[Premia TNC] Weekly Newsletter 2024 Vol.41
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 | Pros and Cons of a Transferable Letter of Credit
A transferable letter of credit (TLC) allows the initial beneficiary to transfer the credit to a secondary beneficiary, offering advantages like risk mitigation, enhanced trust, flexibility, and punctual payments for suppliers. However, TLCs can also introduce complexities, added costs, potential risks of default, and constraints such as transfer authorization requirements. Despite these challenges, TLCs remain valuable in international trade by securing payments and fostering trust among involved parties.
💵 Singapore | 2025 Salary Increase Announced for New Employment Pass Applicants
Starting in 2025, Singapore will raise the minimum qualifying salary for new Employment Pass (EP) applicants from S$5,000 to S$5,600, with a higher threshold of S$6,200 for the financial services sector. Existing EP holders will have until January 2026 to meet the new requirements. This adjustment, announced by Manpower Minister Tan See Leng, aims to ensure fair competition for local professionals by aligning with prevailing wage benchmarks for top-tier local professionals. The Ministry of Manpower clarified that most current EP holders already meet the updated criteria, minimizing the impact on existing employees.
💰 Taiwan | Foreign Commission Income Recognition
When companies earn foreign commission income from agent services, they must recognize the income for tax purposes based on the transaction date, not the payment date. For instance, if Company A in Taiwan arranges a deal for U.S. Company C and goods are shipped on December 1, 2023 (under FOB terms), the commission income is recognized as of the shipping date, even if payment is received later. If the commission involves foreign exchange controls, the date of approval by local authorities should be considered. Timely revenue recognition ensures compliance and avoids tax adjustments.
🧑🔬 Vietnam | Semiconductor Projects Prioritized in Vinh Phuc Province, Vietnam
Vinh Phuc province is capitalizing on its strategic role in Southeast Asia’s supply chain shift by attracting high-tech investors, particularly in semiconductors and electronic manufacturing. The province has streamlined administrative processes, offered incentives, and upgraded infrastructure in high-tech parks. It has also prioritized workforce training and prepared clean land in industrial zones to support investment projects. Major firms like Heasung Vina and Power Logics Vina are expanding production and exports to markets such as the US, EU, and ASEAN, leveraging Vietnam’s global integration. With strong demand for electronic products and partnerships with global tech leaders, Vinh Phuc is positioning its electronics manufacturing sector as a key industrial driver for sustainable growth.
🖥️ Malaysia | E-Invoice Treatment During Malaysia’s Interim Relaxation Period [Issue 2 of 2]
During the interim relaxation period for e-Invoice implementation in Malaysia, the government has introduced several provisions to ease the transition for businesses. These include the option to issue consolidated e-Invoices, simplified self-billed e-Invoices, and the flexibility to add additional details in the “Description of Product or Service” field. Taxpayers are not required to issue individual e-Invoices unless specifically requested, and the Inland Revenue Board of Malaysia (IRBM) will not prosecute non-compliance under Section 120 of the Income Tax Act 1967 during this period. However, compliance with key requirements in the e-Invoice Specific Guideline is still necessary to avoid future issues.
✨ Dubai | UAE’s Vision 2030: Future Prospects and Opportunities
The UAE’s Vision 2030 is driving economic diversification by reducing reliance on oil and fostering growth in sectors like technology, healthcare, tourism, and renewable energy. This initiative promotes smart city development, innovation in AI and IoT, and leadership in clean energy, creating significant opportunities for businesses in sustainable solutions. Additionally, the UAE’s focus on human capital and SME growth, backed by government incentives, positions it as a global hub for innovation, investment, and sustainable economic development.
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🆕 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 Promotion!
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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 Vietnam Webinar
Vietnam Tax Point – Expenses Before and After Establishment
Gather all the necessary details about the implementation of tax point in Vietnam!
Attend our webinar on October 31, 2024, for valuable information, free consultations, and comprehensive materials to gain insights into how expenses differ prior to and after the establishment of tax point in Vietnam. Secure your booking today!
<Vietnam>
Date: Thursday, October 31, 2024, 2:00 PM – 3:00 PM
Target companies: Clients looking for additional information on tax point expenses before and after establishment in Vietnam
Speaker: Presenter: Jenny, Supporter: Sunny
Premia TNC October News
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Premia TNC October Holiday Notice
Hello, October! Wishing you a month filled with cozy moments, crisp autumn days, and endless opportunities to thrive. 🍁
🗞️Writer: Faraaz
🗞️Productor: Julia ⋅ Felice
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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]