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Posts Tagged ‘HK’

Hong Kong 2019-20 Budget proposal

A range of relief measures were outlined to help local enterprises deal with the fallout and uncertainty of the global economic and trade environment. As part of these measures it is proposed that the business registration (BR) fees for the period 1 April 2019 to 31 March 2020 will be waived, and only the BR Levy will be charged.

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Positive Changes to Hong Kong’s Profits Tax Exemption for Offshore Funds

Most Hong Kong managers manage offshore funds that are formed and regulated (or exempt from regulation) in the Cayman Islands or other similar locations. For some time now the Government of the Hong Kong Special Administrative Region has grappled with how to create greater certainty for investors as to the tax neutrality of these structures in order to bolster the asset management industry in Hong Kong.

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HK: New Requirement – Register of Significant Controllers

The Companies Ordinance (Cap.622) has been amended to require a company incorporated in Hong Kong to identify persons who have significant control over the company and to maintain a register of significant controllers to be accessible by law enforcement officers upon demand.  This follows similar steps taken in the UK and other jurisdictions, and the Hong Kong RSCs will not be accessible to the general public.

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HK: New Client Due Diligence and Licensing Regime for Providers

The Hong Kong government has now introduced amended legislation that regulates the provision of, until now, unregulated company services by accounting professionals, estate agents, legal professionals and trust and company service providers. The move is consistent with the government’s commitment to adopt common reporting standards, institute a register for persons with significant control and generally to the extension of enhanced client due diligence and record-keeping regarding private Hong Kong companies.

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