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Living in a highly globalized and digitalized world, companies and firms are starting to digitalize their work in order to be more competitive and efficient in the fast-paced business world. One of the crucial features of a firm is to have a clear and transparent accounting record. However, conventional manual accounting systems have been criticized for their low working flexibility
Bookkeeping provides a clear and logical way for businesses to keep a close check over their financial data to ensure everything is in order. Operations need to be adorned with concise and up-to-date financial reviews to stay on track with their business. However, most small and medium-sized companies do not have an in-house accounting department due to the high maintenance
As an owner of a small business, you invest tremendous personal time and effort to develop your business. Your primary focus mainly lies on marketing, making sales and maintaining a better customer relationship. On the other hand, you want to save any cost that can be managed by yourself but often end up doing things in a wrong way, such
Are you considering setting up a company in Hong Kong? Perhaps you have a Hong Kong Company but find it confusing to keep up with the compliance. Has your accountant suddenly reached out to you with a new charge that you are not familiar with? This article is to clarify the basic responsibilities that your Hong Kong Limited Company shall
What is Tax Audit Tax audit is enterprise income tax calculating. To be specific, it generally means the service provided by tax agencies, in which tax accountants conduct audits on enterprises’ matters of finance and tax and after which adjustment of tax declaration will be made. When the tax audit has be finished, the tax agencies will investigate the result.
Fintech has transformed our daily lives in all aspects, from banking, money transfers, lending, capital management, etc. In Hong Kong, developing fintech is strongly supported by the Hong Kong Monetary Authority with programs such as Talent Development looking to create 1000 jobs in fintech, the Fintech Supervisory Sandbox, and the Cross-border Collaboration with the Greater Bay Area. With fintech booming
After incorporating your Hong Kong company, opening a corporate bank accent is vital to starting your business. The international communities have consistently recognized Hong Kong’s inherent strengths in its sound and robust financial system. The city has also implemented a robust set of anti-money laundering control systems, including customer due diligence procedures during the bank account opening process. Common issues
As public awareness of the need to protect personal data increases, on 16 August 2021, Hong Kong has finally moved forward with the commencement of the New Inspection Region.
On 16 August 2021, Hong Kong’s Companies Registry published external circular no.1/2021 regarding the commencement of a new inspection regime of the Companies Register (“New Inspection Regime”) commencing on 23 August 2021. From 23 August 2021, companies may withhold from public inspection the usual residential addresses of directors and full identification numbers (“IDNs”) of directors and company secretaries as contained
2020-2021 marks the end of the status quo for many companies, especially for the micro-, small- and medium-sized enterprises. Despite the economic impact of COVID-19, CW has always relied on the strong relationship with our clients and become their key business advisors, helping them to remain resilient in business. In summary, we have observed the following trends during the past
CW CPA combined forces with their partners Hewlett Rand and InvestHK to host a thought-provoking online event for business leaders across the Greater Bay Area during August. The event considered how HR & Training can support their business transformation and change to bounce back through the Covid-19 pandemic, as employees continue to return to their workplace and employers continue to navigate the ongoing pandemic. Edith
Organisations never stand still. Whether they are downsizing or expanding into new territories, change is now constant. In particular, in these unprecedented times like Covid-19, many of our clients are exploring solutions to enhance organisational performance and productivity, and to strengthen team capabilities. Therefore, CW CPA is partnering with Hewlett Rand to extend HR and Training consultancy support to clients through this period of unparalleled
With the development of international business in China, more and more foreigners come to work in China. While they can take advantage of the enormous market potential, it is strongly advisable to deal with the hiring process involving foreign employers with discretion to avoid possible penalties. Below are some common mistakes that you should avoid at all costs. Invitation letter
The Hong Kong government promulgated the Inland Revenue (Amendment) (Tax Concessions for Certain Shipping-related Activities) Ordinance 2022 (“the Ordinance”) on 22 July 2022, which offers tax incentives to qualifying shipping commercial principals. Under the new concessionary regime, ship agents, ship managers and ship brokers will be entitled to half-rate profits tax concessions (i.e., at 8.25 percent compared to 16.5 percent)
On 1 July 2022, the Stamp Duty Law passed by the Standing Committee of the 13th National People’s Congress at the 29th session on 10 June 2021, took effect, replacing the Interim Regulations of the People’s Republic of China on Stamp Duty (“Interim Regulations”) promulgated by the State Council on 6 August 1988. On 29 June 2022, the Ministry of
On 28 March 2022, the State Council published the Notice on the Establishment of Individual Income Tax (IIT) Special Additional Deduction for Under-three-year-old Infants and Toddlers’ Childcare. The new policy specifies that childcare expenses for children under three years old can be deducted from one’s IIT taxable income at RMB 1,000 per month per child from 1 January 2022 onwards.
On 21 March 2022, in order to support the development of micro and small enterprises, manufacturing and other industries, boost confidence of market players and stimulate the market development, the Ministry of Finance (MOF) and the State Taxation Administration (STA) released Announcement [2022] No. 14, which expands the scope of policies for monthly full refund of incremental VAT credit for
Trademark squatting is a practice rife in China for all the wrong reasons. As China operates a first-to-file, rather than a first-to-use, system, companies are more susceptible to having their trademarks misappropriated. The journey from application to full registration and protection can take up to a year and a half – a loophole often exploited by trademark squatters. Unbeknownst to
The Cyberspace Affairs Commission of China (“CAC”) promulgated the Measures on Security Assessment of Cross-Border Data Transfer (“Measures”) on 7 July 2022, which delineate the security assessment procedures required for cross-border data transfers. The Measures provide clarification on the overall requirement to conduct a security assessment before exporting data out of China as set out in Article 38 of the
Although considered a latecomer to global environmental governance by many, China has been catching up by leaps and bounds, whose staunch commitment to the cause is in full evidence. In his video address to the UN General Assembly in 2021, President Xi Jinping reaffirmed China’s determination in striving to peak carbon dioxide emissions before 2030 and achieve carbon neutrality by
You are ready to venture out for your company’s overseas expansion. Green and inexperienced when it comes to the Chinese market, you are however reluctant to jump in at the deep end. Ease, efficiency and cost-effectiveness are your top-of-mind priority. Partnering up with a local distributor is often designated a safe way to test the waters, but is it what
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