Company Registry in Hong Kong has sanctioned approximately 1 in 4 firms during Anti-Money Laundering Inspections on 1,800 TCSPs licensed operators

Since March 2018, Company Registry imply Guideline on Compliance of Anti-Money Laundering and Counter -Terrorist Financing Requirements for Trust or Company Services Providers.  There has been total of 1800 of TCSP licenses issued within the past 1.5 year.  There has been 1024 TCSP licensed operator being interviewed. Total of 452 warnings given out to licensed holder and 32 firms has been prosecuted.

You may ask what does AML and CTF policies about, what is required by the Company Registry.

We as your licensed service provider of being your firms Company Secretary, we are required to perform:

  1. Risk Assessment and Management
  2. Customer  Due Diligence (CDD) measures
  3. Ongoing Monitoring during servicing period
  4. Suspicious Transactions Reporting
  5. Record Keeping
  6. Identify Ultimate Beneficially Owner and also Local Representative

Centre O do send out CDD forms and request our clients to check/ fill out information about their businesses/ personal details including passport number, date of birth, place of birth, Clients are required to  sign and acknowledge the information are true and correct. These information will be kept internally under Centre O’s CRM system, and only will be shared with Company Registry when CR officer come specifically asking for it.

For more information, please contact josephine@centreo.hk

 

 

 

 

 

 

The 2019- 2020 Budget Highlights for Enterprises in Hong Kong

Hong Kong Financial Secretary Paul Chan recently set out his budget for 2019-2020.  Due to the uncertainties in the global economic landscape caused a decline in growth and confidence among enterprises. The budget was prepared with the aim of “supporting enterprises, safeguarding jobs, stabilising the economy, strengthening livelihoods.”

Below is the highlight of the budget for SMEs.

Support for Enterprises

  • Waiver of business registration fees for 2019-20.
  • Convert the Technology Voucher Programme into a regular funding programme and double the maximum amount enterprises can apply for to HK$400,000.
  • Injection of HK$1 billion into the Dedicated Fund on Branding, Upgrading and Domestic Sales.
  • Application deadline extended for special concessionary measures under the SME Financing Guarantee Scheme to end of June 2020.
  • Expansion of Economic and Trade Office network to strengthen the promotion of, and to facilitate exploring new business opportunities for Hong Kong enterprises overseas.

Innovation and Technology

  • HK$5.5 billion to be set aside for the development of Cyberport 5 to accommodate more technology companies and start-ups.
  • Further HK$38 billion to be invested into new I&T initiatives with an emphasis on supporting R&D in local universities.

Profits Tax

  • Profits tax for the year of assessment 2018-19 to be reduced by 75% subject to a ceiling of HK$20,000.
  • The two-tiered profits tax rate for companies to remain unchanged at 8.25% on first HK$2 million profits and 16.5% standard rate on remaining taxable profits.
  • Aim to have the double taxation agreements from 40 to 50 in the next few years.

Still, this is the proposals subject to final approval from the Legislative Council.

 

香港企业2019-2020年预算案要点

香港财政司司长陈茂波最近制定了 2019-2020 年的预算。由于全球经济格局的不确定性导致企业增长和信心下降。预算编制的目的是“撑企业、保就业、稳经济、强民生”。

以下是中小企业预算的重点:

对企业的支持
豁免 2019-20 年度的商业登记费。
将科技券计划转为定期资助计划,并将企业可申请的最高金额翻倍至40万港元。
向品牌、升级和国内销售专项基金注资10亿港元。
中小企业融资担保计划特别优惠措施的申请截止日期延长至2020年6月。
扩大经济贸易办事处网络,加强对香港企业海外的宣传推广,并协助他们开拓新的商机。
创新科技
拨出 55 亿港元用于发展数码港 5号,以容纳更多科技公司和初创企业。
另外380亿港元将投入新的科技计划,重点是支持本地大学的研发。
利得税
2018-19 课税年度的利得税减低 75%,最高限额为20000港元。
公司的两级利得税税率维持不变,首笔200万港元利润为8.25%,其余应税利润为16.5%的标准税率。
目标是在未来几年内将避免双重征税协议从 40 项增加到 50 项。
不过,这是有待立法会最终批准的建议。

