Updated Legislation

Updated Legislation


Amended Anti-Money Laundering & Counter-Terrorist Financing Ordinance in Hong Kong

The Anti-Money Laundering & Counter-Terrorist Financing (Amendment) Bill 2022 has been passed on 7 December 2022 which reinforces Hong Kong’s status as an international financial centre by enhancing the city’s regulatory regime for combating money laundering and terrorist financing, and by formulating a comprehensive and balanced regulatory framework for virtual asset (VA) activities to protect investors. Under the amended Anti-Money Laundering & Counter-Terrorist Financing Ordinance, any person who engages in VA exchange business is required to apply for a licence from the Securities & Futures Commission (SFC). Apart from satisfying the fit and proper test, conducting...

INTERSHORES | Companies (Amendment) Bill 2022 Gazetted In Hong Kong

The Government published in the Gazette on 25 November 2022 the Companies (Amendment) Bill 2022 which aims to provide sufficient flexibility for companies to hold general meetings in various manners. Key elements of the Bill include: - the amended Ordinance will come into operation on the expiry of 3 months after the day on which it is published in the Gazette; - adding a new definition of virtual meeting technology, meaning a technology that allows a person to listen, speak and vote at a meeting without being physically present at the meeting; - providing that a person who attends a general meeting by using the virtual meeting technology specified in the notice of the meeting is...
new inspection regime (1)

INTERSHORES | Only Specified Pesons With A Special Account Can Obtain Protected Information On The Companies Register Maintained By The Hong Kong Companies Registry From 24 Oct 2022 Under The New Inspection Regime Phase II

Background 1. Currently, the Companies Register (the Register) maintained by the Hong Kong Companies Registry (the Registry) contains personal information available for public inspection. Such personal information includes, among other data, the usual residential addresses and full identification numbers (IDNs) of directors of companies, and full IDNs of company secretaries and some other individuals (such as liquidators and provisional liquidators) (Protected Information). Similar personal information is also contained in the registers kept by companies which are open for public inspection. 2. To enhance protection of sensitive personal information, while keeping up the...
ROE (1)

INTERSHORES|The New Register Of Overseas Entities Legislation Is Now Live In The UK

In our preview e-news "https://www.intershores.hk/en/UKCo/2", it mentioned that the United Kingdom ("UK") Government has introduced legislation which increases the transparency of overseas entities, which own land or property in the UK. The Register of Overseas Entities (“the Register”) came into force on 1 August 2022, with a 6-month transitional period (until 31 January 2023) for all relevant entities to comply with the new registration requirements. In this e-news, we share an overview of the latest registration requirements. What Is Happening? In March 2022, the UK Government passed the Economic Crime (Transparency and Enforcement) Act 2022 (“the Act”)...
C5 (1)

INTERSHORES | Waiver of Registration Fees For Annual Returns of Hong Kong Companies Will End on 30 September 2022

The two-year waiver of registration fees of a Hong Kong company for annual returns delivered on time pursuant to the Companies (Fees) (Amendment) Regulation 2020 which commenced on 1 October 2020 will end on 30 September 2022.Eligible companies (i.e. companies whose made up date of annual return falls on or before 30 September 2022) shall deliver on time their annual returns for 2022 on or before 30 September 2022 in order to enjoy the waiver.After 30 September 2022, the usual registration fees will be required even if the annual returns of these eligible companies are delivered on time. Contact us If you have any questions in relation to the annual compliance of a Hong Kong company,...
BVI-Business-Companies-Act-2004-Compendium (1)

INTERSHORES | Significant Amendments To The BVI Business Companies Act

The British Virgin Islands’ (“BVI”) authorities have recently enacted a number of significant amendments to the BVI Business Companies Act, 2004, which is the primary company legislation in the BVI. This e-news provides you with some of the key changes under the new legislation and the required actions to follow. WHAT IS HAPPENING? The following legislation was recently enacted and published in the BVI Official Gazette on 12 August 2022: BVI Business Companies (Amendment) Act 2022 BVI Business Companies (Amendment) Regulations, 2022 (For the Act and Regulations, please refer to the attachment at the bottom of this page). The New Legislation Will...

