CLOSING FOREIGN BANK ACCOUNTS Background• Over the last decade, banks have been put under pressure to combat money laundering – both on national and European level, stringent laws have been put in to place. Compliance requirements become a heavy burden on banks and they are the ones that will be fined for not following strict…
Organised by the Hong Kong General Chamber of Commerce on 12 April 2024 Mr Paul T K Lam, SBS, SC, JP, Secretary for Justice and Mr Tang Ping-keung, GBS, PDSM, JP, Secretary for Security addressed and answered questions from the Chambers of Commerce in HK. Main points: Questions and comments raised by chambers:
Imagine the following… You’re living with your family in Sweden and then move to France with all your belongings for your job. Or you follow the love of your life from Germany to Italy. Or you live in good ole Belgium, but get a promotion for Hong Kong. All of these are exciting, engaging, stimulating,…
Economic losses are piling up, impacting all stakeholders. Transition is key to prosperity, and likely the least costly scenario. Social risks/issues are closely interlinked with geopolitical and economic risks. Tension between capital and labor is increasing. Companies and/or investors may not be prepared and convinced by the urgency of the climate risk situation. Policy makers…
Alea, Hong Kong’s prominent insurance and employee benefits broker, has recently launched a new B2B website aimed at providing an enhanced experience for corporate clients. With their extensive expertise in advising startups, SMEs, and MNCs, Alea is well-versed in the insurance and healthcare landscapes of Hong Kong. Their team of professionals assists HR departments in…
In line with international standards combating cross-border tax evasion, the Hong Kong government is amending its Foreign-Sourced Income Exemption (‘FSIE’) regime. On October 28th, 2022, the legislative bill of the proposed new regime (the ‘New Regime’) was released. Simultaneously, the Inland Revenue Department (‘IRD’) issued some guidelines enabling targeted enterprises to better understand the practical…
We are pleased to share our Corporate Member Constantin’s latest guide on Hong Kong’s Business & Regulatory Environment. This update has been prepared to assist those interested in doing business and investing in Hong Kong to comprehend the major components of the business framework and tax system. Content: Incorporation Business operation Labour Regulations Tax Incentives Their research…
This morning it was announced that the HKgov will change the Mandatory Hotel Quarantine scheme from 7 days to a 3+4 setting. Also it was specified that the arrival date of the passenger will be day 0, whereas so far the arrival day counted as day 1. The new scheme will take effect starting from…
Hong Kong, July 28, 2022 As any Chamber of Commerce, the Belgium – Luxembourg Chamber of Commerce (“BLCC”) in Hong Kong goes through chapters in time, matching the evolution of the business environment and the community of members. Hong Kong is at the tail end of a highly impactful period; a new chapter is soon…
