News and Events

Important Updates: The Companies (Amendment) Ordinance 2018 – New Requirement for Significant Controllers Register for Hong Kong Companies

The Hong Kong Companies (Amendment) Ordinance 2018 was gazette on 2nd Feb 2018, it introduces new requirements on the keeping of significant controllers registers by companies. The Amendment Ordinance will come into operation on 1 March 2018. Failure to comply with the obligations for keeping the SCR is a criminal offence. The Company and every responsible persons liable to a fine at level 4 (i.e. HKD 25,000) and where applicable, a further daily fine of HKD 700.

For more details, please refer to CR website at:

https://www.cr.gov.hk/en/scr/index.htm

Implementation of Two-Tiered Profits Tax Rate Regime

The Inland Revenue (Amendment) (No. 3) Ordinance 2018 (the Ordinance) was gazetted today (March 29) to implement the two-tiered profits tax rates regime announced in the 2017 Policy Address.

The two-tiered profits tax rates regime will be applicable to any year of assessment commencing on or after April 1, 2018. The profits tax rate for the first $2 million of profits of corporations will be lowered to 8.25 per cent. Profits above that amount will continue to be subject to the tax rate of 16.5 per cent. For unincorporated businesses (i.e. partnerships and sole proprietorships), the two-tiered tax rates will correspondingly be set at 7.5 per cent and 15 per cent. A tax-paying corporation or unincorporated business may save up to $165,000 and $150,000 each year respectively.

For details, please refer to the official website of the Hong Kong Inland Revenue Department.

HK Startup Academy x KernelBiz - How to DIY a Hong Kong company

Hong Kong is part of the Greater Bay Area (GBA) with a lot of business potentials. Learn about how to setup your business here in HK!

About this Event

Hong Kong is part of the Greater Bay Area (GBA) with a lot of business potentials. If you are considering to set up your business in Hong Kong or would like to ensure you have maintain your company properly, this is the must-attend event for you!

Join us at this event to learn practical tips about how to set up and maintain your Hong Kong company in a cost effective and ensure it is compliant with relevant regulations.

The Hong Kong Government 2019-2020 Budget Highlights

The Hong Kong Government 2019-2020 Budget proposed a reduction of profits tax for Year of Assessment 2018-2019 by 75%, subject to a ceiling of HKD 20,000 per company.

The Hong Kong Government 2019-2020 Budget Highlights

The Hong Kong Government 2019-2020 Budget has proposed a waiver for the business registration fee for the period 1/4/2019 to 31/3/2020. The business registration fee will be reduced from HKD 2,250 to HKD 250!

Event hosted with Garage Society - Hong Kong Company Formation 101

We hosted an event together with Garage Society yesterday to share our expertise about setting up a business here in Hong Kong.

Co-host free event with Garage Society - 13th Feb 2019

We are co-hosting an free event with Garage Society on 13th February about Hong Kong company formation and bank account opening.

Come join us at this event to learn about company formation compliance and tips about company account set up in Hong Kong!

Please reserve your ticket at Eventbrite:

InvestHK - January 2019 newsletter

KernelBiz is featured on InvestHK January 2019 newsletter

https://www.investhk.gov.hk/sites/default/files/2019.01-client-profiles-en.pdf

Hong Kong Second Round of Subsidy Schemes under Anti-epidemic Fund (Application period 5/5/2020 - 5/6/2020)

Applicable to: Karaoke Establishments, nightclubs and bars or pubs which are concurrently holding a food licence under the second round of the Anti-epidemic Fund.

The scheme provides subsidies ranging from HK$250,000 to HK$2,200,000 to eligible licence holders of general restaurants, light refreshment restaurants, marine restaurants and factory canteens in operation according to the floor area of the premises, primarily in support of payment of employees’ salaries during a six-month period following approval of the application.

More details available at: https://www.fehd.gov.hk /

Hong Kong “Employment Support Scheme” (ESS) will be open for online application between 25th May – 14th June 2020.

The Government of the Hong Kong Special Administrative Region (“HKSAR”) will launch an Employment Support Scheme (ESS) to provide time-limited financial support to employers to retain their employees. The ESS will also cover self-employed persons (SEPs) with MPF accounts set up on or before 31 March 2020.

Employers applying for the first tranche of subsidies under ESS can nominate any one month between December 2019 and March 2020 as the “specified month”. The amount of wage subsidies will be calculated on the basis of the number of employees and their respective wages in the “specified month”. The amount of wage subsidies will be calculated based on 50% of the actual wages paid to each “regular employee” in the “specified month”, with a wage cap at $18,000 per month. The maximum wage subsidy per employee is $9,000 per month. Each eligible self-employed person will be granted a one-off lump-sum subsidy of $7,500.

For more details, please visit: https://www.ess.gov.hk/en/

For more info: https://www.dbs.com.hk/sme

If you required support with your company's business account opening, please do not hesitate to contact us as [email protected] / (852) 2110-0018

Hong Kong Government announces launch of Retail Sector Subsidy Scheme under Anti-epidemic Fund

To provide relief to retailers to tide them over their financial difficulties during this challenging time, the HK Government will launch the Retail Sector Subsidy Scheme under the Anti-epidemic Fund for application starting from 23 March.

A sum of HK$5.6 billion is earmarked under the Fund for the Scheme and each eligible retail store will receive a one-off subsidy of HK$80,000.

For details, please refer to: https://www.info.gov.hk/

Hong Kong 2020-2021 Fiscal Budget Highlights

2020-2021 Fiscal Budget announced today subject to approval by the legislative council. Key summary below:

1. Waive business registration fees for 2020-21

2. Waive registration fees for company annual returns for 2 yrs

3. Reduce profits tax for 2019-20 assessment year by 100%, subject to a $20,000 ceiling per company

4. Reduce salaries tax and tax under personal assessment for 2019-20 assessment year by 100%, subject to ceiling of $20,000

For details of the full budget, please refer to www.budget.gov.hk