Primasia Corporate Services Limited

Thursday, 30 October 2014

China Updates- Corporate Governance

A new regulation, effective 1st October, 2014, provides for greater transparency of companies' information. Companies are now required to provide annual reports, containing prescribed information including investments in other companies, profits, and taxes paid, to various authorities. Public authorities will also be obliged to comply, meaning they will become more subject to public scrutiny. This is an interim step and is expected to be expanded.

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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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Follow us on:
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, 29 October 2014

China Updates- Employment

The Beijing government has raised the requirements for foreigners to work in the capital. Foreigners must now have no criminal record, have a bachelor's degree with at least 2 years of relevant experience, and be 18 to 60 (though it's hard to see how an 18-year-old could have a bachelor's degree and two years' experience!).

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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, 27 October 2014

Hong Kong Updates- Competition

The Hong Kong Competition Commission has published draft implementation guidelines to the Competition Ordinance. These are for public discussion, and we will report further when final guidelines become effective.

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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, 26 September 2014

China Updates- Outbound Investment

On 6th September, 2014, the Ministry of Commerce (MOFCOM) issued the final version of the Administrative Measires for Overseas Investment (the "MOFCOM Outbound Measures"). These and the National Development Reform Commission's (NDRC) own Outbound Measures, issued earlier in the year, are intended to reduce red tape over outbound investments by delegating approvals to NOFCOM's and NDRC's local (provincial/ state) offices. The effective date is 6th October, 2014.

Primasia Corporate Services Ltd.'s business matching service aims to match Chinese companies seeking to invest overseas with suitable foreign business owners. Such outboung investments are subject to approval (or filing procedures) with the NDRC and MOFCOM before the investment can be made. Considerations include (for NDRC) whether a project is in line with China's industrail policies and whether the investor has the financial strength to carry out the project, MOFCOM has authority to review all cross-border enterprise-formation matters.

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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, 23 September 2014

Hong Kong Updates- Paternity leave

Draft legislation to introduce paternity leave has been amended to offer up to 7 days' leave instead of the 3 days previously proposed (and approved by the Labour Advisory Board). However, since the issue has become a hot potato, the legislation's smooth passage through the legislature is less certain than before.

Primasia Corporate Services Ltd. will provide updates on this blog.

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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, 29 August 2014

China Updates- Shanghai Tax Free Zone

The State Administration of Taxation (SAT) announced measures to support the innovative tax service in the pilot trade free zone. The most important of these is the automatic allocation of a tax registration number through the Internet. This is the first such trail of this.

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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, 26 August 2014

China Updates- State Administration of Foreign Exchange (SAFE)

A new State Administration of Foreign Exchange (SAFE) circular (Circular 36 on "Relevant Issues Concerning the Pilot Reform in Certain Areas of the Administrative Method of the Conversion of Foreign Exchange Funds by Foreign-invested Enterprises") came into effect on 4th August 2014. Circular 26 allows increased flexibility to foreign-invested enterprises (FIEs) in some locations in China to convert the foreign exchange in their capital account into RMB (i.e. for use as working capital in the business).

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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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