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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 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...
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ICBC

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, including short, medium and long term Asset-based finance, Unsecured finance, Revolving Overdraft facility, Working Capital finance, Project Finance, M&A financing. It also specialized loan arrangement in loan including corporate loan,...
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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 territorial tax regime and reaffirmed the proper test for determining the source of profits as previously established. In summary, the case reaffirms the determining factor and considerations for determining the source of...
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Q&A

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 tax if it carries on a trade, profession or business in Hong Kong and has profits arising in or derived from Hong Kong from such trade, profession or business. This applies equally to Hong Kong companies and those...
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Co

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...
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tax

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,...
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VASP (1)

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 Counter-Terrorist Financing (Amendment) Bill 2022

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 Bill, 1. Any person seeking to carry on the business of VASP in Hong Kong will have to apply for a licence from the Securities and Futures Commission (SFC). The relevant person is subject to the meeting of a fit and proper test as well...
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CBI

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 nationalities and various jurisdictions to easily open online corporate accounts. The advantages of CBiBank include: 1. Easy and Fast – 100% online banking opening procedure within 14 business days (can be faster if top...
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BR

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 commencement date of business or branch registration certificates is on or after 17 June 2022. Take advantage of the reduceed business registration fee and talk to Intershores' team as below : Whatsapp : (852) 6499 4686 Phone :...
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CBI

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 Intershores’s global professional banking service which enables our customers to grow their businesses internationally. Want to connect with us in relation to CBI Bank's service or ask us for CBI brochure: ...
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singapore

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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Lawyer Monthly awarded INTERSHORES As the Corporate Services Firm Of The Year 2021

INTERSHORES is proudly awarded with “Legal Awards - Corporate Services Firm of the Year 2021” hosted by Lawyer Monthly, U.K. in Feb 2022 and has been invited to its Winners Edition below : Press Release : https://legalawards.lawyer-monthly.com/press-release.pdf 2021 Winners Edition : https://legalawards.lawyer-monthly.com/winners-edition/96 The legal awards have been developed to celebrate the leaders, innovators and rising stars within law or legal related sector and their achievements and successes of the best and brightest. The award categories are designed to encourage nominations from business and the legal fraternity while also offering individual and team...
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