Hong Kong

Hong Kong FinTech Week – Opportunities for Brazilian companies

The Hong Kong FinTech Week is an event focused on providing a platform for participants across the globe to share their innovations, organized by the Hong Kong Monetary Authority and InvestHK.

Thiago Cruz Silveira, Principal Consultant of InvestHK in Brazil, has provided us with exciting comments and numbers concerning the event:

The latest results of HK Fintech Week and over 25 satellite events throughout the week are nothing but impressive.

– No. of attendees (physical + virtual): Over 20,000 from 87 economies (15,000 virtual in 2020)

– No. of views of our various live streaming content: Over 4 million (1.2 million in 2020)

– No. of media coverages: 870 (as of 7 November 2021)

Over 300 speakers, over 400 exhibitors, and over 39 delegations and representatives joined the main conference alone.

In addition, the Global Fast Track Programme, part of HK Fintech Week, proved very successful by recruiting over 400 Fintechs which were actively introduced to over 90 corporations and investors.

The weeklong event featured conferences with prominent speakers, the Global Fast Track program, exhibitions, a deal floor, networking events, demo shows, and more.

This year, the side events started on 1 November 2021, and the main event began on 3 November 2021 and ended on 5 November 2021.

This edition hosted many virtual sessions with online interactions, although the event’s focus was face-to-face activities, on panel discussions across five stages. As with other similar events, returning to the physical format was much anticipated, considering last year’s virtual-only events and webinars.

The Hong Kong FinTech Week is a great event that allows Brazilian FinTechs to connect with world-renowned investors, founders, Asia’s top executives, and other players in the FinTech ecosystem. As a result, you can be among the first to explore the opportunities to scale in China’s Silicon Valley – Greater Bay Area region with over $1.67 trillion GDP. It also offers dozens of FinTech masterclasses and workshops hosted by the world’s most innovative companies and technology providers in the industry.

The pre-registration for the 2022 edition is already available, and you can register for next year’s edition at this link: Pre-Register 2022 | Hong Kong FinTech Week.

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Chinese Chamber of Commerce of Brazil held the 130th Canton Fair promotion event in Brazil

The China Import and Export Fair, also known as the Canton Fair, started in 1957, is held biannually in Guangzhou, China. The event is organized by the China Foreign Trade Center, sponsored by the Ministry of Commerce of the PRC and the People’s Government of Guangdong Province.

It is also China’s leading commercial promotion platform and directly connects domestic and international markets. The Fair is an extensive international trade event, with a wide variety of products, participation of buyers from various countries, and represents a significant turnover for China.

On 21 April 2021, during the Special Latin American Session of the 129th Canton Fair, the Deputy Director and General Secretary of the Fair, as well as the Director of the Center for Foreign Trade signed a cooperation agreement with the Chinese Chamber of Commerce of Brazil (CCCB). Alongside the CCCB, the Industrial and Commercial Foundation of Argentina, Chile Hongzhan Group, and the Colombian Chinese Chamber of Investment and Commerce also joined the agreement.

CCCB President Daniel Manucci attended the event and said the CCCB had witnessed the development of cooperation between Brazilian and Chinese companies. With this, Manucci signed the cooperation agreement with the Center for Foreign Trade and formally joined the “Canton Fair Global Partnership Program”. This partnership established in the previous edition extends until the 130th edition of the Fair.

Since its inception, the Canton Fair has adhered to reform and innovation. Overcoming several challenges and never being interrupted since 2020, Canton Fair has been transferred to the Internet due to the violent global pandemic of COVID-19 and a severely damaged global trade. In 2021, the Fair returned to face-to-face meetings.

With this in mind, the Chinese Chamber of Commerce of Brazil offered support to Brazilian companies wishing to visit and explore the opportunities provided at the Canton Fair on-site, with the help of our local partner, CW Group.

On 18 October 2021, CCCB held a promotional event at the 130th edition of the Canton Fair. This edition marks an important milestone, since it is the first edition of the Fair with a hybrid format, working in a face-to-face and virtual way.

The event was attended by the Consulate General of China in Rio de Janeiro, the China Trade Center Group, INDI MG – Agency for The Promotion of Investment and Foreign Trade, and ABCasa. On behalf of the CCCB, we had our General Manager, Arthur Guimaraes, and the moderation of the event was made by our Project Coordinator, Lara Cordeiro.

