Primasia Corporate Services Limited: April 2015

Thursday, 30 April 2015

Primasia in Chengdu China

The Business Development team of Primasia was in Chengdu, a.k.a. the panda city in China, on 26th April -29th April to explore the business opportunities there as well as to promote our China Inbound/ Outbound Investment services. We met the Investment Promotion Bureau of Chenghua District Government, InvestHK, HKTDC and some lawyers, and got to know more about Chengdu and Sichuan.

Chengdu is the provincial capital of Sichuan province and is divided into 5 districts: Qingyang District , Jingjiang District, Jinniu District, Wuhou District and Chenghua District. Each district is developing rapidly. There are many high-end shopping malls with plenty of international brands. Many high technology companies like IBM and many Hong Kong property companies had already set up in Chengdu. There is no doubt that Chengdu is a potential market.

It was our fist visit to Chengdu. We were impressed by its well developed city centre. Chengdu is a safe place, and people in Chengdu are friendly and passionate. We look forward to our next visit and we are excited to expand our business network to Chengdu!

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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

Friday, 24 April 2015

HKTDC- SmartHK, Jinan 2015

Hong Kong Trade Development Council (HKTDC) is going to hold the SmartHK exhibition in Jinan International Convention & Exhibition Center this year in May. Jinan is located in Shandong Province in China. The GDP of Shandong Province is ranking third in China and it's outbound investment is ranking 2nd among the country. It is a big market that we should not ignore.

The SmartHK exhibition will connect Hong Kong's services provider and Chinese prospects from different sectors. Primasia is one of the exhibitor this year. Last week, we went to HKTDC for the booth selection. We are excited to go there and meet different prospects! Stay tuned for the updates.

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Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email
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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

Tuesday, 21 April 2015

How to Set Up a Business in Hong Kong- Part 3

5. Choosing business premises

Hong Kong has a wide variety of business premises even within a close distance from its CBD. While property prices in the premium “Central” location can be very high, Hong Kong’s compactness and excellent transport system mean that good-value sites can be found within short travelling distance of the CBD. The central corridor on Hong Kong Island extends from Sheung Wan in the west to Quarry Bay in the east, whilst accommodation is generally cheaper on Kowloon (across the harbour).

Office searches are normally arranged through an agent and procedures are straightforward. Renovations and refurbishment can be carried out quickly and economically.

Leased offices are typically rented for two or three years with an option to renew. A tenancy agreement covers the respective duties and obligations of landlord and tenant; a cash security deposit equivalent to up to three months rent, inclusive of service charge and government rates, is normally required from the tenant. Other office rental costs may include: a one-off fee to the property agent (normally equivalent to a month’s rent shared between landlord and tenant); management service charges, which typically covers air conditioning, security, common areas, cleaning and other building services; government rates at five percent of annual rental value, payable quarterly in advance; and legal fees, should you engage a lawyer to process the tenancy agreement (many people do not).

How to Set Up a Business in Hong Kong- Part 2

3. Business registration

All businesses, whether limited companies, sole proprietorships, representative offices or partnerships, must register with the Business Registration Office of the Inland Revenue Department. The annual business registration certificate costs HK$450 and the Business Registration fee is HK$2,000 (waived in 2012-13). It is also possible to apply for a three-year certificate at a special rate. The Business Registration Certificate must be displayed at the place of business. You must register within one month of commencing business.

4. Opening a business bank account

Before a business bank account can be opened, you must complete business registration and company incorporation. However, Primasia’s relationship with the major banks means that the process can be commenced whilst the incorporation is still under way. Banks may also require due diligence documents to be provided or certified as originals (which we can do) and may also require a deposit or (for offshore companies) a processing fee.

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Thursday, 16 April 2015

How to Set Up a Business in Hong Kong- Part 1

Setting up a company in Hong Kong is fast, straightforward and inexpensive. In under a week (if you take a shelf company), your company could be up and running. The same rules apply to everyone, local and foreign.

Here are the steps in setting up a business in Hong Kong:

1. Selecting a company name and structure

To form and register a local limited company in Hong Kong, you need to choose a unique company name. The Hong Kong Companies Registry maintains an index of company names and we can quickly check to see whether your desired company name is already in use.

