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INTERSHORES I Cómo elegir su paquete de incorporación de Hong Kong
Técnicamente, Hong Kong no es una jurisdicción extraterritorial, pero de alguna manera es una jurisdicción similar a la extraterritorial con los beneficios que superan a los demás y atraen a una gran cantidad de empresarios para venir aquí por negocios. La empresa privada de Hong Kong limitada por acciones es la entidad comercial más factible para que la establezca un empresario, ya que los propietarios/directores no tienen que estar presentes en Hong Kong par...
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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 first quarter of the year. 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...
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INTERSHORES |ICBC Macau For Your China Business
Industrial and Commercial Bank of China (Macau) Limited has 20 branches and a network of 405 ATM across Macau. The bank specializes in corporate account in financing and China business as well as personal account for non-resident. The bank has specialized in corporate account with provision of the following services:
1. Loan & Financing. ICBC is committed to support their corporate customers by offering various types of tailor-made financing plan, incl...
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INTERSHORES | Court Held That Profits Of An Interposed Hong Kong Trading Company Not Subject to Tax
The Court of First Instance (CFI) handed down a favorable judgement on the source of profits which held that booked profits are not subject to Hong Kong profits Tax. The case ruled that (1) the taxpayer did not carry on a business in Hong Kong and (2) its profits did not arise from commercial operations in Hong Kong. The profits are therefore offshore sourced and not chargeable to Hong Kong profits tax. The judegement upheld the principles of Hong Kong’s territor...
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INTERSHORES |Tax FAQ- Companies Incorporated Outside Hong Kong
Q.1 Is an offShore company, i.e. one incorporated outside Hong Kong, liable to pay Hong Kong profits tax?
A.1 The Inland Revenue Ordinance (“IRO”) contains no exemption from profits tax for offshore companies. Whether an offshore company is liable to profits tax depends on the nature and extent of its activities in Hong Kong.
Q.2 Under what circumstances is an offshore company liable to profits tax?
A.2 Generally speaking, a company is liable to profits ta...
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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 d...
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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 Kon...
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INTERSHORES l Licensing Regime For Virtual Asset Service Providers (VASP) And Two Tiers Registration Regime for Dealers In Previous Metals And Stones (DPMS) In Hong Kong, Anti-Money Laundering And ...
A licensing regime for virtual asset service providers (VASP) and a Two-Tiers registration regime for dealers in precious metals and stones (DPMS) was introduced by the Anti-Money Laundering and Counter-Terrorist Financinq (Amendment) Bill 2022 in the Gazette on 24 June 2022 (first reading on 6 July 2022) with an objective to impose statutory anti-money laundering and counter-terrorist financing (AML/CTF) obligations on these two sectors.
In the Amendment ...
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INTERSHORES l Take Advantages of CBiBank's Services
CBiBank is a licensed International Financial Entity at Puerto Rico, US, aiming to bring more convenient and safer new financial services so as to help SME business owners to get better financial products and to do better businesses. It is an institutional member of the ABA, SWIFT, UNIONPAY, Cross-border RMB Clearing (CIPS) and many other organizations. Its Swift code is CBLBPRSJ and ABA 021508125. It provides digital banking solutions for more than 100 nation...
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INTERSHORES l Reduced Business Registration Fee For A Hong Kong Company
The Business Registration Ordinance (Amendment of Schedule 2) Order 2022 ('the Order') of Hong Kong was gazetted on 10 June 2022. According to the Order, the levy rate for setting up a company be reduced from HK$250 per annum to HK$150 per annum. This reduced new levy rate is applicable to:
1) the incorporation submissions in relation to simultaneous business and registration applications made on or after 17June 2022; and
2) all other cases, if the co...
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Partnership With CB International Bank LLC (CBiBank)
Intershores is proud to announce a new partnership with CB International Bank LLC (CBiBank). Established in June 2017, CBiBank is an international financial entity headquartered in Puerto Rico, United States and is committed to provide digital banking solutions to more than 100 nationalities and companies at different jurisdictions.
CBiBank is an institutional member of SWIFT, UNIONPAY, Cross-border RMB Clearing (CIPS), ABA,etc. The partnership will leverage Int...
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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 t...
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