This Article is contributed by the Chinese Chamber of Commerce of Brazil.

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HR Summit 2021 CW

CW at 5th HR Summit of German Chamber South China

Human Resources prove to be crucial to companies of all sizes, especially in these challenging times. CW understands the importance of proper human resource management and is honored to be a gold sponsor of the 5th HR Summit of the German Chamber of Commerce in China | South & Southwest.

The Summit invited over 60 human resource professionals and corporate representatives from 30 companies, including CW, allowing them to obtain a better insight into the human resources management field. The attendees had a lively exchange of successful practices and built networks in the industry.

Ms. Louis Tan, Assistant Manager of CW, was the designated speaker for a workshop regarding the latest updates on individual income tax (IIT) in Greater Bay Area, Mainland China. The successful event aroused a great interest among the participants and ended on a satisfactory note.

Written by Therese Feng, German Desk, CW CPA

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Economic Summit and Welcome Dinner

CW sponsored the Economic Summit and Welcome Dinner of AHK Guangzhou

CW was honored to sponsor and attend the Economic Summit and Welcome Dinner arranged by the German Chamber of Commerce | South and Southwest on 30 August 2021.

The event focused on the economic sector, risk management and remote control, cross-border liquidity issues, and other hot topics involved in doing business in South China, aiming to bring practical and valuable information to the corporate members. A Welcome Dinner followed for the new Consul General of the Federal Republic of Germany in Guangzhou, Mr. Jan Rudolph, and the Executive Director of German Chamber of Commerce | South and Southwest, Mr. Martin Klose.

We greatly appreciate this opportunity to connect with and expand our network in the Sino-German business community. 

Written by Therese Feng, German Desk , CW CPA

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The Launch of Our Virtual Colombian Pavilion

Colombia is a country that offers an expansive range of products and brands that prove to be very attractive to Chinese consumers. However, one of the main challenges is how to reach that market competitively. In this sense, e-commerce has become a valuable tool that facilitates direct-to-consumer (B2C) marketing. 

To speed up, facilitate and promote the access of more products and brands to the mainland Chinese and Hong Kong market, MHnCW, together with the Colombian China Chamber of Investment and Commerce and the support of ProColombia, has made the decision to create the first virtual Pavilion of Colombian products in China available for Chinese consumers to purchase directly. The Colombian Pavilion is a unique initiative that will allow Colombian companies to exhibit their products to millions of potential consumers in China.  Sectors involve food, cosmetics, leather products, handicrafts, clothing, and accessories, among many other categories.

MHnCW offers the possibility of accessing a broad portfolio of online channels (cross-border e-commerce platforms) and offline (physical stores in Hong Kong) that will be presented jointly with the image and concept of the Colombia Pavilion. Thus, this project hopes to become a pioneering example for other Latin American countries. 

On 28 July 2021, 7:00 PM Colombia Time  / 29 July 2021 08:00 AM Hong Kong Time, our Colombian Pavilion was officially launched via an online event. We have released the details and requirements to join the Colombian Pavilion.  

Joined with us were:

  • Ambassador of Colombia to China Mr. Luis Diego Monsalve
  • President of the Colombian China Chamber of Investment and Commerce Dr. Carlos Ronderos
  • Director of the Colombian China Chamber of Investment and Commerce Mr. Jaime Suarez
  • Director of ProColombia (China Region) Ms. Natalia Tobon

For more information, don’t hesitate to get in touch with our Colombia Representative David Barriga:

Email: david.barriga@cwhkcpa.com
Instagram: mhncw_es
Whatsapp: + 57 311 5632128

Written by David Barriga, CW CPA

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Tax incentives to attract talents to the GBA

The Chinese Government has linked the largest urban cities to develop the world’s biggest urban area, The Greater Bay Area (GBA). The cooperation between the 11 member cities aims to develop further and improve multiple sectors, including technology and innovation, infrastructures, and transportation networks, ultimately building job opportunities. However, alongside comes many challenges. One is attracting talent. Hence, the question arises, how does the government aim to attract this talent who will be the driving force of this ecosystem? 

In March 2019, The Ministry of Finance and the State Administration of Taxation announced the “Preferential Individual Income Tax Policies in GBA” that will be implemented between 1 January 2019 and 31 December 2023 in the 9 cities.

