Although Hong Kong is very business-friendly and constantly ranked among the top countries for its ease of doing business, when it comes to HR and payroll compliance, most foreign owned companies and start-up businesses find employer and employee compliance burdensome.

The Singapore Accounting and Corporate Regulatory Authority (ACRA) has extended filing deadlines and is waiving late filing penalties for a period following system slowness and intermittent disruption issues with its business filing portal, Bizfile+.

The Hong Kong Government has announced the application details for the second payment instalment of its Employee Support Scheme (ESS). Eligible employers may submit their applications for the second tranche wage subsidies from 31 August to 13 September 2020. Employers who have previously applied for the first tranche of the wage subsidies (for wages paid from June to August 2020) must submit a new application (whether the first application was successful or not).

Singapore – With effect from 30 July 2020, all companies, foreign companies and limited liability partnerships (LLPs), unless exempted, are required to lodge with the Accounting and Corporate Regulatory Authority (ACRA) the same information that they presently continue to maintain in their Register of Registrable Controllers (RORC). This is part of ACRA’s on-going efforts to uphold Singapore’s reputation as a trusted financial hub, and to further enhance the transparency of ownership and control of corporate entities.

Our article series of '10 things to learn about...' starts, naturally, with questions about forming a company in Hong Kong to start a business. If you have asked yourself what options you have to start a business entity, which might be best for you, what you need to be compliant and getting a bank account, read on.

The trade marks of many companies represent a large part of the value of the company. For some companies the goodwill on trade marks outweighs any other asset class. They the signs and brand that help your customers identify your products and services, and to distinguish them from a competitor’s products and services.

Despite ongoing media and industry groups’ pressure, even mitigation by the Hong Kong Monetary Authority, opening a bank account in Hong Kong can still be a challenge particularly for entrepreneurs and start-ups. However, the situations has slightly calmed down compared to a few years back

The supporting documents to a bank account application should be well prepared, but adjusted to the situation. After all, this is not a pitch to investors, this is about the ins and outs of a company’s daily financial dealings.

Entrepreneurship in Hong Kong is nothing new and forms the backbone of the economy. With more than 2,000 startups and an estimated value of USD3.2billion, Hong Kong is the 5th fastest growing startup ecosystem globally.

Hong Kong is hailed internationally for its ease of doing business and economic freedom. While the overall compliance requirements may be less than in other jurisdiction, compliance is nonetheless as important. Navigating corporate compliance and tax requires local expertise despite its seeming simplicity to avoid non-compliance costs in fines or worse, the closure of a business.

China’s e-commerce sales are estimated to reach 600 billion USD in 2018, making up 20% of global e-commerce sales and surpassing the US market sales. The China e-commerce market is estimated to further grow to 956 billion USD by 2022. Market access in China, especially in the online space, is predominantly reserved for local enterprises. Taking part in the Chinese (social) e-commerce takes a different approach than in the US or Europe, but it is no longer a complete mystery. 

Does the first year MPF contribution exemption for foreigners still apply? What is the registration and contribution deadline? How do overseas pension contributions affect MPF? - Here is a quick reference guide to those questions. 

Hong Kong’s higher than expected budget surplus of HKD138 billion (approx. USD18 billion) versus last year’s forecast of HKD16.3 billion should not come as a huge surprise. This year's budget includes a one-off reduction of tax by 75% up to a ceiling of HKD30,000.

Hong Kong is required to meet its obligations under the Financial Action Task Force’s (FATF) Recommendations and amendment the Companies Ordinance to comply with its obligations introducing the requirement for Hong Kong Companies to maintain a Register of Persons with Significant Control. The Register serves to comply with the FATF Recommendation to provide for transparency in the beneficial ownership of companies.