亚太经济合作组织(APEC)与美国和加拿大的旅行卡安排

美国和加拿大是参加APEC计划的两个成员。 美国和加拿大APEC持卡人在访问APEC成员国时可以使用加急移民。 但是,他们在访问这两个国家时必须持有美国和加拿大的签证。 在美国,海关和边境保护局是处理 APEC 申请程序的政府机构。

APEC 与信用卡大小相同,包含持卡人姓名、出生日期、性别、本国经济/国家、到期日、签名和护照号码。 卡上没有国家或国籍。 商务旅客也可以获得 5 年的 APEC。 第三方国家的人可以申请APEC卡,申请APEC的费用因国家而异。

APEC Travel Card arrangements with US and Canada

The United States and Canada are two members that participate in the APEC program. The American and Canadian APEC cardholders can use expedited immigration when they visit the APEC participating countries. However, they must have a US and Canada visa when they visit these two countries. In the US, the Customs and Border Protection is the government agency that handles the application process for the APEC.

The APEC has the same size as a credit card, and it contains the cardholder’s name, date of birth, sex, home economy/country, expiry date, signature, and passport number. No country or nationality is on the card. Business travelers can also get APEC for 5 years. A person of a third party country can apply for an APEC card, and the costs of applying for the APEC is different from country to country.

什么是亚太经济合作组织(APEC)卡?

如果你是一个经常在亚太地区旅行的企业主,或者你已经花了很多时间在通过移民的海关排队。,您应该考虑办理一张 APEC 卡。APEC代表亚太经济合作商务旅行卡。它是一种签证,授予持卡人通过亚太经济合作商务旅行卡          (APEC Business Travel Card)通道免签证入境和快速移民的特权。

包括香港在内,有19个国家是APEC的成员。

澳大利亚

文莱

达鲁萨兰国

智利

中国

印度尼西亚

日本

韩国

马来西亚

墨西哥

新西兰

巴布亚新几内亚

秘鲁

菲律宾

俄罗斯联邦

新加坡

中华台北

泰国

越南

要申请APEC卡,您必须持有APEC经济体的有效护照才有资格申请亚太经济合作商务旅行卡(APEC Business Travel Card)。

从香港申请时,您还必须持有香港特别行政区(中国香港)的永久居民身份。您的企业必须在整个 APEC 地区进行定期商务旅行,并且没有刑事定罪。请注意,由于这是一张商务旅行卡,您只能免签证访问 APEC 国家不超过 60 天。

申请时,需要有效护照、永久居民卡、公司信函和护照照片。

需要了解更多信息或帮助,请联系我们 sales@centreo.hk。

What is an APEC card?

You should consider getting an APEC card if you are a business owner that travels around the Asia Pacific region a lot. Or you have been spending so much time lining up at the custom going through the immigrations.  APEC stands for Asia-Pacific Economic Co-operation Business Travel Card. It is a visa that grants cardholders the privilege of visa-free entry and expedited immigration through the ABTC (APEC Business Travel Card) lanes.

Including Hong Kong, there are 19 countries that are the members of APEC.

Australia

Brunei

Darussalam

Chile

China

Indonesia

Japan

Korea

Malaysia

Mexico

New Zealand

Papua New Guinea

Peru

The Philippines

The Russian Federation

Singapore

Chinese Taipei

Thailand

Vietnam 

In order to apply for the APEC card, you must hold a valid passport from an  APEC economy to be eligible to apply for an ABTC (APEC Business Travel Card). 

When applying from Hong Kong, you will must also hold a permanent resident of Hong Kong Special Administrative Region ( Hong Kong, China).  Your business must be engage in regular business travel throughout the APEC region and have no criminal convictions.  Just a note, as this is a business travel card, you are only eligible to visit the APEC countries without visa for no more than 60 days.

For applications, a valid passport, permanent resident card, a company letter and also a passport photo is required.

Needing more information or assistant, please contact us on sales@centreo.hk.

Application Process of Employment Agency License

Obtaining an employment agency license is not as hard as you may think. Rather it is simple and straightforward as long as you have the necessary documents and follow the application steps. There is a procedure for applying for an employment agency license. Don’t worry if you are not familiar with the process as we have it all listed out for you. The entire procedure involves two steps: Approval of proposed name and Document submission. The steps are explained thoroughly below. 

 

 

  • Approval of Proposed Names

 

      1. For the employment agency you wish to set up, name approval must be done first. You can do this by submitting an application to the Hong Kong Labor Department. 
      2. Be aware that the proposed name can be rejected if it is the following:
        1. Same or similar to another employment agency’s name
        2. Infringes on trademarks
        3. Offensive or contrary to public interest

 

  • Document Submission

 

    1. The second step is to turn in the documents required for the license application process. This is sent to the Labor Department. This task is for the nominated operator or director. He or she submits the documents in person and goes to an interview for it. It usually takes 3 to 4 weeks for application to go through. Afterwards, there is a license fee that is issued by the Employment Agency License of HK$2,000. There is an issue of 12 months with the license being displayed at all times in office.
    2. These are the documents that need to be submitted:
      1. Employment Agency License Application and the Supplementary Form
      2. A certified true copy of Hong Kong ID cards or travel documents of each of the directors and the nominated operator of the company (travel documents must indicate that the persons concerned are allowed to take up employment or establish a business in Hong Kong without any restrictions)
      3. Certified true copies of Business Registration Certificate, Certificate of Incorporation and Articles of Association of the company
      4. A certified copy of the Notification of first secretary and directors
      5. A certified true copy of the Notification of changes of secretary and directors (if applicable)
      6. A true copy of the document confirming the appointment of the nominated operator

 

If your application is rejected for some reason, you are able to appeal to the Labor Department’s Administrative Appeal Board within 28 days of notice. If you need to renew your employment agency license, please submit an application for renewal two months before expiry date with a fee of HK$2,000. The following documents are required:

 

  • A completed prescribed ‘Renewal of License’ application form
  • A Declaration Form (declaring that the applicant is not an undischarged bankrupt)
  • An Authorization to conduct a criminal record check on the applicant
  • A true certified copy of a valid Business Registration Certificate

Starting an Employment Agency in Hong Kong with a license

Want to learn more about starting an employment agency in Hong Kong? You came to the right place! To begin with, what is an employment agency anyways? An employment agency is basically the messenger or the middleman between the employer and potential employee. The Hong Kong Employment Ordinance defines it as “an establishment or person who aims at obtaining employment for another person or supplying personnel to an employer.” An employment agency can also be called the following:

 

  • Manpower agency
  • Placement agency
  • Recruitment agency
  • Staffing agency

 

The placement made by the employment agency can be both local and foreign candidates. The positions and roles for placement can be junior level or senior management. In Hong Kong, the majority of the employment agencies are subjected to an employment agency license application. This happens through the Hong Kong Labor Department. So, any company or person needs to obtain a license before they can start doing business involving job placement. 

 

There are some employment agencies that do not need a license. Instead, these employment agencies apply for something called ‘Certificate of Exemption of License’ from the Labor Department. This includes agencies operated by:

 

  • Hong Kong Government
  • Merchant Shipping (Seafarers) Ordinance
  • Employers who are hiring employees for themselves
  • Contractors or subcontractors who are employing manual labor on employer’s behalf
  • Proprietors of publications for non-profit purposes
  • Recognized educational institution who are hiring employees for students or graduates

 

When applying for the employment agency license, there are some prerequisites that need to be followed. 

    1. Company Registration – Set up a Hong Kong company and get a Certificate of Incorporation from the Hong Kong Companies Registry
    2. Nominated Operator – Nominate someone as the agency operator who is a director or officer of the company and a Hong Kong citizen, Hong Kong Permanent Resident, or an Employment Visa holder. The nominated person cannot be an undischarged bankrupt or convicted for the past 5 years
    3. Placement of Overseas Domestic Workers – Staff of an employment agency for overseas domestic workers’ placement must follow regulations of employment of domestic helpers abroad