Business Island Investments Limited

13/02/2022

22/06/2019

Handle company accounting and audit

16/10/2018

Hong Kong is the leading financial center in Asia, and every year is continuing to attract a huge amount of investments in different sectors of the economy, the financial sector and real estate. You can open the door to any company and cooperate with world leaders if you established a company in Hong Kong. Facebook, Apple, Microsoft are willingly cooperating with Hong Kong companies and you can easily set up sales of your company software, products or services around the world, which is a huge plus for any company that is willing to get to a global scale.
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ROOM 1403, 14/F, AXA CENTRE, 151 GLOUCESTER ROAD,
WANCHAI, HONG KONG
+852 97610671

18/08/2018

Total number of local companies surpasses 1.4 million
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The total number of local companies registered under the Companies Ordinance reached 1,407,743 at the end of June this year, up 23,797 on the figure at the end of 2017, according to the statistics released by the Companies Registry today (July 8).

With effect from March 1, all companies incorporated in Hong Kong, except listed companies, are required to maintain up-to-date beneficial ownership information by way of keeping a Significant Controllers Register. The Register should be open for inspection by law enforcement officers upon demand.

Further, a new licensing regime has been introduced to require all trust or company service providers to apply for a licence from the Registrar of Companies before they can provide trust or company services as a business in Hong Kong.

"The new initiatives have enhanced Hong Kong's regulatory regime for combating money laundering and terrorist financing. The Registry currently conducts site inspections to ensure proper compliance with the new requirements," said the Registrar of Companies, Ms Ada Chung.

     The total number of local companies registered under the Companies Ordinance reached 1,407,743 at the end of June this year, up 23,797 on the figure at the end of 2017, according to the statistics released by the Companies Registry today (July 8).      A total of 85,449 local compan...

22/07/2018

Top-down leadership is outdated and counterproductive.

22/01/2018

20/11/2017

Hong Kong has signed a new free trade agreement (FTA) with the Association of Southeast Asian Nations (ASEAN), which is expected to become effective from January 2019.

Following 10 rounds of talks over three years starting in July 2014, negotiations were concluded in September 2017 and the final agreements were signed in Manila on November 12 during the 31st annual ASEAN Summit.

The FTA consists of 14 chapters. It includes provisions to eliminate or reduce tariffs (tax barriers to trade), liberalize market access, and promote confidence in trade.

Provisions include:

A commitment from Singapore to bind all its customs duties on goods imported from Hong Kong at zero percent;
A commitment from Brunei, Malaysia, the Philippines, and Thailand to eliminate customs duties of around 85 percent of their tariff lines within 10 years and reduce customs duties of about another 10 percent of their tariff lines within 14 years;
A commitment from Indonesia and Vietnam to eliminate customs duties of about 75 percent of their tariff lines within 10 years and reduce customs duties of about another 10 percent of their tariff lines within 14 years; and
A commitment from Cambodia, Laos and Myanmar will eliminate customs duties of about 65 percent of their tariff lines within 15 years and reduce customs duties of about another 20 percent of their tariff lines within 20 years.
Trade between Hong Kong and ASEAN was valued at USD93.3bn in 2016, according to ASEAN data, a 1.3 percent increase from USD92.1bn in 2015. Total foreign direct investment flows from Hong Kong to ASEAN amounted to USD9.9bn in 2016, a 141 percent increase from the previous year. As of 2016, ASEAN was Hong Kong's second-largest partner in merchandise trade.

The FTA is the sixth agreement between ASEAN and external partners, after deals with China, Korea, Japan, India, and Australia-New Zealand.

Tax-News.com, Hong Kong

19/10/2017

Hong Kong Plans Deeper Profits Tax Cut For Small Firms

Hong Kong will undertake an even greater cut to the profits tax rate for small firms, Chief Executive Carrie Lam has said, pledging more relief than was set out two years ago in her pre-election manifesto.

Designed to reduce the burden on small firms and encourage enterprise and innovation, Lam had proposed that a 10 percent profits tax rate should apply to the first HKD2m of a company's profits (USD256,000).

In her Policy Address of October 11, Lam said she would table legislation for a profits tax rate cut to 8.25 percent on the first HKD2m, while maintaining the current 16.5 percent tax rate for any additional profits; and a 300 percent tax deduction on the first HKD2m of eligible R&D expenditure and a further 200 percent for any additional expenditure.

"To ensure that the tax benefits will target small and medium-sized enterprises (SMEs), we will introduce restrictions such that each group of enterprises may only nominate one enterprise to benefit from the lower tax rate," said Lam.

A bill to implement the two initiatives will now be submitted to the Legislative Council for approval.

Tax-News.com, Hong Kong