Friday 23 December 2016

China Updates- The Michael Jordan Case/ Inbound Investment

The Michael Jordan Case


On December 8th, the Supreme Court ruled on the dispute between Michael
Jordan and Qiaodan Sports Co., holding that three trademarks registered by
Qiaodan for the Chinese character sound translation of “Jordan” were invalid
as they infringed upon the name rights of Michael Jordan. They thereby
reversed the decision of the Beijing High Court. This was something of a
surprise as, until then, the case was being held out as an illustration of China’s
“first registration” (rather than prior use) rule in IP matters, regardless of how
well known the claimant is.

Although the Court also ruled in seven parallel cases that Jordan had no rights
over the Chinese pinyin transcription (i.e. the romanised phonetic spelling of
the Chinese name) of his name, “qiaodan”, the case is nevertheless a departure
from the rule that first registration of a trade mark in China wins. When
considering also the delays in adjudicating on use of the Trump name until
after the US election result, one might wonder whether factors other than the
letter of the law are being considered in highprofile
cases.

Inbound Investment
On 7 December 2016, the National Development and Reform Commission and
the Ministry of Commerce released a revised draft of the Foreign Investment
Industrial Guidance Catalogue for public comments.

The Catalogue is a key document regulating foreign investment in China. In
essence, it sets out which sectors foreigners can invest in. In October last year,
the emphasis of the Catalogue changed to remove MOFCOM’s approval for
items not proscribed (i.e. on the ‘negative’ list), rather than to require their
approval for everything. However, no negative list has yet been issued.
Now, the structure of the Catalogue is being changed to correct this. The draft
Catalogue groups industries under the two main headings of “encouraged” and
”negative”. The negative list section is then divided into three categories, as
follows:


  • Encouraged but subject to restrictions on foreign equity holding;
  • Restricted;
  • Prohibited.

Further detail on the contents of each list is available from Primasia.


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Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

=================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Saturday 10 December 2016

Hong Kong Updates- IP/ Data Privacy

We have a bumper issue for you this month!

IP
As part of the government's promotion of Hong Kong as an arbitration centre,
the Arbitration Ordinance is being amended to confirm that disputes over IP
rights can be resolved by arbitration and that the decisions can be enforced in
Hong Kong.

Data Privacy
It was reported that three different mobile apps (based outside Hong Kong)
had collected contact lists stored on users' mobile devices worldwide, and
pulled them into a database of some 2 to 3 billion individuals. The terms of the
apps advised users that the apps would do this. Nevertheless, the Hong Kong
Privacy Commissioner's expressed concern over the lack of consent for
collection of these data from the individuals.
However, the personal data legislation does not apply outside Hong Kong and
so no prosecution is possible.


***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

=================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Thursday 24 November 2016

Primasia | Xero Certified Advisor

Xero is an easy to use but powerful online accounting system. As a Xero Certified Partner we are able to offer a full range of services from monthly/ quarterly/yearly bookkeeping to Virtual CFO, our team can act as your outsourced financial function in Hong Kong. Call us toady!



***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

=================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Saturday 12 November 2016

Hong Kong Updates- Employment/ Competition/ Stamp Duty/ China Updates- Cybersecurity

Employment
New rules covering safety for Hong Kong’s many thousands of domestic helpers have been introduced, following a number of accidents involving falls from high windows. A proposed requirement for adult supervision of helpers was dropped, presumably because this rather takes away the real point of a domestic helper, namely to enable both spouses to go out to work.

Bizarrely, though, the changes are treated as a contractual matter, rather than a general health and safety issue, in that existing contracts will not be covered by the new rules: only new or renewed contracts (indeed, only those signed from 2017) will have to have the terms written into them.

Similarly, breach of the new rules will allow helpers a contractual remedy only.

Competition
Hong Kong’s first bid-rigging conviction was handed down in the "Garden Vista" case. In this case, renovation works were found to have been awarded at inflated prices in exchange for bribes. The (inflated) costs amounted to HK$290 million. The bribes amounted to HK$44 million.

Stamp Duty
In a further attempt to cool the residential property market, the Hong Kong Government announced an increase in stamp duty for all residential property transactions to a flat rate of 15%, effective from 5th November 2016.

The previous cooling measures were the Double Stamp Duty, ranging up to 8.5%, on purchases by non-Hong Kong permanent residents and/or second-property owners.

China Updates


Cybersecurity
China’s new (and first major) Cybersecurity law was enacted on 7th November 2016. The law enhances privacy protection but introduces hurdles for international businesses and for internet service providers (defined very broadly in the legislation) generally.

One of the key provisions is that Chinese citizens’ “personal information and important data” collected or generated during business operations in China may be required to be stored in China. Security requirements apply where data must be provided to a foreign entity outside China. Increased penalties may apply.

On the other hand, individuals are given the right to request the deletion of their personal data.



***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

=================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Monday 31 October 2016

Our New Mobile-Friendly Website Is Live!


We are excited to announce the launch of our new mobile-friendly website after months of preparation. The website has been redesigned to be more user friendly and attractive.
 

The website has a simple and clear layout which allows visitors to learn about our company easily.  In addition to the new design, visitors can now browse our website using their smartphones. 

Please take a moment and navigate through our new website:
www.primasia.hk as well as our other social media presence. 


