Comprehensive guide to establishing an SFC-regulated entity in Hong Kong in 2024. Produced in collaboration with Peak Compliance Associates.

On 28 February 2024, the Hong Kong Financial Secretary announced the 2024-25 Budget. The latest financial plans focus on enhancing economic growth and development by stimulating investment, boosting consumer confidence, and strategic tax changes.

Every Hong Kong company has to fulfil annual requirements to ensure compliance with the law, according to the Companies Ordinance and Inland Revenue Ordinance.

A crucial aspect of this compliance involves yearly filings, which inform the authorities about your company's activities and finances. This article will break down the requirements for 2024 to help you stay on top of your obligations.

On 28 February 2024 the Hong Kong Government announced the budget for the upcoming year 2024/25. The budget outlines where the Government is allocating resources through tax and fiscal policies, as well as support measures.

Here you will find a breakdown of the most relevant budget items for small to medium-sized businesses. We will also cover measures relevant to foreign-owned businesses.

The Companies Registry of Hong Kong is always working to streamline business registration and management. One relatively recent change is the implementation of a Unique Business Identifier (UBI) for all businesses, which occurred in two phases.

The second phase was implemented on 27 December 2023. Each company should have received an information sheet from the Companies Registry, so the aim of this article is to further explain what is on that flyer.

Business culture in Hong Kong is unique — it is a fusion of the Western business approach and Chinese tradition and culture.

If you are a business person in the area, understanding and adapting to the local customs is not only crucial for successful interactions, it is a sign of respect. This article will explain business etiquette in Hong Kong, along with tips on succeeding at a business lunch and navigating holiday customs.

Running a limited company in Hong Kong involves strict adherence to the framework outlined in the Companies Ordinance. One of the essential obligations is submitting an audit report performed by a Certified Public Accountant (CPA) alongside your tax return filings.

Running a limited company in Hong Kong involves strict adherence to the framework outlined in the Companies Ordinance. One of the essential obligations is submitting an audit report performed by a Certified Public Accountant (CPA) alongside your tax return filings.

The audit provides evidence that all financial information and documentation is in good order. If your business is due for an audit, this article will explain everything you need to know about audits in Hong Kong.

In Hong Kong, a “Sole Proprietor” refers to an individual who conducts their business in a personal capacity. Unlike an employee, a Sole Proprietor usually does not have a boss or a regular salary income. Instead, Sole Proprietors are small business owners, consultants, and freelancers who have their own business. A “Sole Proprietorship” refers to the type of business the individual needs to register with the Hong Kong Government Companies Registry.

The Tax Certainty Enhancement Scheme (TCES) aims to provide businesses with a clear set of rules to determine whether a profit is capital or revenue in nature. TCES applies to Onshore Disposal Gains and is effective starting 1 January 2024.

Due to Hong Kong’s lenient tax policies that indirectly led to non-competitive advantages, such as double non-taxation, the EU has "grey-listed" Hong Kong.

To address this and align with international standards, Hong Kong has been adopting a new set of legislation under the Foreign Source Income Exemption (FSIE) Regimes over the past few years.

Hong Kong is an international economic hub as well as a gateway for foreigners to do business in mainland China. If you want to expand to Hong Kong, you are legally required to appoint a company secretary for your new company. This article will cover what a company secretary does, who can become one, and how to find the right one for you.

Starting a wholly foreign-owned enterprise (WFOE) is a strategic choice for foreign companies looking to establish a presence in China. This article will explain everything you need to know about incorporating a WFOE in Mainland China, and why it’s favorable to create a Hong Kong-based company to be the parent of the WFOE.

An end-of-year financial report is an essential document summarising a company's financial standing. All limited companies registered in Hong Kong are legally required to audit their financial year-end reports and most are required to submit them to the Inland Revenue Department (IRD).

If you're a foreign citizen seeking potential employment in Hong Kong, or if you're a Hong Kong-based employer looking to hire a foreign national, you will have to apply for an employment visa. One of the most commonly issued visas is ASMTP, which we will explain in this article.

Hong Kong's Employment Ordinance is legislation that governs the terms and conditions of all workers in the HKSAR. Basic wage protection and statutory holidays apply to all employees, but employees under continuous contracts enjoy additional benefits. An employee who has worked for an employer for at least four weeks with at least 18 hours worked each week is viewed as a continuous contract of employment.

The highly qualified visa, also known as the Top Talent Visa, is a special visa category in Hong Kong for individuals who possess exceptional skills and qualifications that are in high demand.

This visa is designed to attract top talent from around the world to contribute to Hong Kong's economy and promote its global competitiveness.

Thanks to the well-developed infrastructure, shareholders can open a new subsidiary in Hong Kong within a week to take advantage of the Hong Kong business environment, including favorable tax rates. If you wish to do the same, this article provides a brief overview of how to open a new subsidiary in Hong Kong.

Securing a work visa is essential for professionals aiming to work in Hong Kong. Several types of visas are available, which vary based on an applicant's qualifications, country of origin, and intentions behind moving to Hong Kong.

Opening a business bank account is a crucial step to manage your finances, legitimize your business and facilitate business transactions. In this blog post, we will guide you through the process of opening a bank account in Hong Kong, whether you choose a traditional bank or opt for an online platform to provide your "bank account" details.