Primasia Corporate Services Limited: March 2014

Friday, 28 March 2014

Hong Kong Updates- Tax Information Exchange Agreement (TIEA)

On 25th March, the Hong Kong Special Administrative Region Government signed an agreement with the USA for exchange of information relating to taxes.

This is Hong Kong's first TIEA, after the legal framework for entering into TIEAs with other jurisdictions was put in place in July 2013. The TIEA provides for information to be provided by the Inland Revenue Department upon request by the IRS (and vice versa). Such exchange of information would usually be provided for under a double tax agreement, but Hong Kong does not have such an agreement with the USA.

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

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Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email
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Website: Primasia HK / Primasia China
LinkedIn: Primasia
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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

Wednesday, 26 March 2014

Hong Kong Updates- Privacy of Contract

On 28th February 2014, the government gazetted the Contracts (Rights of Third Parties) Bill. The Bill was introduced into the Legislative Council for first reading on 26th March 2014.

If the Bill is passed, it will enable a third party in some circumstances to enforce a contract to which he is not a party. We will provide further detail once the legislation becomes effective but, in outline, a third party (i.e. someone not a party to a contract) will be able to enforce a right under the contract if the contract has an express term giving the third party that right and if the contract confers a right on that party.

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

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Tuesday, 25 March 2014

Hong Kong Updates- New Companies Ordinance

The new Companies Ordinance (Cap. 622) became effective on 3rd March 2014. The Companies Bill was passed by the Legislative Council in 2012 and rewrites the provisions relating to the operation of live companies in Hong Kong, replacing the old Companies Ordinance (Cap.32) in this respect.

The aim is to enhance corporate governance, ensure better regulation, facilitate business and modernise the law. With the repeal of those live companies-related provisions, the remaining provisions of the old Companies Ordinance (Cap. 32) deal mainly with company winding-up and insolvency and is renamed the "Companies (Winding Up and Miscellaneous Provisions) Ordinance". Various other legislation has been amended accordingly.

Previous newsletter have covered some aspects of the new Ordinance, including the new requirement that all private Hong Kong companies have a natural person as a director. Information on other aspects is available on request from Primasia Corporate Services Limited.

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

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