Viewpoints
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 […]
2019-08-22
Normally, a tax return for each year of assessment will be issued to individuals, sole proprietor, partnership, property owner, limited company incorporated in Hong Kong, and company incorporated elsewhere but with a business establishment in Hong Kong. Individuals and companies must fill out the return and submit them to Inland Revenue Department within one month from the date the return is issued or other dates as specified in the tax returns. Preparation and Filing of Tax Return Basic Service Charges salaries tax return from HK$300 property tax return from HK$300 sole proprietor (salaries tax or profits tax return) from HK$500 partnership (or salaries tax or profits tax return) from HK$1,500 limited company (profits tax return) from HK$3,000 The actual amount charged will be varied on the basis of the nature of business, volume of transactions, the scale of business etc. We will prepare the necessary supporting documents, prepare the […]
2019-08-22
Tax investigation and field audit are methods of investigation set out by the Hong Kong Inland Revenue Department when they are having doubts regarding the sources of income, the completeness and accuracy of the tax returns filed by taxpayers. Authorized under the Inland Revenue Ordinance, the assessing officer is empowered to investigate the taxpayer. The general scope of the investigation is very broad, including companies, individuals, and even family members of the taxpayers. Kaizen has a professional team with extensive knowledge of Hong Kong tax laws and many years of successful experience. Kaizen provides comprehensive assistance to its clients, wide range analysis and recommendation. Our professional tax services can save you valuable time and unnecessary financial costs by providing comprehensive plan to solve the past tax issues and also reduce the future risk of tax related problem. Our Hong Kong Tax Investigation Services IRD Procedure Kaizen’s Role Taxpayer receiving the […]
2019-08-22
Statutory Audit Statutory Audit is a kind of compulsory auditing required by law of the jurisdiction where a company is registered. For example, the Chinese company law requires that a foreign invested enterprise should engage a firm of practising accountants in China to perform an audit of its annual financial reports. Also, in accordance with Hong Kong “Companies Ordinance”, a company limited shares registered in Hong Kong shall appoint Certified Public Accountants to conduct auditing every year. The auditor shall conduct auditing on the profit and loss statement, balance sheet, and relevant receipts according to the auditing standards. They shall also comment on whether the accounting system formulated by the enterprise complies with the GAAP and its effectiveness in the actual application process. Guided by the principle of independence, the audit team of Kaizen provides annual auditor’s reports that meet the auditing standards for the enterprise, and provides audit opinions […]