Uncategorized – Page 8 – Mayon Solutions

Government Launches Public Consultation on Enhancing Copyright Ordinance for AI Technology

July 15, 2024

The Government of the Hong Kong Special Administrative Region has initiated a two-month public consultation aimed at enhancing the Copyright Ordinance to address developments in artificial intelligence technology. The consultation will address several key issues: Copyright protection for AI-generated works Liability for copyright infringement Potential exceptions and related concerns This initiative seeks to align Hong…
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New Capital Investment Entrant Scheme of Hong Kong

July 8, 2024

Explore the vibrant tapestry of Hong Kong, acclaimed as Asia’s World City, where 24-hour trading seamlessly interacts with the globe’s most influential financial hubs. With its sophisticated financial infrastructure, thriving innovation and technology ecosystem, and an unrivalled pool of talent, this energetic metropolis empowers investors to seize opportunities within the world’s fastest-growing region. Strategically situated…
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Combating IPO-related irregularities in Hong Kong

July 1, 2024

The Stock Exchange of Hong Kong Limited (HKEX) and the Securities and Futures Commission (SFC) are intensifying their collaboration to target IPO-related misconduct, suspicious financial arrangements, and ramp-and-dump scams that are plaguing the city’s financial markets. Over the past year, the HKEX conducted inquiries into the use of IPO proceeds by 16 newly listed companies,…
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Hong Kong’s medical initiatives

June 24, 2024

Hong Kong, known for its financial prowess, is setting its sights on becoming a global medical hub, propelled by significant investments in technology and strategic collaborations. A key element in this ambition is the Hong Kong-Shenzhen I&T Park, part of the Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone, which will unveil its first buildings…
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New business opportunities in Hong Kong with mBridge e-currency project

June 14, 2024

A multi-country central bank digital currency (CBDC) project involving mainland China, Hong Kong, Thailand, and the United Arab Emirates has achieved a significant milestone by launching its minimum viable product (MVP) platform.This platform will serve as a testing ground for various use cases in cross-border transactions. As Project mBridge enters the MVP stage, the involvement…
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Essential Handbook and Policies for Employment in Hong Kong

June 7, 2024

When discussing employment in Hong Kong, it’s crucial to consider the subject of handbooks and policies. Employment handbooks are typically used to govern employee behavior and are generally non-contractual. However, breaches of these policies may lead to termination, depending on the wording of the policy and the severity of the situation. Employment handbooks usually include…
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Taxation of business in Hong Kong

June 3, 2024

Every company operating in Hong Kong is subject to profits tax on its locally sourced profits. The two-tiered profits tax regime taxes the first HKD 2 million of assessable profits at 8.25%, while profits above that threshold are taxed at 16.5%. This regime does not apply to companies that are part of a group where…
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MPF Fund & Obligations

May 24, 2024

The Mandatory Provident Fund (MPF) System, a cornerstone of Hong Kong’s multi-pronged retirement protection framework, has been in operation since 1 December 2000. This system regulates mandatory, privately-managed, and fully-funded contribution schemes. Employees, employers, and self-employed persons covered by the MPF System must make regular mandatory contributions, calculated at 5% of the relevant income, subject…
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Employment Contracts in Hong Kong

May 17, 2024

Apart from limited exceptions, the Employment Ordinance applies to all employees engaged under a contract of employment in Hong Kong. Employee rights are governed by the provisions of the Employment Ordinance, other applicable ordinances, their contracts of employment, and common law principles. All employment in Hong Kong is contractual, with no concept of “at-will” employment.…
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Category: Uncategorized