On 15 September 2023, the Hong Kong Inland Revenue released Advance Ruling Case No. 70, addressing the economic substance requirement outlined in section 15K of the Inland Revenue Ordinance (IRO) under Hong Kong’s new Foreign-Sourced Income Exemption (FSIE) regime. This regime, established by the Inland Revenue (Amendment) (Taxation on Specified Foreign-sourced Income) Ordinance 2022, deems…
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The Government of the Hong Kong Special Administrative Region (SAR) announced on February 15, 2024, the commencement of the 2024 Greater Bay Area (GBA) Youth Employment Scheme, which is now open for year-round applications. Hong Kong-based companies can now submit job vacancies valid until December 31st to employ young Hong Kong residents in cities within…
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Capital Investment Entrant Scheme aims to attract high-net-worth investors, bolstering Hong Kong’s wealth sector amid competition from global financial centers like Singapore and Dubai.With assets under management surpassing HK$30 trillion, Hong Kong boasts over 250 open-ended fund companies and 780 limited partnership funds. To foster market growth, the government plans to extend the ‘Open-ended Fund…
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Hong Kong’s government has unveiled budget measures aimed at bolstering wealth management, including a rise in income tax for the top earning cohort – marking the first such increase in two decades. Starting from April 2024, a two-tier tax system will be implemented. Income up to HK$5 million ($640,000) will be taxed at a maximum…
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Hong Kong boasts an open and efficient company governance regime, a reliable tradition of the rule of law, a simple taxation system, and world-class professional services. Its strategic location, along with its extensive commercial and trading networks with both the Mainland and worldwide, makes it highly favorable for corporations managing their operations in the Mainland…
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Modern enterprises and individuals grapple with evolving challenges in identity, data access, privilege, automation, and unification. Today’s identity security challenges differ vastly from those of just a few years ago. The evolution of our work methods has led to a significant increase in the centrality of identities for both enabling and securing today’s enterprises. The…
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We want to express our sincere gratitude for the collaborative efforts and successful partnerships we have shared. May the coming year bring you prosperity, innovation, and the realization of your aspirations. Wishing you a wonderful holiday season and a prosperous New Year!
At the inception of the Hague Conference in 1893, the global legal landscape markedly differed from the present day. At that time, Hague Conferences were predominantly attended by Europeans, reflecting a Eurocentric perspective. Following the tumultuous aftermath of the two World Wars, the Hague Conference on Private International Law emerged as an autonomous inter-governmental organization,…
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Hong Kong’s vision of becoming a global hub for green technology and finance can materialize with a strategic focus on supporting startups and harnessing China’s expertise in pivotal technologies, asserts the FinTech Association of Hong Kong. Sandeep Sethi, Co-Chair of the non-profit organization’s Green Tech and ESG Committee, emphasizes the need for intensified collaboration between…
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