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What's New

Our Group Messages or News

Some New Laws or Amendements


Our Group Messages or News
Date
Description

19-30/Jan/2012


Our office is closed for Chinese New Year 2012. Happy Holidays !!

22-29/Dec/2011


Our office is closed for X'mas 2011. Merry Christmas !!

31/Jan/2011-15/Feb/2011


Our office is closed for Chinese New Year 2011. Happy Holidays !!

23-28/Dec/2010


Our office is closed for X'mas 2010. Merry Christmas !!

12-25/Feb/2010


Our office is closed for Chinese New Year 2010. Happy Holidays !!

24-27/Dec/2009


Our office is closed for X'mas 2009. Merry Christmas !!

23/Jan/2009 - 03/Feb/2009


Our office is closed for Chinese New Year 2009. Happy Holidays !!

24-28/Dec/2008


Our office is closed for X'mas 2008. Merry Christmas !!

06-17/Feb/2008


Our office is closed for Chinese New Year 2008. Happy Holidays !!

22-26/Dec/2007


Our office is closed for X'mas 2007. Merry Christmas !!

16-26/Feb/2007


Our office is closed for Chinese New Year 2007. Happy New Year !!

21-26/Dec/2006


Our office is closed for X'mas 2006. Merry Christmas !!

27/Jan/2006 - 06/Feb/2006


Our office is closed for Chinese New Year 2006. Happy Holidays!!

31/Dec/2005 - 03/Jan/2006


Our office is closed for New Year 2006. Happy New Year!!

24-27/Dec/2005


Our office is closed for X'mas 2005. Merry Christmas !!

Some New Laws or Amendements
Jurisdiction
Description

BVI



The BVI Business Companies Act 2004 (BCA):
On 1/1/2007, all existing IBC companies will be automatically re-registered under the BCA if they have not done so voluntarily by 31 December 2006.

- authorised share capital concept abolished
- immobilisation of bearer shares
- concept of reserve director introduced
- extend the date of 1st director appointment to 6 months
- disclosure of director's interests
- redomiciliation: proof of not disqualified from continuing

Hong Kong



Revenue (Abolition of Estate Duty) Ordinance 2005:
The abolition will be effective on 11 February 2006. The Estate Duty Ordinance will not be applicable to estates in respect of deaths occurring on or after that date. The estate duty chargeable in respect of estates of persons dying on or after 15 July 2005 and before 11 February 2006 ("transitional estates") with the principal value exceeding $7.5 million will be reduced to a nominal amount of $100.

Mauritius



The Financial Services Development (Amendment) Bill: Its main objective is to further enhance the quality and effectiveness of financial regulation and supervision by providing the Financial Services Comission with the power to impose a wider range of administrative sanctions including, a public censure and an administrative penalty;
The Securities Bill; and
The Insurance Bill
These new enactments are not yet promulgated.

St Kitts



Foundations Act 2003:
This allows private and professional clients to choose from an additional jurisdiction when forming a private foundation.

Bermuda



The Trustee Amendment Act 2004: expands the statutory power of advancement to apply to all trusts whenever established. It better ensures that the trust satisfies the original intentions of the settler.

The Trusts (Special Provisions) Amendment Act 2004: to clarify circumstances in which the Bermuda Courts will not set aside a Bermuda trust based upon provisions of foreign laws.

Netherlands



European Public Limited Liability Company (SE):
For tax purposes a Dutch SE is treated the same way as any other company incorporated under Dutch law which means it is usually subject to Dutch tax which includes: Dutch corporate income tax, capital tax, and dividend withholding tax.

The Dutch government has announced a proposal to abolish the Dutch capital tax from January 1st, 2006

BVI



IBC Amendment Act 2003 and 2004:
Government registration fees and annual renewal fees are increased as effective from January 1st 2005.


Our aim is to provide a comprehensive service to our clients in Hong Kong and offshore operations. If you find above helpful, please free to contact us.

 

 

 

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