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[Premia TNC] Weekly Newsletter 2024 Vol.43

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 | Visitor Guidelines for Small Unmanned Aircraft Order (Cap.448G)

The Small Unmanned Aircraft Order (Cap. 448G) in Hong Kong regulates drone operations based on risk levels, requiring registration, pilot training, labeling, proper equipment, adherence to safety guidelines, and insurance. Drones cannot fly in Restricted Flying Zones (e.g., Victoria Harbour, Hong Kong International Airport) or Prohibition Areas (e.g., near Disneyland). Most drones and pilots must register via eSUA, except A1 operations (drones under 250g with low-risk use). Non-residents can register with travel documents, valid for six months, and should register closer to their planned visit. Compliance with all regulations and local rules is mandatory.

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📝 Singapore | Updating Company Details with IRAS

When a company undergoes changes to its name, registered address, or financial year end, it must update these details with the Accounting and Corporate Regulatory Authority (ACRA) via BizFile+. IRAS automatically receives these updates weekly from ACRA, so no separate notification to IRAS is needed. However, if urgent tax matters arise (e.g., refunds or correspondence) within two weeks of the update, companies can expedite the process by contacting IRAS via myTax Mail with relevant details. IRAS sends all official notices to the registered address on file with ACRA, and any change in financial year end affects tax assessments and Estimated Chargeable Income (ECI) filing, especially if financial periods exceed 12 months.

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🏠 Taiwan | Deductibility of Input Tax on Employee Dormitory Rent from Output Tax

The National Taxation Bureau of Kaohsiung clarified that VAT input tax on employee dormitory rent is deductible if the dormitories are accessible to all employees, regardless of rank, and used for centralized employee management, aligning with business operations. According to the Business Tax Act, input tax on non-business or personal use expenses is non-deductible. While rent that meets these conditions qualifies for deduction, utility payments (e.g., water, electricity) are considered personal use and their input tax cannot be deducted. For example, a two-month rent of NT$20,000 (5% VAT = NT$1,000) is deductible, but NT$100 VAT on NT$2,000 utilities per month is not.

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🖇️ Vietnam | National Traceability Portal Links Over 4,000 Businesses and Localities

The Ministry of Science and Technology launched the National Product and Goods Origin Traceability Portal on October 1, 2024, connecting over 4,000 businesses and several localities to enhance product traceability. Managed by the National Barcode Center, the portal links supply chain participants, government bodies, and international systems, streamlining data sharing, monitoring, and feedback handling. It aims to prevent software and traceability issues, support database management, and provide analytics to inform policy decisions. To ensure efficient operation, the ministry is drafting amendments to the Law on Product and Goods Quality, focusing on integrating IT solutions, including barcodes and traceability, nationwide.

 

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👨‍💼 Malaysia | Responsibilities of Directors [Issue 1 of 2]

In Malaysia, directors play a crucial role in guiding companies towards success while ensuring compliance with legal and ethical standards. Their fiduciary duties require them to prioritize the company’s interests, avoid conflicts of interest, and act with loyalty and trust. Additionally, directors must exercise care, skill, and diligence by making informed decisions and staying updated on the company’s affairs. Compliance with statutory obligations, such as adhering to the Companies Act 2016, maintaining accurate financial records, and ensuring timely tax filings, is essential to avoid penalties. Proper governance and transparency in reporting are vital to safeguarding both the company and the directors from legal risks. Stay tuned for our upcoming newsletter, where we’ll explore these responsibilities further.

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🔬 Dubai | Dubai’s Education Sector: Driving Arab Scientific Innovation

Dubai has emerged as a global hub for education and innovation, driven by visionary leadership and strategic investments in world-class institutions. With international universities, cutting-edge research facilities, and a focus on fields like AI, biotechnology, and sustainability, the city fosters an environment for scientific breakthroughs. Government initiatives, such as the Dubai Future Foundation and innovation hubs, promote collaboration among academia, industry, and government, while visa programs attract global talent. As Dubai nurtures the next generation of scientists and innovators, it aims to revive the Arab world’s legacy of discovery, positioning itself as a leader in global education and research.

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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 Promotion!

🌟 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 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

→ Webinar participation application link

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. 🍁

Check Our Complete Schedule for October

🗞️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]