CEO Bloggers - Belinda Wong
Director of Leader Corporate Services Limited
A CEO is almost always the best single human asset a company has. Yet many businesses hide their top asset behind a marketing curtain. A short website bio, usually without contact information, makes most CEOs appear inaccessible. If your goal is to be a customer-facing and customer-focused organization, a CEO blog can create a public face for a company. Showcasing your company’s personality can go a long way toward defining your values.
Author of 'HK Company Secretary Checklist'
2018 – Challenges and Opportunities
Publish Date: 18/04/2018
This year brings lots of legal and compliance changes to people doing business in Hong Kong. On 1 March 2018 every HK incorporated companies must create a register of significant controllers. Any individual holding more than 25% of the shares in a company has to have his personal particulars entered into the register. The register is open for his and also law enforcement officer’s inspection. A designated representative has to be appointed to assist in the inspection of the register of significant controllers.
On the same date, all company and trust service providers have to be registered with the Company Registry. There is a 120 days transition period for the existing providers to get themselves the relevant licenses. Companies using external service providers should check if their providers have completed the registration.
Companies (Amendment) Bill 2018 was gazette which aims to improve the clarity and operation of the Companies Ordinance (Cap 622) which came into effect on 3 March 2014. The Bill is expected to come into operation in February 2019. Make sure that you are aware of the upcoming changes!
HK has also followed the global tax initiatives on the automatic exchange of financial information and also the common reporting standard. Therefore, As the trend towards greater transparency is likely to continue, additional attention and effective controls are prerequisites to maintain an efficient business and tax structures.
In the current year budget, there are favorable tax incentives:
8.25% corporate tax for the first $2million profits with the rest remaining at 16.5%
300% tax deduction for the first $2 million qualifying expenditure on research and development, and a 200% deduction for the remainder
Additional $50 billion to support innovation & technology development. Last year was $10 billion. This amount will be used mainly for the first phase of the Hong Kong-Shenzhen Technology and Science Park in the Lok Ma Chau Loop, Innovation & Technology Fund, incentives to create research clusters etc.
All these have boosted up the startup ecosystem. There are funds and government grants which could be applied for to help the founders to scale up their businesses. The HK Science & Technology Park as well as Cyberport have already incubated hundreds of startups some of which have become unicorns ready for Initial Public Offerings.
As there are so much governmental support and fundings, it’s a good time to start and do business in HK. If you need more information, talk to us!
Please be aware that information provided by this blog is subject to change. We recommend that you do not take any information held within as a definitive guide to the law or the relevant matter being discussed. You are advised to seek legal or professional advice where necessary rather than relying on the content supplied by the author(s) of this blog.
Due to the nature of the matters discussed on this blog, the information contained within it and any pages linked to from it are clearly subject to change, without warning. The law, regulations and other forms of legal governance are constantly changing and adapting to meet the needs of the modern world and it is impossible to comprehensively detail the nature of such within the confines of a blog in a concise, up-to-date manner.
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