***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

=================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Thursday 13 October 2016

Hong Kong Updates- e-Monitoring of Company Records/ BEPS (Base Erosion and Profit Shifting)/ Tax Credits

e-Monitoring of Company Records

Hong Kong's Companies Registry now offers an e-monitoring service (at its e-Registry), enabling customers who subscribe to monitor the updating of company information for their own, or indeed others', companies.  When a document is registered in the public records of a company specified by the subscriber to this service, a notification will be sent by e-mail. The customer may then, if they wish, order an image of the document.

 Primasia Corporate Services Ltd. will be happy to assist its clients in registering for this service.

BEPS (Base Erosion and Profit Shifting)

Hong Kong's Inland Revenue Department (IRD) has issued, for public consultation and comment, proposals for Hong Kong's adoption of BEPS, the OECD's project to reduce tax avoidance by moving profits artificially from one jurisdiction to another, following China's issue of its own guidelines earlier in the year. (China's guidelines are effectively an update of the transfer pricing rules and tools adopted in its major reform of the tax system several years ago.)

The consultation period ends on December 31st, 2016 and, “to meet the OECD's requirement, our current target is to introduce the relevant amendment bill or bills into the Legislative Council in mid-2017" according to the Secretary for Financial Services and the Treasury.

Tax Credits

The IRD has also proposed an extension for the time allowed to claim a tax credit from 2 years to 6 years.







***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

===================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088




Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Wednesday 12 October 2016

Primasia is a Certified Advisor of the Xero Accounting software

Primasia is a Certified Advisor of the Xero Accounting software in Hong Kong!



What is Xero ?
Xero is a powerful cloud-based accounting software that’s designed for SME business and their accountants. Xero is Simple, Easy and Fast !

Why We Love XERO ? 
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  •        Real time financial data all data backed up on the Cloud
  •        All reports and invoices can be customized
  •        Invoices can be created and sent online
  •        Xero’s mobile app allows you to manage your business


We have a team of Xero Certified Advisors to support  you and your business. We offer variety of packages to fit your needs.


Please talk to us today and find out more about Xero and our supporting services. 


***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

===================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088





Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

Thursday 29 September 2016

China Updates- laws on foreign invested enterprises

The National People's Congress approved, effective 1st October, amendments to the various laws on foreign invested enterprises (FIEs – i.e. WFOEs and JVs), essentially rolling out nationwide the experimental rules already applicable within free trade zones (Shanghai, Guangdong, Tianjin and Fujian).
These will affect, inter alia, incorporations of FIEs, changes to their capital structures, mergers and transfers, and will require a simple record filing procedure. 
This will mean significant changes in relation to the establishment of foreign invested enterprises (FIEs) and the structure thereof in China – it will not require the approval from the Ministry of Commerce (MOFCOM) or its local branches, as long as the business undertaken is not on a "negative list".
MOFCOM has simultaneously issued draft record filing procedures for public comment.
The “Negative List”, however, has not yet been issued. (It is likely to be the same as the list used in the free trade zones.)




***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

===================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088




Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong


Friday 16 September 2016

Hong Kong Updates- Block Exemption Order

The Hong Kong Competition Commission published (on 14th September) its first proposed BEO (block exemption order). This, if finally issued, will be for various shipping liner shipping agreements. Submissions are invited before such BEO goes final.
A BEO is an exemption from the general principle (first conduct rule) under the Competition Ordinance that competition should not be restricted. A BEO can be issued where improvements in overall economic efficiency outweigh the reduction in competition.
The case in question involves vessel sharing agreements, akin to airline code-sharing) amongst shipping lines. However, additional arrangements (vessel discussion agreements), for which a BEO was also sought, are not being approved by the Competition Commission.


***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

===================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088




Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong


Friday 19 August 2016

China Updates- Online Advertising/ Cybersecurity/ Consumer Protection

Online Advertising
Further to the significant changes to its general advertising law last year, China has introduced (effective 1st September, 2016) new measures specifically affecting online advertising. These measures are seen as both a reaction to misleading online advertising and a proactive step to ensure proper regulation.

All forms of direct or indirect commercial advertising through online media are covered, including paid search results.  Some key points include:
  • All media including apps are included.
  • Publishers have an obligation to verify the advertisers and to prevent the publication of non-compliant material. 
  • ‘Pop-up’ ads must include a ‘Close’ button and one click must be sufficient to close the ad.
  • Deception (e.g. misleading indications of what is behind the click) must not be employed to get viewers to click on ads.
  • Online ads for prescription medicines and tobacco are prohibited. Approval is needed to advertise certain other (generally, health-related) products.
  • All advertisements must be easily distinguishable as ads (with the word ‘advertisement’ in Chinese); paid for search results must be prominently distinguished from other search results.
  • Various types of cyber-based unfair competition such as sabotaging competitors’ ads are banned.
Clearly, there will be many areas which will require clarification, including situations which arise from future changes in the internet itself.


Cybersecurity
On August 12th, it was announced that new mandatory standards would be introduced under the Guidelines to Strengthen National Cybersecurity Standardisation to regulate and standardise matters such as major information technology infrastructure and classified networks.

Consumer Protection
On August 5th, SAIC (the State Administration for Industry and Commerce) issued for comment draft legislation on protection of consumer rights. The draft covers product recall, fraud, online shopping return policies, personal information protection, and the general enforcement of consumer rights including privacy.



***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

===================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088




Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong