Thursday, 6 July 2017
Hong Kong Updates- Register of Significant Controllers/ Insurance/ Tax – Information Exchange/ Apology Bill/ MPF
Register of Significant Controllers
The Companies (Amendment) Bill 2017 ("Bill") was gazetted on 23 June 2017. Amongst other provisions, the bill will require companies incorporated in Hong Kong (but not overseas companies registered in Hong Kong) to keep and maintain a new "register of significant controllers".
Primasia Corporate Services Limited will brief its clients on this directly and in more detail to ensure their compliance with the new law. If you need more information on this, please contact us whether you are an existing client or not.
Hong Kong's new Insurance Authority ("IA") commenced operations on 26th June 2017, replacing the Office of the Commissioner of Insurance. The main functions of the IA are to regulate and supervise the insurance industry in Hong Kong, to promote the general stability of the insurance market, and to protect policy holders.
Tax – Information Exchange
The Automatic Exchange Of Information (AEOI) Portal was launched on 3rd July 2017 for financial institutions (FIs) to file notifications and returns in relation to the reporting of financial account information for AEOI purposes.
In other words, AEOI is now being implemented in Hong Kong. FIs should by now have put in place effective information systems and procedures for complying with the relevant due diligence and reporting obligations under the AEOI regime.
The Apology Bill, which reduces the extent to which a contemporaneous apology can be relied upon as an admission of liability, has been passed.
The first imprisonment for conviction (but by no means the first conviction) under the Mandatory Provident Fund Schemes Ordinance (the "MPFSO") has been handed down.
Under the MPFSO, any employer who, without reasonable excuse, fails to pay of mandatory contributions on time commits an offence and is subject to a maximum penalty of a HK$450,000 fine and four years' imprisonment.
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Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong