passed the Employment (Amendment) Bill 2019 (the Bill) which enhances the leave benefits of female employees who are employed under a continuous contract of employment. The key changes are as follows: An increase in the statutory maternity leave entitlement from the existing 10 weeks to 14 weeks. The daily rate of maternity leave pay for the extended four weeks of maternity leave shall be at the rate of four-fifths of the employee’s daily average wages. The maternity leave pay for these four weeks of maternity leave is capped at HKD80,000 per employee. The Government has committed to reimburse employers payment in respect of the extended period of maternity leave (details are still to be confirmed). The period of pregnancy mentioned in the definition of “miscarriage” will be shortened from 28 weeks to 24 weeks. A female employee who suffers a miscarriage at or after 24 weeks of pregnancy may thus be entitled to maternity leave. A certificate of attendance, as an alternative to a medical certificate, will be accepted as proof of entitlement to sickness allowance for a day on which a female employee attends a medical examination in relation to her pregnancy. The amendments are not yet in force. The Bill is expected to be effected by the end of the year. Marbury services Marbury offer a comprehensive HR & payroll solution to employers in Hong Kong. Marbury’s professionals help our clients to understand local operating conditions, tax regulations and company and labour laws and then keep them compliant throughout helping to manage all the company’s statutory obligations. Marbury can assist to assess the company’s eligibility for available subsidies and to make the application … Discover More