You need to know

Second Employment Support Scheme for Wage Subsidies

2020-05-25

The Government has launched the Employment Support Scheme (ESS) since February 2020. Following from the first round of the “Anti-epidemic Fund”. ESS is providing a time-limited financial support on wage subsidies to employers to retain employees to avoid redundant. Wage Subsidies and Calculation In most cases, the Government will provide wage subsidies to eligible employers for 6 months. As a rule,  …

First tranche of wage subsidy will receive Application from 25th May

2020-05-13

The Government announced earlier the launch of the Employment Support Scheme (ESS). Planned to spend $81 billion to provide time-limited financial support to employers with wage subsidy to retain their employees. Hence maintaining the strength for Hong Kong. The Chief Executive, Mrs. Carrie Lam, announced on 12th May the first tranche of the ESS will receive application from 25th May. After …

Hong Kong Limited Company Maintain and Upkeep

Without a doubt, maintain and upkeep for a Limited Company in Hong Kong is as critical as the initial setting up. Basically,  any Hong Kong Limited Company has to liaison with two government departments at least ones per year. Firstly the Hong Kong Limited Company must liaise with the Company Registry Department We need to update company structure, even there was …

Deregistration and Restoration Q & A

1/ Can any company registered in Hong Kong apply for deregistration under the new Company Ordinance (Cap.622) (“the new CO”) at the Company Registry? No. Only if it is a private company and a company limited by guarantee may apply for deregistration under Division 2 of Part 15 of the new CO.   2/ Are there any changes in the …

Options of closing business in Hong Kong- Winding-Up or Deregistration

The overall process of closing a business in Hong Kong usually takes some months before complete. The costs of the process depend on the options of closing of the business: Winding-Up or Deregistration. So it is better to think carefully about it and consider accordingly. Even though both the processes lead to the closing of the business and the dissolution of the …

Business Registration Fees for Year 2020-2021

The Hong Kong Financial Secretary proposed in his 2020-2021 budget to waive business registration fees for one year.   Starting from 1st April 2020. By the proposal, the fees payable in respect of business registration certificates and branch registration certificates. That commence on or after  1st April 2020 but before 1st April 2021. As a result, the sum of $2,000 and $73 are …

HK$137.5 billion financial relief package overview for businesses

2020-05-07

The Legislative Council Finance Committee approved on 18 April 2020 a financial relief package of $137.5 billion. The Anti-epidemic Fund therefore rolled out the second round of measures for business as follows: Firstly, Job retention, Job creation and Job advancement Government to pay 1.5 million workers 50% of their wages, capped at HK$9,000 a month for 6 months. First disbursement will …

D-Biz Programme for Service Providers Enrolment

2020-05-07

On 2nd of May morning,  the Innovation and Technology Commission (ITC) held a Webinar. ITC announced the application details for IT Service Providers Reference List for the Distance Business (D-Biz) Programme for enrolment.   Overview and Objectives of D-Biz Programme Remote working or service has become a new trend against the backdrop of the epidemic. Under the Anti-Epidemic Fund, ITC has …

Hong Kong Limited Company Deregistration Process

Points to Keep in Mind Even though it might seem like something sensible to do, unless it is completely necessary. Otherwise, we have to think deep before the final decision. Before we want to move ahead and de-register the company in Hong Kong. There are other points we have to consider:  It is the obligation for the business to file …

Holding Annual General Meeting during COVID-19

2020-05-01

What do you need to be aware of  when Holding Annual General Meeting during COVID-19. Annual General Meeting (AGM) provides one of the few opportunities shareholders have to question the board, engage directly with management, and hear the views of other shareholders. With the outbreak of the COVID-19 is causing companies to well plan ahead with their arrangements for 2020 AGMs …