OECD seeks to expand CRS to include crypto assets

OECD seeks to ensure crypto assets, and the revenues they generate, are taxed in the world’s largest economies In 2016 the European Union (EU) adopted the Common Reporting Standards (CRS) framework to provide a centralised exchange of information of taxpayers to help combat tax evasion. Since then, 109 countries have become signatories to CRS reporting, […]

Three reasons you should expand into Thailand

Thailand is the second largest economy in Southeast Asia and is a tech and industry hub in its own right In addition to world-renown beaches and delicious food, it has become a centre for entrepreneurs and start-ups, a place where multinationals establish their offices and factories and investors look for growth. Here are three reasons […]

Hong Kong looks to attract more Private Equity Funds

New Limited Partnership Fund Regime is introduced to attract private investment funds (including PE and VC funds) to domicile in Hong Kong On August 31, 2020, a new Limited Partnership Fund (LPF) Regime came into effect allowing private funds to be registered in the form of limited partnerships. The new regime seeks to establish Hong […]

Discounts and fee waivers for businesses in latest Hong Kong support measures

As part of recent business support measures, the Hong Kong government is waiving annual return registration fees for two years and offering 10% discount for online company incorporations On February 26, 2020, the Hong Kong Finance Secretary, Paul MP Chan, announced several support measures for businesses and individuals to safeguard jobs and the economy. As […]

More regulations coming for Trust businesses in Hong Kong’s banking sector

Proposals from HKMA call for more fairness, integrity and diligence when dealing with customers In response to the industry’s call for strengthening supervision over the trust business in banking sector, the Hong Kong Monetary Authority (HKMA) proposes to regulate and supervise trust business via a Code of Practice for Trust Business (see draft code) (Code), […]

Singapore companies to file with new Central Register of Controllers

singapore skyline by night

New requirements form part of efforts to maintain transparency and Singapore’s reputation as a financial hub All companies in Singapore are required to file information on a new Central Register of Controllers, Singapore’s Accounting and Corporate Regulatory Authority (ACRA) announced last week. Unless exempted, local, foreign companies and limited liability partnerships (LLPs) will need to […]

Singapore opens public consultation on changes to Companies Act

The Accounting and Corporate Regulatory Authority (ACRA) is seeking public feedback on areas relating to digitisation, shareholder interest, financial reporting and other areas The Companies Act Working Group (CAWG), which was set up by ACRA in 2018 to review several areas of the Companies Act, has reviewed 56 issues and recommended 36 legislative reforms. Of […]

Malaysia introduces new Beneficial Ownership framework

The Companies Commission of Malaysia has made it mandatory for all legal persons to disclose their Ultimate Beneficial Owners In March 2020, the Companies Commission of Malaysia (SSM) produced guidelines which outlined rules surrounding the disclosure of Beneficial Owners for legal persons in Malaysia. As of March 1, 2020 all companies and Limited Liability Partnerships […]

Poor cybersecurity can lead to data breaches

Singapore’s Personal Data Protection Commission (PDPC) has handed out a number of fines to companies who suffered data breaches due to cyber-attacks. One such company suffered a ransomware attack, another did not have adequate firewall protections and so leaked the personal details of its customers. As a result, the PDPC fined these firms for failing […]

Economic Substance requirements included in Labuan tax returns

Companies in Labuan will be required to file their corporate tax returns by October 28, 2020 (extended from end of May due to the COVID-19 pandemic). Note: this article has been updated on August 20, 2020 Within the tax forms will be additional declarations that confirm whether or not the company is adhering to Economic […]