As noted in our previous updater, amendments to the BVI Business Companies Act (Revised) came into force on 1 January 2023 introducing the requirement for BVI companies to file an annual financial return (AFR) with their registered agent. The BVI Business Companies (Financial Return) Order, 2023 (the Order) enacted in March, details (1) the form of the AFR, (2) the due and filing dates, and (3) entities exempted from filing the AFR.

We provide a comprehensive guide to the AFR requirements and what BVI companies need to know in order to be ready to prepare their AFR.

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.

Marbury Corporate Advisory Services Limited has successfully obtained the International Standard on Assurance Engagements (ISAE) 3402 Type I Report.

The Hong Kong Government has launched a third round of financial support to aid employers retain their current employees, or even employ more staff, as part of its continued Anti-epidemic Fund measures. Eligible employers can receive subsidies of up to HKD8,000 per employee for three months whilst eligible self-employed applicants can receive a one-off payment. […]

The Immigration (Amendment) Bill 2020, which came into effect on 1 August 2021, imposes increased penalties for employers who employ individuals not lawfully employable, and now covers overstayers.

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).