Viewpoints
2019-09-27
Filing Employer’s Return The Employer’s Return for the year of assessment 2003/2004 was issued to all employers on 2 April 2002. All employers are required to furnish the return within one month from the date of issue. That is, the return must be furnished on or before 1 May 2004 unless an application for extension in writing is filed with the Inland Revenue Department (IRD) on or before 1 May 2004. A complete set of annual employer’s return of remuneration and pensions contains a form BIR56A and forms IR56B. Before you complete the return, you should read carefully the “Notes and Instructions” given on the form BIR56A. A “NIL” return of BIR56A is still required even if you have no employees or pensioners chargeable to Salaries Tax. To avoid duplication in reporting employee’s income, no annual return form IR56B is required for those employees whom a form IR56F or IR56G […]
2019-09-27
A Comparison of Subsidiary Company and Branch Office and Representative Office in Hong Kong Entity Subsidiary Company Foreign Company Branch Office Representative Office Entity Name Need not be the same as parent company Must be the same as parent company Must be the same as parent company Business Activities Allowed Can conduct all business activities Must be the same business activities as the parent company Can only conduct market research or coordinating activities Suitable For For local or Foreign Companies who wish to expand their operations in Hong Kong For Foreign Companies who wish to expand their operations in Hong Kong For Foreign Companies who wish to set up temporary vehicle in Hong Kong to conduct research and act as liaison office Disadvantages Continuing Compliance Obligations E.g. Financial Reports, Audit, AGMS, Annual Filings, etc. Continuing Compliance Obligations E.g. Financial Reports, Audit, Annual Filings, etc. It is a temporary vehicle and […]
2019-08-23
General Information One thousand miles from the African coast in the western Indian Ocean at the crossroad of Asia and Africa, Seychelles?115 islands, located between 4 and 10 degrees south of the equator, offer a diverse range of experiences – white sandy beaches, verdant mountains, and luxuriant forests. Within this seemingly enchanted, pristine world you can enjoy snorkelling on coral reefs, trekking, bird watching, diving and fishing amid unique, natural surrounds. Far away from the hustle and bustle of a busy world, Seychelles has retained a soulful way of life which is vibrant, captivating and still wonderfully authentic. This archipelago of legendary natural beauty comprises 41 of the oldest mid-oceanic granitic islands on earth which, together, constitute the Inner Islands, of which Mah? the principal island and home to the capital, Victoria, together with its close neighbors, Praslin and La Digue, are the most prominent. A sparkling collection of low […]
2019-08-23
Specimen of British Virgin Islands Company Incorporation Documents Certificate of Incorporation of British Virgin Islands (BVI) Company Memorandum and Articles of Association of British Virgin Islands (BVI) Company Memorandum and Articles of Association of British Virgin Islands (BVI) Company Register of Members (Shareholders) of British Virgin Islands (BVI) Company Register of Directors of British Virgin Islands (BVI) Company Certificate of Gooding of British Virgin Islands (BVI) Company (optional) Certificate of Incumbency of British Virgin Islands (BVI) Company (optional) Legalized Certificate of Incorporation of British Virgin Islands (BVI) Company (optional, for business registration purpose, such as registration of Wholly Foreign Owned Enterprises and Representative Offices in China) British Virgin Islands Readymade Company Lists British Virgin Islands (BVI) Readymade Company (Shelf Company) List (PDF) – 1 British Virgin Islands (BVI) Readymade Company (Shelf Company) List (word) – 1 British Virgin Islands (BVI) Readymade Company (Shelf Company) List (PDF) – 2 British Virgin […]
2019-08-23
When a taxpayer who files a return, a statement or other document with the Internal Revenue Service (IRS) of the United States of America or is subject to US withholding requirements by a third party must include a taxpayer identification number (TIN) for securing proper identification. A TIN can be either a Social Security Number (SSN) or an Individual Taxpayer Identification Number (ITIN). An ITIN is issued to individuals who have US tax reporting or filing requirements and are ineligible to obtain an SSN. An ITIN is arranged the same as a SSN, begins with a 9, is issued by the Internal Revenue Service and is used for tax processing. ITINs are used by the IRS for processing your tax returns and payments. The number does not qualify you to work in the U.S. or provide eligibility for Social Security benefits; it is only for federal tax reporting purposes. ITINs […]
2019-08-23
Unless otherwise indicated, the Singapore company mentioned anywhere in this article refers to a private company limited by shares incorporated in accordance with the Singapore Companies Act. Summary Share transfer refers to the act where a person sells or gives his shares in a company to another person. If a person sells all his shareholding, he will not be the shareholder any longer and the buyer will become the shareholder of that company after the transfer. Shareholders of a Singapore company are free to transfer shares with other shareholders subject to any restrictions by the company constitution. Furthermore, company directors will have the right to refuse the transfer of shares from one shareholder to another. The reason for refusal must be for the wellbeing of the company. The share transfer generally involves directors’ resolution, the transferor (seller) and transferee (buyer), execution of the ACRA transfer of shares form. It also […]
2019-08-22
1. Report to Department of Commerce, MOEA of registration particulars of foreign head office and establishment of representative office Documents required: Application form Certificate of incorporation issued by the government authority (authenticated by the representative of the Taiwan government in the country where the foreign head office is resident) and Chinese translation Business registration certificate (for Hong Kong companies only) (authenticated by the representative of the Taiwan government in the country where the foreign head office is resident) and Chinese translation Power of attorney appointing the legal representative in Taiwan (authenticated by the representative of the Taiwan government in Hong Kong) and Chinese translation Photocopy of the ID card of the litigation / non-litigation agent in Taiwan (if a Taiwan national) Photocopy of the passport of the litigation / non-litigation agent in Taiwan (if a foreign national) Photocopy of Hong Kong permanent ID card (if the litigation / non-litigation agent […]
2019-08-22
1. Singapore Entrepass Application The EntrePass is for foreign entrepreneurs who plan to set up a business in Singapore. The entrepreneur has to be actively involved in running the business in Singapore. Candidates can also apply for this type of pass in case they registered a business in Singapore not longer than 6 months ago with the Accounting and Corporate Regulatory Authority (ACRA). Kaizen assists you in the development and compilation of all necessary documents and forms for the EntrePass. We will then process your application with the Ministry of Manpower in Singapore. The process will take 3-4 weeks. 2. Our fees Our fees for handling the applcaition for Entrepass is SGD1,500 excluding any out-of-pocket expenses. Please note a Business Plan is required to be submited for this purpose. We can draft the business plan for your for a fee of SGD1,000. The total in this case therefore would be […]
2019-08-22
Working Visa Application and Renewal A valid visa ensures your entry and a legal stay in China .. To apply or extend a visa for your expatriate employees, you need to go to different government bodies, such as the labor authority, public bureau, etc. Our people can assist you in handling these documents and procedures, enabling you to focus on your business development. Employment Contract You may have an employment contract template at your head office. However, you can expect many differences between it and a “should-be” employment contract as required by Chinese law. A well-structured employment contract can not only protect you and your employee’s interests, but also avoid any unnecessary penalties due to failure of compliance of prevailing Chinese labor laws and regulations. Our experts who are versed in Chinese labor and tax laws can either draft an employment contact for you from scratch or review your employment […]
2019-08-22
Hong Kong is famous for its low tax rates and territorial taxation principle. In accordance with the territorial taxation principal, only profits arising in or derived from Hong Kong are chargeable to Profits Tax, currently at the rate of 16.5%. Profits derived from or sourced from other places outside Hong Kong are not taxable, or, free from profits tax. Possibility of Tax Exemption Claim Under the territorial taxation principle, it is possible and legal for your Hong Kong company to have its profits totally exempted from tax. (1) Trading Profits In determining the locality of profits derived from a Hong Kong business, the Hong Kong Inland Revenue Department (IRD? will look at what the taxpayer has done to earn the profits in question and where he has done it. If the contracts for purchase and sale are initially negotiated, concluded and subsequently executed outside Hong Kong, there are grounds to […]