The incentive would allow workers to balance their tax expenses and parallelly allow employers to benefit by reducing the employment cost via tax rebate. The government brought this tool for Individual Income Tax to leverage foreign profiles from Mainland China and Hong Kong, Macao, and Taiwan, motivating them to consider GBA as an option and retain them.

The subsidies are calculated based on the following items:

– Comprehensive income (wages, salaries, labor compensation, remuneration of independent services, royalty income) and an excess progressive tax rate of 3% to 45% is applicable.

Less than 36,000 yuan

3%

36,000 – 144,000

10%

144,000 – 300,000

20%

300,000 – 420,000

25%

420,000 – 660,000

30%

660,000 – 960,000

35%

Above 960,000

45%

– Operating income, an excess progressive tax rate of 5% to 35% is applicable

Less than 30,000

5%

30,000 – 90,000

10%

90,000 – 300,000

20%

300,000 – 500,000

30%

Above 500,000

35%

– Other income – 20% proportional tax rate is applicable (interest, dividends, bonuses, property lease, property transfer, and incidental income)

– The subsidy is calculated by the following method: Individual Income Tax – Taxable Income in sub-items x 15%.

 

Though the policy aims to promote the whole GBA, local rules differ when assessing the profiles of the talents applying for the subsidy. Each city has different requirements qualifying workers as “Talent in short supply” or “High-end talent”. Therefore, workers need to meet conditions based on each local area in the 9 cities.

Ralph Waldo Emerson said, “Of all debts, men are least willing to pay their taxes”. With now tax incentive in place, motivating workers to consider GBA and attracting talent would be smoother. However, being qualified for the subsidy or dealing with several government institutes in applying for the tax incentive may be difficult. Therefore, it’s highly recommended to consult with a professional tax advisor.  

For more information, feel free to contact Ms. Phenix Zheng:  phenix.zheng@cwhkcpa.com.

Written by Anselm, CW CPA

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E-commerce in Hong Kong, a window for Mexico into China

E-commerce in Hong Kong – a window for Mexico into China

CW was delighted to join the Mexican Chamber of Commerce in Hong Kong (MexCham HK) and the Hong Kong Trade Development Council (HKTDC) on 30 June to share the evolution of e-commerce in Hong Kong, bringing opportunities for Mexican producers to explore the Chinese market through Hong Kong online platforms.

At the event, the president of MexCham HK, Ms. Susana Munoz, welcomed the audience on behalf of the chamber, followed by Miss. Charlotte Man, an economist from HKTD. They shared the latest trends of e-commerce, specifically cross-border e-commerce, that facilitates the interchange of merchandise between Hong Kong and Mainland China. Products such as apparel, fashion, and beauty products are undoubtedly the most popular in the e-commerce industry in Mainland China and Hong Kong.

Luz Deneb Martinez from CW introduced the trending industries on e-commerce in Mainland China and the requirements of the big online platforms for sellers from overseas to access online shops in platforms. She also included the Hong Kong-based platforms, which are more flexible and appropriate for small and medium-sized sellers to set up their shops.

Recently, CW set up a joint venture with Mini Home Media Limited, providing e-commerce consulting and solutions to SME clients and support them with promotion, advertising, and connections in the Greater Bay Area.

Written by Luz Deneb Martinez , CW CPA

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Expanding Your Business in Hong Kong

Doing Business in Hong Kong 

Hong Kong has maintained its position as part of the world’s most competitive economies with its open business environment for local and overseas enterprises. The International Institute for Management Development (IMD) World Competitive Yearbook 2020 ranked Hong Kong 5th out of 63 economies. Highlights of doing business in Hong Kong include:  

Ranked the one of the freest economies around the globe, Hong Kong is an ideal place for businesses ranging from small and medium-sized enterprises to multinational companies to grow internationally. As you may be aware, one of the requirements for setting up a limited company in Hong Kong is having a company secretary.   

How can CW help? 

Our Corporate Secretarial Department offers corporate governance and secretarial services to different types of entities, including multinationals, Hong Kong incorporated companies, and offshore companies. 

1. Business Formation 

Our experts can advise on the type of entity and walk you through the journey of the business establishment so that you can expand your business in Hong Kong at ease and be better prepared for entering the market of Mainland China by using the Mainland and Hong Kong Closer Economic Partnership Arrangement (“CEPA”). 

