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Hong Kong Company Registry – Companies Ordinance – Corporate Director

CO (Companies Ordinance) (Commencement) Notice 2013 was gazetted on 25 October 2013.  Companies Ordinance (Commencement) Notice 2013 was gazetted on 25 October 2013. Secretary for Financial Services and the Treasury appointed 3 March 2014 as the day on which the new Companies Ordinance comes into operation. SFST (Secretary for Financial Services) and the Treasury appointed 3 March 2014 as the day on which the new Companies Ordinance comes into operation.

There are several changes which will come into effect on 3rd of March. One of the most important change is the Corporate director which is no longer acceptable as only director. There is a requirement to have at least one natural person director. There will be a grace period of 6 months after the commencement date of the new Companies Ordinance for companies registered under the Companies Ordinance (Cap. 32) to comply with the new requirement.

We wishe you a Prosperous Year of the Horse

The team at Startup registry


wishes you


A prosperous and healthy Year of the Horse

Have a wonderful time !

Hong Kong General holidays for 2014

Dear Customers, this is the list of public Holiday in Hong Kong

 

Lunar New Year’s Day 31 January Friday
The second day of Lunar New Year 1 February Saturday
The fourth day of Lunar New Year 3 February Monday
Ching Ming Festival 5 April Saturday
Good Friday 18 April Friday
The day following Good Friday 19 April Saturday
Easter Monday 21 April Monday
Labour Day 1 May Thursday
The Birthday of the Buddha 6 May Tuesday
Tuen Ng Festival 2 June Monday
Hong Kong Special Administrative Region Establishment Day 1 July Tuesday
The day following the Chinese Mid-Autumn Festival 9 September Tuesday
National Day 1 October Wednesday
Chung Yeung Festival 2 October Thursday
Christmas Day 25 December Thursday

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The basic principles to determine whether the salaries received is subject to Hong Kong Salaries Tax

As you are foreigner and under foreign employment of XYZ Limitd, the basic principles to determine whether the salaries received is subject to Hong Kong Salaries Tax as below:

 

1.      If you visit to Hong Kong no more than 60 days in a calendar year or no services rendered in Hong Kong, then the salaries is exempted from Hong Kong Salaries tax.

2.      If you visit to Hong Kong more than 60 days in a calendar year, you will subject to Hong Kong salaries tax based on the portion of number of day visit in Hong Kong.

3.      The personal allowance for the calendar year from 1st April 2012 to 31st March 2013 was HK$120,000 (if married person, the allowance was HK$240,000). Therfore, if your salaries during the said period was less than the mentioned allowance, no Hong Kong Salaries Tax would be payable.

4.      Simply, Hong Kong Salaries Tax payable is calculated at progressive rates on your net chargeable income or at standard rate on your net income, whichever is lower.

 

Progressive rate: 2% of first HK$40,000 received; 7% of second HK$40,0000; 12% of third HK$40,000 and 17% would be charged for the remaining portion).

 

Standard: 15%

 

For the payment to outsource companies, please provide the invoice/ agreement issued by the outsource companies as evidence.

 

Should you have any question, please feel free to contact us.

Hong Kong double taxation agreements

Hong Kong is not a traditional offshore centre  but rather a territory which offers a non discriminatory low tax regime based on “territorial principle” under which only income arising in Hong Kong is taxable in the jurisdiction.

Hong Kong has signed comprehensive double taxation agreements (DTA) with 55 countries, of which 53 are in effect. The agreements cover direct taxes, which in the case of Hong Kong are income tax, corporation tax and capital gains tax.

List of countries which sign DTA with Hong Kong might be found in here.

 

Please contact us for further information.