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[Premia TNC] Weekly Newsletter 2024 Vol.27

Premia TNC E-Newsletter

Establishing international corporations and managing tax accounting information.
Tackling worldwide challenges and embracing global trends simultaneously!

 👀 Premium News - Quick Overview in 3 Minutes

💡Weekly E-Newsletter

📈 Hong Kong | Stock Market Shutdowns During Typhoons to End in September

Starting September 23, Hong Kong will allow trading on its financial market during extreme weather, including when a black rainfall warning and a typhoon signal of eight or higher are in effect, aligning with other major financial centers like Shenzhen and Shanghai. Chief Executive John Lee announced this change, emphasizing the need to adhere to international norms to bolster HKEx’s competitiveness and Hong Kong’s status as a major commercial hub. Citing a public consultation, Lee noted that over 90% of banks and brokerages support this move. Authorities will provide assistance to small brokerages to facilitate the transition.

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📊 Singapore | Singapore Maintains Growth Forecast Amid Resilient External Demand

Singapore has maintained its 2024 growth forecast at 1 to 3 percent, citing robust external demand. Q1 GDP growth stood at 2.7 percent, matching preliminary estimates and exceeding private-sector forecasts. The services sector led with a 3.9 percent increase, while manufacturing contracted by 1.8 percent. Construction grew by 4.1 percent. Despite a strong start, Q2 growth may slow to 1.5 percent due to tight financial conditions and global uncertainties. However, sectors like electronics, aviation, tourism, retail, and finance are expected to recover and contribute to growth later in the year.

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📑 Taiwan | Criteria for Special Export Entertainment Fee: Export Facts and Foreign Currency Remittance

To encourage export sales, companies are eligible for a special entertainment expense deduction limited to 2% of their export sales, provided they meet two criteria: having documented export transactions and receiving remittances in foreign currency. For example, Company A reported export sales of NTD 7.39 million to customs in 2022 and claimed NTD 147,800 in special entertainment expenses, which is 2% of their export sales. However, the claim was disallowed upon audit because, despite having documented exports, all transactions were denominated and received in NTD, failing the foreign currency remittance.

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💰 Vietnam | Over $15 Billion Invested in Vietnam for the First Half of 2024

In the first half of the year, Vietnam attracted nearly 15.2 billion USD in foreign investment, a 13.1% increase from the same period in 2023. The Foreign Investment Agency reported 1,538 new projects with a total capital of 9.54 billion USD, reflecting significant growth in project numbers and capital. Despite a decrease in the number of projects adjusting investment capital, the additional registered capital rose by 35% to over 3.95 billion USD. However, capital contribution and share purchase transactions by foreign investors dropped by 10.9% and 57.7% in value, respectively. Disbursed capital reached 10.84 billion USD, an 8.2% increase. The processing and manufacturing industry received the largest share of investment at 10.69 billion USD, followed by the real estate sector with 2.47 billion USD. Singapore was the top investor, contributing 5.58 billion USD, while Japan followed with 1.73 billion USD. Investment was spread across 48 provinces, with Bac Ninh, Ba Ria, Vung Tau, and Quang Ninh leading due to their strong infrastructure and proactive reforms.

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📜 Malaysia | (AMLA – Issue 3)

Under the SSM’s regulatory framework, in-house company secretaries are exempt from certain guidelines (Paragraphs 9.1 to 9.7) but must adopt the policy document as their procedures and comply with AML/CFT Compliance Programme requirements specified by BNM or SSM. They are responsible for the duties of the Compliance Officer and must implement policies, procedures, and controls to manage ML/TF risks, monitor their implementation, take enhanced measures for higher risks specified by BNM or SSM, and conduct independent control testing. Stay tuned for our upcoming newsletter for more on these guidelines.

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 Malaysia | Important Update: Electronic Beneficial Ownership System (e-Bos) Platform and Beneficial Owner Registration

[9:20 AM] Faraaz Anil Akram Khan
Important Update: Electronic Beneficial Ownership System (e-Bos) Platform and Beneficial Owner Registration

To all valuable clients, we deeply value your trust and partnership with Premia TNC (Malaysia) Sdn Bhd. Effective April 1, 2024, the Companies Commission of Malaysia (SSM) mandates that all beneficial owners must update their information through the e-Bos platform to enhance business ownership data accuracy and compliance. Please inform the company secretary of any updates or changes related to shareholders or beneficial owners within 14 days to avoid penalties. Premia will manage and submit the initial Beneficial Owner updates to e-Bos free of charge, with fees for subsequent updates. We appreciate your cooperation and remain dedicated to providing exceptional service and support.

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Discover Our Newest Service!

🆕 Singapore | A Glance At Singapore Variable Capital Company Structure

Premia TNC proudly unveils its exclusive service for the establishment of Singapore Variable Capital Companies (VCC), an efficient umbrella structure meticulously designed for investment funds. Discover limitless expansion possibilities and unrestricted flexibility within this sophisticated framework, offering scalability, tax efficiency, and operational flexibility. Experience a professional suite of services tailored to guide you through the complexities, ensuring strategic leveraging of VCC advantages.

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🆕 Vietnam | Enhance Your Business with Vietnam Compliance Consultancy

Discover unparalleled Vietnam Compliance Consultancy Services from Premia TNC. Navigate regulatory landscapes seamlessly, ensuring your business thrives in Vietnam’s dynamic market. Contact us for expert guidance on sustainable success.

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Exclusive Markdowns!

