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[Premia TNC] Weekly Newsletter 2024 Vol.28

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 | Minimum Wage Odinance

The Minimum Wage Ordinance in Hong Kong, effective since May 1, 2011, aims to balance preventing extremely low wages and avoiding job losses among low-paid workers while supporting economic growth. The Statutory Minimum Wage (SMW) protects lower-income workers, and as of May 1, 2023, the SMW rate is $40 per hour, with a monthly maximum requirement for employers to record total hours worked at $16,300. It is currently under discussion to raise the minimum wage by 4.5% to HK$41.8 per hour. The SMW is calculated per hour, ensuring wages do not fall below the average rate for total hours worked. Key aspects of the ordinance align with the Employment Ordinance for consistency, effective enforcement, and clarity, minimizing the compliance burden on employers.

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🖥️ Singapore | 3 Key Highlights from NVIDIA’s COMPUTEX 2024 Keynote

At COMPUTEX 2024, NVIDIA CEO Jensen Huang unveiled significant AI advancements, highlighting partnerships with major computer brands like ASUS and Gigabyte to develop AI factories and data centers using NVIDIA’s Blackwell systems and Grace CPUs, facilitated by the flexible MGX platform. He introduced NVIDIA NIM (Nvidia Inference Microservice), now accessible to developers for rapid deployment of generative AI applications, with free access for Developer Program members starting next month. NVIDIA also showcased its role in industrial digitization, emphasizing the use of the Omniverse, Isaac, and Metropolis platforms by Taiwanese manufacturers like Foxconn to create digital twins and autonomous robotic operations, with the Isaac platform providing tools for building AI-powered robots using models and supercomputers such as Jetson Orin and Thor.

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💼 Taiwan | Tax Benefits for Reporting Serious Tax Evasion Announced

On July 4, 2024, the Ministry of Finance (MOF) announced that it would terminate tax incentives and recover benefits from taxpayers found guilty of serious violations related to environmental protection, labor, food safety, and sanitation laws. These violators’ names will be published on the MOF website from July 1 to December 31 of the year following the sanction determination. For instance, if a company receives a value-added tax deduction under the Culture and Arts Reward and Promotion Act and is later found in violation, all related tax incentives will be revoked. This action aligns with Article 48 of the Tax Collection Act, which mandates the recovery of benefits and termination of incentives for significant tax evasion cases.

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💰 Vietnam | FDI Attraction Potential: 39–40 Billion USD for 2024

Deputy Minister Tran Quoc Phuong reported that Vietnam’s total registered FDI capital for the first half of 2024 reached nearly $15.2 billion, a 13.1% increase over the same period last year, driven by significant investments in semiconductors, electronics, and energy. For the remainder of 2024, he expects FDI attraction to reach $39–40 billion, buoyed by Vietnam’s strategy of diversifying investment supply, promising economic growth, and stable macroeconomic conditions with a CPI below 4%. Confidence among FDI investors remains high, and GDP growth in the second quarter and first half of the year exceeded expectations, with rates of 6.93% and 6.42%, respectively.

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📜 Malaysia | (AMLA – Issue 4)

The AML/CFT Compliance Programme for company secretaries includes establishing policies, procedures, and controls; defining responsibilities for the board and senior management; setting up compliance management arrangements; implementing employee screening and training programmes; maintaining an independent audit function; and tailoring applications for both small-sized secretarial firms and in-house company secretaries. It is crucial for company secretaries to understand their obligations under the Companies Act 2016 (CA2016) and the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001 (AMLA) to mitigate risks, prevent regulatory gaps, and uphold the profession’s integrity. Participation in certified AML/CFT courses is recommended to enhance their competence and effectiveness in fulfilling these responsibilities.

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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]