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.
Insurance
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.
Apology Bill
The Apology Bill, which reduces the extent to which a
contemporaneous apology can be relied upon as an admission of liability, has
been passed.
MPF
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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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
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