Primasia Corporate Services Limited

Monday, 23 December 2013

China Updates- Public Holidays

The public holiday schedule for 2014 was announced, the main change being the elimination of Chinese New Year's Eve as a holiday, part of the Chinese government's strategy to gradually modernise Chinese holidays and to eliminate bottlenecks caused by everyone being on holiday at once (like Europe in August!). The total remains unchanged at 11 public holidays for the years.

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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, Hong Kong

Monday, 16 December 2013

Hong Kong Updates- Data Privacy

Following is the Privacy Commission's attack on the well-known Hong Kong "Webb-Site" blog, which acts as a sort of watchdog on Hong Kong companies, for inclusion of Hong Kong ID ("HKID") numbers in it's publicly available database, the Privacy Commissioner has (December 6th) issued an enforcement notice against a major chain of gyms for "unnecessary" collection and retention of HKID copies and data of birth information. The chain has indicated that it will appeal, but the trend is a worrying one, give that, after 15 years in existence, the Privacy Commissioner seems suddenly to be taking more extreme positions in this area.

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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, 13 December 2013

Hong Kong Updates- Companies Ordinance

All our readers are reminded that the new Companies Ordinance comes into effect on the 3rd of March this year.

Primasia Corporate Services Ltd. can advise on the changes in detail but the main change directly affecting existing clients and anyone intending to set up a Hong Kong company is the new requirement for each Hong Kong private company to have at least one individual director. The grace period for existing companies is 6 months from the new Co implementation date, but parties are recommended to take action sooner rather than risk becoming noncompliance. We can advise and assist with this new requirement.

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Friday, 29 November 2013

China Updates- Company Laws

At the same time as Hong Kong is implementing its reform of its companies law, China has announced simplification of its company rules.

The main proposed changes include:

Removal of minimum registered capital requirements
No required schedule for payment of full share capital,or proportion for the initial paid-in capital
Relaxation of registration address requirements (Details unclear.)
Cancellation of annual inspection and replacement with an annual reporting system
Online access to company information such as registration and annual reports

The above proposals reflect the trend to continuing improvement of ease of doing business in China, such as the recent easing of company registration procedures in Shenzhen and in the new Shanghai Free Trade Zone. However, they are only proposals at this stage.

Hong Kong Updates- Companies Ordinance &Taxation

Companies Ordinance

3rd March 2014 has been named as the commencement date of the new Companies Ordinance.

Although all the 90 or so new forms should be used with effect from the commencement date, as a transitional arrangement, the Companies Registry will continue to accept existing forms for a further three months (subject to exceptions).

Taxation

The Court of Final Appeal handed down a decision favouring taxpayers, clarifying the relationship between business accounting (GAAP) and tax accounting. In so doing, they confirmed that profits can only be taxed when they are actually earned and realised, even if for accounting purposes the losses have been booked.

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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, 31 October 2013

China Updates- Shanghai Free Trade Zone

The China (Shanghai) pilot Free Trade Zone (FTZ) opened in September. This is an amalgamation of four existing FTZs and a logistics park and several sets of regulations and a "negative list" have been issued. The negative list includes prohibited and restricted sectors including, curiously, salt wholesaling and, less surprisingly, making available new websites.Items not on the list do not have to be approved but have to be registered.

Although this has been "much anticipated", the importance is more as an experiment for China than as a real opportunity for foreign business. It is a toe in the water to see how relaxation of restrictions which remain in the rest of China would pan out.

Specific examples: allowing some Chinese banks to conduct offshore business; allowing foreign medical insurance companies to set up; various relaxations relating to shipping and aircraft, including finance leasing; "exploring" ways for Chinese and foreign law firms to work together; various measures for travel agencies, makers of games consoles, HR, construction, design and engineering, and credit checks.

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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, 25 October 2013

Hong Kong Updates- New Companies Ordinance

Changes to company law in the New Companies Ordinance will become effective in March 2014.

All private companies which do not currently have at least one natural person as a director will have to appoint one or face penalties.

Primasia Corporate Services is offering a personal director service through a specialist subsidiary, subject to conditions, to help meet companies meet this requirement. Please contact us for more information.

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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, 23 December 2013

Monday, 16 December 2013

Friday, 13 December 2013

Friday, 29 November 2013

Tuesday, 26 November 2013

Thursday, 31 October 2013

Friday, 25 October 2013