2. On-going Company Secretarial Services 

As a trusted service provider, we provide efficient and reliable support to businesses in compliance with laws and regulations, including company secretary, designated representative, and registered office services – but it does not end here. Our experts have in-depth knowledge that can be your governance liaison on behalf of your company. Whether you require assistance in preparing prescribed forms or minutes, reviewing corporate documents, or advising on dissolving the company, we are ready to help you.  

3. Bank Account Opening in Hong Kong 

The bank account opening procedure can be complicated. Over the years, we have been working closely with HSBC, Standard Chartered Bank, and Citibank to provide business solutions for different types of entities. Whether you wish to set up online banking or bank account opening, we can assist you in the liaison work.  

4. Human Resources Support 

To boost both productivity and commitment among the employees, you can offload some human resources processes to focus more on strategic management and business expansion.  

Retaining employees is one of the key to grow a successful business. Overseas directors and managerial staff who seek to manage and oversee their business more closely require employment visa permits to work in Hong Kong. Our experts can assist your non-local staff in the application for employment visas to better manage your business in Hong Kong. By outsourcing part of your administrative formalities, your company can have more confidence in complying with the relevant regulations and provisions. Our HR process outsourcing services include:  

  • Talent Mobility Solutions 
  • Payroll Outsourcing 
  • Entry & Mid-level Recruitment  

Why spend time or money managing an in-house HR team if you can hire professionals to manage HR functions more effectively? Start by contacting us now!  

5. Legalization 

Occasionally, a Notary Public may be required to certify the authenticity of a document. Notarization can be a tedious task which imposes some difficulties in completing most of the transactions and fulfilling requirements set by the authorities. With our connections to various law firms, we can assist you in going through the procedures of notarization, legalization, and apostille.  

6. Trademark Registration 

Trademark is a sign to distinguish the goods and services of your company from the others. If other traders use your trademark in Hong Kong, they may be liable for infringement of your trademark. Likewise, if you do not register your trademark, it is difficult to claim that you are the owner. CW can assist in the registration of your trademark in Hong Kong to protect your brand and further increase your competitiveness.  

7. Closing a Hong Kong Limited Company 

CW’s Corporate Secretarial Team has strong and experienced specialists who can advise you on closing down your company through deregistration. Work efficiently and effectively with us as we provide you the care and solutions you need! 

Hong Kong is a perfect spot for investors to consider because it has no interest tax with higher deposit revenues. We work closely with our clients to ensure compliance with the Hong Kong regulations so that their businesses can run smoothly. 

Written by Connie Pak, Company Secretarial Department, CW CPA

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Benelux Chamber

Seminar with Benelux Chamber

On 14 May 2021, CW CPA and the Benelux Chamber of Commerce organized an “Entrepreneurs Cafe” session to help 40 companies and individuals from the Netherlands, Belgium, and Luxemburg navigate the business ecosystem in South China.

Three speakers shared valuable insights on the topics of Corporate Governance, HR & Employment, and Tax & Individual Income Tax which are of utmost importance for business owners and managers of foreign-invested enterprises in China. 

Some questions from the audience which our team of experts offered advice and solutions included:

  • How can we transition from a WOFE to an FIE?
  • What happens with the social insurance and housing funds when an employee is relocated to another city?
  • What happens if an employee leaves his residence offered by the company and something happens on his way home?
  • How to implement systems to control the Chinese managers in an FIE?
 
If you have similar doubts on the above issues, please feel free to contact our China Consultancy Team at cct@cwhkcpa.com

Written by Owen Wang, China Consultancy Team, CW CPA 

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Webinar

Webinar with German Chamber Hong Kong: Empower Your Company’s HR and Payroll Management with AI and Cloud Technologies

On 8 June 2021, CW CPA delivered a webinar, arranged by German Chamber of Commerce, Hong Kong, on how AI and cloud technologies can empower a company’s HR and payroll management by teaming up with Neufast and e5Talent.

During the webinar, Ms. Agnes Wun and Dr. Meng Lyu illustrated how Neufast’s AI-powered recruitment tool could enable cost-efficient, reliable, and engaging hiring processes. Ray To, Senior Manager of CW CPA, together with Lawrence Kwok who represented e5Talent (our business partner), then explained the value of technology solutions in payroll management and how cloud solutions of e5Talent can help to transform HR management digitally.

Written by Therese Feng, German Desk, CW CPA

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