[Premia TNC] Weekly Newsletter 2024 Vol.35
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 | 2024 Tax Concessions for Intellectual Property Income Ordinance Gazetted
The Inland Revenue (Amendment) (Tax Concessions for Intellectual Property Income) Ordinance 2024 introduces a “patent box” tax incentive in Hong Kong, offering a reduced tax rate of 5% on qualifying profits from eligible intellectual properties (IPs) like patents, copyrighted software, and new plant varieties developed through research and development (R&D) activities. This tax break applies to IPs registered globally, with a notable concession compared to the standard 16.5% tax rate. To qualify, the IPs must be developed by the taxpayer, with potential reductions in concessionary profits if part of the R&D is outsourced. Additionally, local registration of IPs will be required two years after the incentive’s implementation. The government is also enhancing IP protection and promoting Hong Kong as an IP trade hub, with upcoming consultations to address copyright issues arising from AI advancements.
📑 Singapore | IRAS – Record Keeping Requirements
According to IRAS, companies must maintain accurate financial records, including source documents, accounting records, schedules, and bank statements, for a minimum of 5 years from the year of assessment. Effective record-keeping supports informed business decisions, financial health monitoring, and efficient tax filing. Companies should use the accounting software listed on IRAS’ Accounting Software Register Plus (ASR+) and refer to IRAS’ Record-Keeping Checklist and Self-Assessment Toolkit for compliance. For struck-off companies, the last officer is responsible for record retention, and in liquidation cases, the liquidator must ensure records are kept. Non-compliance can result in penalties up to $5,000, revenue estimation, disallowed claims, and potential imprisonment.
🏭 Taiwan | Eligible Industries for Taiwan’s Employment Gold Card
To apply for the Taiwan Employment Gold Card, you must select the most relevant ministry based on your industry and, in many cases, choose a specific qualification under that ministry. The eligible industries include Science & Technology (National Science and Technology Council), Economy (Ministry of Economic Affairs), Education (Ministry of Education), Culture & Arts (Ministry of Culture), Sport (Ministry of Education), Finance (Financial Supervisory Commission), Law (Ministry of Justice), Architecture (The Construction and Planning Agency, Ministry of the Interior), National Defense (Ministry of National Defense), and Digital (Ministry of Digital Affairs). Special cases may be recognized through consultation with the National Development Council (NDC). → Read More🇻🇳 Vietnam | Top 8 Foreign Direct Investment Destinations in Vietnam (January – July)
In July, Bac Ninh province attracted US$3.2 billion in foreign direct investment (FDI), representing 17.8% of Vietnam’s total FDI. Over seven months, it drew 244 new projects with US$1.102 billion in capital, predominantly from China, Hong Kong, and Singapore. Bac Ninh now hosts 2,347 projects with a total capital of US$26.673 billion. Quang Ninh followed with US$1.56 billion, Ho Chi Minh City ranked third with nearly US$1.55 billion, and Ba Ria-Vung Tau ranked fourth with US$1.54 billion. Hanoi saw a 65% increase, receiving US$1.38 billion. Hai Phong, Binh Duong, and Dong Nai also saw significant FDI. Total FDI, including new and adjusted capital, reached over US$18 billion by July 20, 2024, with disbursed investment exceeding US$12.5 billion. Singapore led with US$6.52 billion in investments.
✉️ Malaysia | What is CP204 Form? [Issue 2 of 2]
Companies can amend their estimated tax payable by submitting Form CP204A in the 6th or 9th month of the assessment year, and starting from the 2024 assessment year, also in the 11th month. Penalties include a 10% late payment fee on unpaid monthly installments, a 10% penalty if the revised or original estimate deviates by more than 30% from the actual tax payable, and a 10% penalty on any unpaid balance after the due date. Timely and accurate filing of Form CP204A is crucial to meet tax obligations and avoid these penalties, underscoring the importance of compliance for the nation’s fiscal health.
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.
🆕 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.
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!
🌟 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.
🌟 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.
🌟 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.
🌟 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.
🌟 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.
🌟 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.
⭐ 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.
⭐ 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.
Premia TNC Malaysia Webinar
Malaysia Implementation of E-Invoice
Gather all the necessary details about the implementation of for companies in Malaysia!
Attend our webinar on September 26, 2024, for valuable information, free consultations, and comprehensive materials to gain insights into how an e-invoice is implemented in Malaysia. Secure your booking today!
<Malaysia>
Date: Thursday, September 26, 2024, 2:00 PM – 3:00 PM
Target companies: Clients looking for additional information on e-invoice implementation in Malaysia
Speaker: Consultant – Hani
Premia TNC September News
Stay Ahead with Our Latest Updates!
Get curated content delivered straight to your inbox, tailored to your interests and preferences. Subscribe to our newsletter today and never miss a beat in your industry.
Premia TNC September Holiday Notice
Here’s to September! Wishing you a month full of fresh starts, happiness, and boundless adventures. 🍂
🗞️Writer: Faraaz
🗞️Productor: Julia ⋅ Felice
How was the e-newsletter this week?
Feel free to share your thoughts!
Good 😃 l Not So Good 😕
We look forward to welcoming you next week with insights into emerging business trends.
Kindly consider introducing Premia TNC to your network.
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]
