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[Premia TNC] Weekly Newsletter 2024 Vol.29

Premia TNC E-Newsletter

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

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💡Weekly E-Newsletter

📊 Hong Kong | Surveys Conducted by the Census and Statistics Department

The Census and Statistics Department (C&SD) of HKSAR conducts both mandatory and voluntary surveys under the Census and Statistics Ordinance. Selected respondents are legally obligated to complete and return surveys by specified deadlines. For voluntary surveys, participation aids in policy formulation and decision-making, representing civic responsibility. All the collected data is strictly confidential and used solely for statistical purposes. Electronic questionnaire templates are available upon request, with an online system for convenient submission. Surveys include monthly (e.g., Re-export Trade, Retail Sales), quarterly (e.g., Employment, Merchanting), and annual (e.g., Economic Activities, Import and/or Export of Services) assessments for corporations in Hong Kong.

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🏅 Singapore | Singapore Regains Top Position in Global Competitiveness Ranking After Three Years

In 2024, Singapore reclaimed its position as the world’s leader in competitiveness in the IMD World Competitiveness Ranking, having previously been first in 2020 but slipping to fourth in subsequent years. The IMD, based in Switzerland, ranks countries based on 333 criteria across economic performance, government efficiency, business efficiency, and infrastructure. Singapore excelled particularly in business efficiency and technological infrastructure, rising to the top ranks in these categories. Improvements in societal framework and public finance boosted its government efficiency ranking to second, despite economic performance remaining stagnant at third due to high living costs and slower wage growth. Experts highlight Singapore’s robust governance, ease of doing business, and adaptability as key strengths, while cautioning against the negative impacts of high living costs. The analysis, involving responses from over 6,600 executives and detailed statistical data, underscores the importance of maintaining competitive advantages in a dynamic global environment.

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💼 Taiwan | Statute for Industrial Innovation Article 10-2: Four Entities Apply in First Year

On January 19, 2023, the government added Article 10-2 to the Statute for Industrial Innovation to bolster international competitiveness and strengthen the global supply chain. From January 1, 2023, to December 31, 2029, companies engaged in technological innovation and holding key supply chain positions can receive tax incentives ranging from 5% to 25%. For a 25% incentive, companies must spend NTD$6 billion on R&D, with an R&D intensity of 6% and an effective tax rate of 12% in 2023. To qualify for an additional 5% incentive for advanced equipment investment, the equipment expenditure must also meet the NTD$10 billion threshold.

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💰 Vietnam | Korea Claims Top Spot from 146 FDI Partners in Vietnam

In the first six months of the year, Vietnam attracted nearly $15.2 billion in foreign investment, marking a 13.1% increase from the same period in 2023, according to the Foreign Investment Agency. With 146 countries investing, Korea leads with nearly $87.5 billion, followed by Singapore with $80.2 billion. Key investors also include Japan, Taiwan, and Hong Kong. Experts highlight that this FDI surge is focusing on high-tech industries like electronics, semiconductors, AI, and renewable energy. Notably, Vietnam is Samsung’s leading production base, accounting for over 50% of its global mobile phone output, positioning Vietnam as a pivotal hub for high-tech and high-value industries amid its digital transformation and response to global climate change pressures.

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💵 Malaysia | Corporate Tax Rate

Malaysia’s corporate tax structure aims to attract foreign investment and support domestic businesses, particularly SMEs. The standard corporate tax rate is 24%, but SMEs enjoy a reduced rate of 15% on the first RM150,000 of taxable income, 17% on income between RM150,001 and RM600,000, and 24% on amounts above RM600,000. These rates highlight the government’s commitment to SME growth and economic development. Specific industries and business types may also benefit from targeted tax rates or incentives, aligning with Malaysia’s broader economic strategy to foster sectoral expansion and innovation.

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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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We look forward to welcoming you next week with insights into emerging business trends.

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PREMIA TNC LIMITED / KORCHINA TNC CPA LIMITED

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]