INTERSHORES| An Update On EU List Of Non-Cooperative Jurisdictions For Tax Purposes

The EU announced its review of non-cooperative jurisdictions for tax purposes in the year. As a recap, the updated blacklist includes 9 jurisdictions whilst grey list contains 25 jurisdictions. In this review, no jurisdictions were added to or removed from the blacklist. Bermuda and the BVI had been added to the grey list. Bermuda has been added to the grey list as it has yet to address the issues identified by the OECD Forum on Harmful Tax Practices (FHTP) with respect to the implementation of the economic substance regime. The BVI has yet to implement a recommendation made by the OECD Inclusive Framework on BEPS (IF) in relation to the implementation of the minimum...

INTERSHORES | Hong Kong’s Foreign Source Income Exemption Regime For Passive Income Will Be Refined

European Union ("EU") expressed its concern over Hong Kong's foreign source income exemption (FSIE) regime which provides a tax exemption to a broad range of passive income without specific conditions and a substance requirement leading to double non-taxation of passive income booked in a Hong Kong shell company. As a response to their concerns, the Hong Kong Government has recently proposed a revised on FSIE regime. Under the proposal, Hong Kong will continue to adhere to the territorial source of principle of taxation. 1. However, Hong Kong constituent entities of a multinational enterprise (MNE) group, wherever headquartered and irrespective of group asset size and revenue,...
New Inspection Regime

INTERSHORES | Phase 2 of New Inspection Regime of the Companies Register Under the Companies Ordinance to be implemented on 24 October 2022

A New Inspection Regime of the Companies Register under the Companies Ordinance (“New Inspection Regime”) to be implemented in three (3) phases whereby personal information including the full identification numbers and usual residential addresses of directors, company secretaries and other relevant persons (“Protected Information”) will NOT be made available for public inspection was mandated under Companies Registry External Circular No. 1/2021 dated 16 Aug 2021. For the purpose of implementing Phase 2 (to be implemented on 24 Oct 2022) of the Regime relating to the withholding of Protected Information from the Companies Register maintained by...

INTERSHORES l The Financial Action Task Force (“FATF”)’s Update On High Risk Jurisdictions and Jurisdictions Under Increased Monitoring

The Financial Action Task Force (“FATF”) , the global standard-setting body for anti-money laundering and combating the financing of terrorism (“AML/CFT”) , published the following documents on 17 June 2022: 1. FATF Statement on High-Risk Jurisdictions subject to a Call for Action 1.1 Since February 2020, in light of the COVID-19 pandemic, the FATF has paused the review process for countries in the list of high-risk jurisdictions subject to a Call for Action given that they are already subject to the FATF’s call for countermeasures. The FATF therefore asks member jurisdictions to refer to the Statement on High-Risk Jurisdictions adopted in February...
VASP (1)

INTERSHORES l Licensing Regime For Virtual Asset Service Providers (VASP) And Two-Tiers Registration For Dealers In Previous Metals And Stones (DPMS) In Hong Kong, Anti-Money Laundering And Counter-Terrorist Financing (Amendment) Bill 2022

A new licensing regime for virtual asset service providers (VASPs) will come into effect on 1 March 2023 under proposed amendments to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (the AMLO) which were introduced to Hong Kong’s Legislative Council on 6 July 2022. The proposed amendments are set out in the Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022 (Amendment Bill) which also introduce a new registration regime for dealers in special metals and stones (DPMS) an objective to impose statutory anti-money laundering and counter-terrorist financing (AML/CTF) obligations on these two sectors. In the Amendment Bill, 1. Any...

INTERSHORES l 35% Additional Buyer’s Stamp Duty (ABSD) on Residential Property Transfer In Singapore Is Imposed

Singapore's Ministry of Finance has imposed a 35% additional buyer's stamp duty (ADSB) on top of buyer’s stamp duty (BSD) on any transfer of residential property into a living trust occurred on/after 9 May 2022. This considers as a crackdown on HNW individuals who use opaque structures. As a concession, a trustee may apply to Inland Revenue Authority of Singapore (IRAS) within 6 months after the instrument is executed for a refund of ABSD (Trust), provided that the following conditions are met: 1. All beneficial owners of the residential property are identifiable individuals; 2. Beneficial ownership of the residential property has vested in all of these beneficial...

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