Primasia Corporate Services Limited

Thursday, 24 July 2014

Hong Kong Updates- Company Incorporations

95,408 local companies were newly incorporated in the first half of 2014, 7.16 per cent higher than 2013. At end-June 2014, the total number of live local companies registered was 1,233,780, up 70,849 from the end of 2013.

393 non-Hong Kong companies established a place of business in Hong Kong in the first half of 2014, down 8.18 per cent from the second half of 2013. The total number of registered non-Hong Kong companies reached 9,432 by the end of June 2014.

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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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Primasia Corporate Services Limited
Tel: +852 2882 2088
Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai,

Tuesday, 22 July 2014

Hong Kong Updates- MPF

The Mandatory Provident Fund (MPF) Schemes Amendment Bill was gazetted on 27 June, and will introduce some radical new ideas into Hong Kong's MPF system. Specifically, benefits will be payable in the event of terminal illness, and phased withdrawals will be allowed (with no additional charge) rather than just lump-sum withdrawals.

FATCA reporting obligations will also be enabled by the proposed changes.

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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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Friday, 27 June 2014

China Updates- "New Regulations" on foreign exchange/security

The State Administration of Foreign Exchange of the PRC (SAFE) has issued the wide-ranging, so -called "New Regulations" on foreign exchange/security, effective 1st June 2014.

Key Changes include:

Abolition of need for prior SAFE approval and quota requirements for cross-border security;
Reduction of SAFE registration requirement to two specific types of cross-border security only;
Removal of eligibility requirement for SAFE approval/ registration in order for cross-border securities to be valid;
Removal of SAFE verification requirement for cross-border securities.

The effecr of the New Regulations is to significantly relax control over cross-border securities and PRC/cross-border financing.

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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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Wednesday, 25 June 2014

Hong Kong Updates- New Companies Ordinance & Competition Ordinance

New Companies Ordinance
The Companies Registry has appointed 3rd June 2014 as the date after which old forms will not be accepted for Registration.

Competition Ordinance
On 14th June 2012, the Competition Commission and the Competition Tribunal were established under the Competition Ordinance, including appointment of its members.

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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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Friday, 30 May 2014

China Updates- Labour Despatch

Further to the changes to the rules on updates on labour dispatch in China (covered by our previous newsletters), the Beijing Labour Authority has required employers 10% or more of whose workforce are "dispatched" (effectively, outsourced for management and liability purposes) to submit by 31st August 2014 their plans for reducing (by end-Februart 2016) this percentage.

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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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Wednesday, 28 May 2014

China Updates- Tax

Tax breaks are being introduced/ extended for star-ups with an emphasis on new entrants to the job market or those already unemployed. Hence, the breaks can be enjoyed by companies started up by graduates or unemployed persons. In addition, existing companies can get a tax break if they hire long-term unemployed (anyone who has been unemployed for a year or more).

The tax breaks are as follows. Businesses set up by graduates or unemployed can get a deduction of up to RMB9,600 p.a. (previously RMB 8,000) from their Corporate Income Tax (CIT) bill. Start-up businesses who employ a long-term unemployed person will get a further CIT deduction of RMB 5,200 per year per position created.

The measure will be in force until the end of 2016.

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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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Monday, 26 May 2014

Hong Kong Updates- MPF

The maximum level of monthly relevant income for Mandatory Provident Fund (MPF) purposes is increasing from HK$25,000 to HK$30,000 with effect from 1 June 2014.

Employees whose monthly relevant income is HK$30,000 or higher will need to pay HK$250 extra per month in mandatory contributions by deduction from salary (and their employers will also have to pay the same higher amount).

Adjustments are also being made to the maximum limits for self-employed persons (increasing from HK$300,000 p.a. to HK$360,000 p.a.).

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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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