There are different company structures to suit different business requirements:

The most commonly used company structure is a private limited company. The company must be incorporated at the Companies Registry and registered with the Business Registration Office of the Inland Revenue. Processing (incorporation) time is four working days with a further week for activation (putting in place the officers of the company).

If a company incorporated outside Hong Kong has established a place of business in Hong Kong, it is required to register with the Companies Registry within one month of the establishment of the place of business as an overseas company (under Part XI of the Companies Ordinance). It is not a separate legal entity from the parent. Processing time is three weeks to four weeks.

Primasia at "China: Think differently" Evening Seminar

Primasia joined the seminar "China: Think differently" organised by Australian Chamber of Commerce Hong Kong & Macau in Ivey Business School. Arkadi Kuhlmann, CEO & Founder of ZenBanx Holding Limited, spoke about the e-banking in China and shared the perspective of doing business in China.

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Wednesday, 15 April 2015

Reasons to Invest in Hong Kong Part 2

Hong Kong’s advantages are the reasons for its success over many years as an international business city, such as its political stability, pro-business governance, rule of law and independent legal system. Hong Kong has the world’s freest economy and enjoys unrestricted flow of information, capital, talent and goods. The Hong Kong dollar is fully convertible and separate from the Chinese renminbi (RMB). In addition, Hong Kong has the world’s third lowest “tax misery” rating, thanks to low tax rates and a simple tax system.

Furthermore, Hong Kong now has a significant (and growing) network of double taxation arrangements. These double taxation arrangements conform to the latest Organisation for Economic Co-operation and Development (OECD) international standard on exchange of information, thereby facilitating proper tax planning in a number of jurisdictions.

Hong Kong is also a logistics hub, for both sea and air freight. Hong Kong International Airport is the busiest international passenger airport in Asia-Pacific and the fourth busiest in the world; it also operates the busiest cargo facilities worldwide. Similarly, Hong Kong’s container port is one of the busiest in the world, while Hong Kong’s public transport and telecoms sectors are first rate.

Hong Kong people have an international outlook and commensurate business expertise. They are usually trilingual (English, Mandarin and Cantonese), highly trained, flexible and mobile. Hong Kong also has an open-door immigration policy to attract the best overseas professionals to come and work in the city. Spouses of expatriates have the right to work in Hong Kong.

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Tuesday, 14 April 2015

Reasons to Invest in Hong Kong Part 1

This is the Asian Century and Asia, especially China, is the world’s economic growth engine, perhaps even its saviour. Hong Kong is the perfect base from which to access the rest of Asia, given its business environment and geographical position.

Hong Kong is only four hours away by plane from most of Asia’s key cities and five hours away from half the world’s population. It is an hour’s drive (or train ride) from the Pearl River Delta (PRD), China's biggest manufacturing area.

The PRD accounts for 10 percent of China’s GDP and about 30 percent of the country’s exports, and thousands of overseas companies trading in China have established corporate entities for investment into or sourcing from the PRD in Hong Kong, due to the ease of setting up and doing business in and via Hong Kong.

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Doing Business in Hong Kong- Introduction

Hong Kong Overview

Hong Kong consists of Hong Kong Island, Kowloon, the New Territories, Lantau Island (where the airport is located) and more than 260 outlying islands. It is situated on Mainland China’s southern coast and is the traditional (and current) gateway to China. It is less than 40 kilometres from the Pearl River Delta, China’s manufacturing hub (“the World’s workshop”).

Hong Kong’s time zone is GMT +8 hours.

After 155 years of British rule, the British government transferred sovereignty of Hong Kong to China at midnight on 30 June 1997. Hong Kong became a Special Administrative Region with its own economic, judicial and education systems, guaranteed for 50 years by the “one country, two systems” arrangement.

Since then, the city has had its ups and downs but the work ethic of its people has ensured that, overall, it has continued to prosper, and it lays strong claim to being the business and financial capital of Asia. Over 3,500 overseas companies have based their Asia-Pacific operations in Hong Kong, employing around 250,000 people.

