Friday 27 September 2013

China Updates- Visa Rules for Foreigners

It was announced that the new visa rules would come into effect on 1st September 2013. The old rules have been repealed, i.e. the new rules represent the entirety of the regulations on this area.

The key points are:

(1) Three definitions of illegal employment, viz., employment without a work permit, employment beyond the scope of the work permit (akin to a WFOE carrying on activities beyond its business licence), and (in some circumstances - but see below) employing a foreign student.

(2) In the case of breach of the regulations, both the employer and the employee individual may be penalised. For the employer, there is a potential fine of RMB10,000 per illegally employed person, capped at RMB100,000, with any "proceeds" of the illegal employment being subject to confiscation. For the foreign
employee, a fine of RMB5,000-20,000 may be imposed with, the possibility also of detention for up to 15 days. Agents are subject to penalties at half the rate of employers (but with full confiscation of "proceeds").

Thursday 26 September 2013

China Updates- M & A

In August 2013, MOFCOM (the Ministry of Commerce) continued its practice of issuing conditional approvals to M&A transactions cases under its 5-year old Anti-Monopoly Law. The two cases concerned were MediaTek's acquisition of MStar Semiconductor Inc and Baxter/Gambro.

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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!
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Tuesday 24 September 2013

Hong Kong Updates- Company Law

As at 31st August 2013, the effective date of the upcoming changes to Hong Kong's company law (In the New Companies Ordinance) had not been announced. We expect to be able to provide an update in the October newsletter and will provide a summary of all the key changes in a future newsletter.

***
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:
Website: Primasia HK / Primasia China
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