🌟 Premia TNC Hong Kong x Cathay | Unlock Rewards that Take you Places When you Partner with Premia TNC to Earn Over 10,000 Asia Miles!

Embark on a rewarding journey for your business with PREMIA TNC x Cathay. Seize the opportunity to earn over 10,000 Asia Miles by joining our services. From enticing welcome offers to lucrative referral bonuses, every order placed successfully brings you closer to a world of unparalleled benefits. Grow your business and reap the rewards by elevating your success with PREMIA TNC!

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🌟 Premia TNC Hong Kong x Mastercard | Tailored Excellence and $500 Off! Elevate your Business with Premia TNC Hong Kong for This Exclusive Deal.

Get personalized corporate services at Premia TNC Hong Kong, designed for your unique needs. Our dedicated consultants handle tasks, letting you concentrate on growth. Enjoy a USD$500 discount using your Business Mastercard, unlocking 30% off premium accounting and tax filing services in Hong Kong.

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🌟 Premia TNC Taiwan x Mastercard | Propel your Business and Get $500 Off on us for the Personalized Success that Awaits you with Premia TNC Taiwan.

Experience personalized corporate services at Premia TNC Taiwan, tailored for your unique needs. Let our dedicated consultants manage tasks, freeing you to focus on growth. Take advantage of a USD$500 discount with your Business Mastercard, unlocking a 30% discount on premium accounting and tax filing services in Taiwan.

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🌟 Premia TNC Singapore x Vietnam | Masterplan your Expansion with Exclusive Markdowns for your Singapore Holding Company and Vietnam Subsidiary Ventures.

Unlock tax advantages in SG (territorial tax, 17% corporate tax) and VN (20%, DTAs, 0–17% incentives, loss carry-forward). Flourish in business-friendly environments with no withholding tax on dividends. Elevate your expansion strategy today, complemented by a limited-time discount with us.

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🌟 Premia TNC Singapore | Strike Off Your Company in Singapore With Significant Savings For Your Next Fresh Start

Striking off your company in Singapore can lead to substantial cost savings by eliminating ongoing operational expenses and compliance costs. This process simplifies administration by reducing corporate governance complexity, providing a definitive end that allows owners to move on, and mitigating the risks associated with maintaining a dormant company. Additionally, it improves cash flow, offers potential tax advantages, enhances operational efficiency, and avoids penalties, ensuring a streamlined and cost-effective business solution.

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🌟 Premia TNC Singapore | Streamlining Company Closure Through Hassle-Free Striking Off

Engaging Premia TNC for the striking-off process in Singapore offers significant benefits, ensuring a smooth and efficient experience. Their comprehensive service includes a thorough compliance review, the preparation of necessary documentation, and direct liaison with regulatory authorities, thereby eliminating the hassle for business owners. By handling tax waiver applications and resolving potential objections, Premia TNC helps avoid legal complications and saves valuable time. Their expertise ensures compliance with all legal requirements, providing a cost-effective solution for companies looking to dissolve their business operations without the stress and complexities of navigating the process alone.

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🌟 Premia TNC Singapore | Unlock Efficiency with Premia TNC: Industry-Leading Accounting and Bookkeeping Services in Singapore

Discover the key to streamlined financial management with Premia TNC’s comprehensive bookkeeping services in Singapore. From freeing up valuable time to ensuring regulatory compliance, our experienced team is committed to optimizing your business’s financial operations. Say goodbye to accounting headaches and welcome efficiency with Premia TNC.

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⭐ Premia TNC Singapore x Oasia Hotel Downtown | Enjoy Exclusive Corporate Rates at Oasia Hotel Downtown, Singapore!

Kick back and relax with our special corporate rates at the Oasia Hotel Downtown, Singapore, exclusively extended to all clients of Premia TNC Singapore Pte. Limited. Elevate your stay to a realm of refined luxury.

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⭐ Premia TNC Singapore x The Clan Hotel | Exquisite Corporate Privileges Await at The Clan Hotel, Singapore!

Indulge in the epitome of luxury with our premium corporate rates at The Clan Hotel, Singapore, exclusively curated for esteemed clients of Premia TNC Singapore Pte. Limited. Elevate your corporate stay to unparalleled sophistication.

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Premia TNC Hong Kong Webinar

Hong Kong Company Formation and Maintenance

Gather all the necessary details about the formation process and the maintenance required for companies in Hong Kong!
Attend our webinar on July 31, 2024, for valuable information, free consultations, and comprehensive materials to gain insights into company formation and maintenance in Hong Kong. Secure your booking today!

<Hong Kong>

Date: Wednesday, July 31, 2024,  4:00 PM – 5:00 PM

Target companies: Clients looking for additional information on company formation and maintenance in Hong Kong
Speaker: Consultant – Irene

→ Webinar participation application link

Premia TNC July News

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Premia TNC July Holiday Notice

Welcome July with open arms! May your days be bright and filled with joyous moments and fresh beginnings. 🌻

Check Our Complete Schedule for July

🗞️Writer: Faraaz
🗞️Productor: Julia ⋅ Felice

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Founded in 2003, Premia TNC operates in Hong Kong, Singapore, Vietnam, Taiwan, Malaysia, Korea, and Dubai.
We provide consulting and accounting services, including corporate establishment, management, accounting, tax advice, and auditing.
Unit 706, 7/F, Tower 2, South Seas Centre, 75 Mody Rd, Tsim Sha Tsui, Hong Kong

TEL (+852) 6484 3419
[email protected]