Hong Kong has a rich Chinese and British heritage, and Chinese and English are the city’s official languages, with English used as the main language of business. Hong Kong is a compact, efficient, and energetic city that is also one of the safest in the world.

Primasia at Smart Tips for Small Businesses - 'Think Big, Start Small - The Psychology of Success'

Primasia joined British Chamber's seminar on the topic of "Smart Tips for Small Businesses - 'Think Big, Start Small - The Psychology of Success" at CBRE. The speaker Simon Squibb, CEO and Founder of NEST Investments, shared the psychology and attitude of being a successful entrepreneur.

Primasia has been helping start-ups, SMEs to establish and grow their business in HK and China. Let us know how we can help and contact us for more information!

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Friday, 10 April 2015

China Updates- Foreign Investment & Foreign Exchange

Foreign Investment Catalogue

On 13th March, the NDRC and MOFCOM issued released the2015 version of the Foreign Investment Industrial Guidance Catalogue to replace thecurrent (2011) catalogue. The new catalogue is effective from 10th April 2015.

Although there is a continuing overall relaxation of categories deemed suitable for foreign investment (e.g. for logistics, retail and wholesale, e-commerce and finance),several categories that were relaxed in the 2011 catalogue have been tightened back up, mainly in the culture and entertainment industries, perhaps not surprisingly given the widely publicised movement for democracy in Hong Kong (although yellow umbrellas have not yet been moved to the restricted list).

Foreign Exchange

China Updates- Tade & Tax

Free Trade Zones

The three new free trade zones (FTZs) – Guangdong (PRD), Fujian (YRD) and Tianjin (Bohai) - announced at the end of 2104, as well as the expansion of the existing Shanghai FTZ, came into existence/effect in March 2015.

Tax Registration

Changes, effective 1st March 2015, to SAT’s administration of tax include combining national and local tax numbers into a single, unique number/certificate.

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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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Thursday, 9 April 2015

Focus on Central Asia Conference Launching Ceremony of Seminar Series on Silk Road Strategy 《聚焦中亞》研討會暨《絲綢之路戰略系列研討會》啟動儀式

Primasia went to the seminar,"Focus on Central Asia Conference Launching Ceremony of Seminar Series on Silk Road Strategy", which was oranginsed by China Business Centre of The Hong Kong Polytechnic University and the Silk Road Economic Development Research Centre and co-organised by Hong Kong Energy and Minerals United Association, Oriental Patron Financial Group, Kaisun Energy Group Limited.

The seminar had invited a few different speakers to talk about different topics such as "The Role of Tajikistan Republic on the Silk Road", "Business Environment of Kazakhstan and its International Cooperation" and "The Role of Private Financing in the Silk Road Strategy". It was an inspiring seminar about the development of the Silk Road area. We hope we could also have chance to take part in the growth of the Silk Road area!

今天犇華參加了由香港理工大學中國商業中心和絲綢之路經濟發展研究中心舉辦以及

香港能源礦產聯合會, 東英金融集團, 凱順能源集團有限公司合辦的研討會，講題為"《聚焦中亞》研討會暨《絲綢之路戰略系列研討會》啟動儀式"。

主辦單位邀請了不同的講者分享不同的題目，包括"塔吉克斯坦在絲綢之路經濟帶上的作用"、"哈薩克的營商環境與國際合作"及"絲路戰略中民間金融的角色"等等。是次研討會讓讓我們更了解絲綢之路之發展。犇華也希望能參與絲綢之路之發展。

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Hong Kong Updates- Taxation

The IRD (Inland Revenue Department) has issued new, tighter rules for issuing certificates of tax residence in Hong Kong. Such certificates are required to be obtained in order to be able claim tax benefits under the Double Taxation Agreements (DTAs).

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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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Thursday, 30 April 2015

Friday, 24 April 2015

Tuesday, 21 April 2015

Monday, 20 April 2015

Thursday, 16 April 2015

Wednesday, 15 April 2015

Tuesday, 14 April 2015

Friday, 10 April 2015

Thursday, 9 April 2015