[Premia TNC] Weekly Newsletter 2024 Vol.44
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 | Stamping Procedure of Share Transfer
A share transfer in a Hong Kong limited company involves transferring shares between shareholders, subject to restrictions outlined in the company’s Articles of Association. Key documents include Bought and Sold Notes (Contract Notes), an Instrument of Transfer, an Application Letter to the IRD, and, if applicable, audited financials or a business commencement letter. Stamp duty must be paid within 2 days (local transactions) or 30 days (if overseas); voluntary transfers require stamping within 7 days or 30 days if executed abroad. Late stamping incurs penalties: 2x the duty if delayed up to 1 month, 4x if within 2 months, and 10x for longer delays.
💸 Singapore | Global Anti-Base Erosion Rules and Domestic Top-up Tax
The OECD/G20’s BEPS 2.0 reform aims to ensure multinational enterprises (MNEs) pay fair taxes through two pillars, with Pillar Two introducing the Global Anti-Base Erosion (GloBE) rules. These rules mandate a minimum 15% tax via the Income Inclusion Rule (IIR) and Undertaxed Profits Rule (UTPR). Singapore will implement the IIR and a domestic top-up tax from 1 January 2025, targeting MNEs with annual revenues of €750 million or more. The UTPR may follow later, ensuring compliance across jurisdictions.
🖥️ Taiwan | Interest Calculation on Rental Deposits and VAT Invoicing
The Taipei National Taxation Bureau requires businesses collecting deposits for property rentals to calculate interest using the annual interest rate of one-year postal savings as of January 1st and issue uniform invoices for VAT reporting. Interest can be calculated monthly or annually if minimal. For example, a NTD1.8 million deposit at 1.6% interest yields NTD2,400 monthly, with NTD2,286 as sales and NTD114 as tax. Annual interest of NTD28,800 would reflect NTD27,429 in sales and NTD1,371 in tax for January. Businesses are encouraged to report missed taxes voluntarily to avoid penalties.
🦾 Vietnam | Da Nang Seeks South Korean Investment in IT
Da Nang has fostered ties with five Korean localities, which are Changwon, Daegu, Hwaseong, Seoul, and Jeju, through tourism, cultural exchange, green transport, and labor export cooperation. With 279 Korean investment projects worth $382 million, Korea ranks 5th among 45 investors in the city. Leveraging its strategic location and modern IT infrastructure, including a high-tech park and advanced data systems, Da Nang aims to attract investment in semiconductors, microchips, and AI. Supported by government incentives and a skilled workforce, the city is actively seeking partnerships with training institutions and tech companies to boost high-tech development.
👨💼 Malaysia | Responsibilities of Directors [Issue 2 of 2]
Directors in Malaysia play a pivotal role in upholding corporate governance and ethical standards, ensuring their companies operate with integrity and accountability. They must lead by example, foster a culture of ethical behavior, and implement sound governance structures, including effective internal controls and risk management. Non-compliance with these responsibilities exposes directors to significant liabilities under the Companies Act 2016, with potential civil and criminal penalties, such as fines or imprisonment, for breaches like fraudulent trading or fiduciary misconduct. Diligent leadership not only drives long-term success but also safeguards directors from legal risks, ensuring personal and corporate integrity.
🌐 Dubai | UAE Startup Ecosystem: Growth and Government Support
The UAE is becoming a global startup hub, with over 1,500 ventures launched in 2023 across sectors like technology and e-commerce. In 2024, venture capital investment exceeded $1 billion, attracting global interest. Government initiatives, including free zones with 100% foreign ownership, funding programs like the Mohammed Bin Rashid Innovation Fund, and streamlined licensing, foster this growth. Success stories like Swvl and YAP showcase the thriving ecosystem. With continued government support and innovation, the UAE’s startup landscape is set for further expansion, promising new opportunities for entrepreneurs.
🎖️ Market-Leading Companies to Watch
🔬 Korea | Heuron Showcases AI Medical Solutions at 2024 SWITCH Singapore
Heuron, a leading medical AI company specializing in brain diseases, participated in the 2024 Singapore Week of Innovation & Technology (SWITCH) from October 28 to 30 at Marina Bay Sands. As part of the K-STARTUP pavilion, Heuron presented its innovative solutions, including the StroCare Suite™ for rapid stroke screening using non-contrast CT and the AgingCare Suite™ for early detection of Alzheimer’s and Parkinson’s diseases. Heuron’s participation in the K-Startup Demo Day ahead of the event also gained significant investor interest.
The StroCare Suite™ reduces stroke treatment initiation time by 40%, optimizing emergency care through automated screening and real-time alerts. In the degenerative brain disease domain, the AgingCare Suite™ offers precise analysis tools, including Heuron AD and Heuron IPD, developed in collaboration with Singapore’s National University Hospital and Singapore General Hospital. With expanding global partnerships across Singapore, Taiwan, and Thailand and five U.S. FDA approvals, CEO Shin Dong-hoon emphasized Heuron’s commitment to advancing AI-driven healthcare in Asia and beyond.
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 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!
🌟 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 Singapore Webinar
Hiring and Payroll Compliance in Singapore: Key Requirements for Employers
Gather all the crucial information regarding the key requirements for hiring and payroll compliance in Singapore!
Attend our webinar on November 27, 2024, for valuable information, free consultations, and comprehensive materials to gain insights into the key requirements set for employers to remain compliant. Secure your booking today!
<Singapore>
Date: Wednesday, November 27, 2024, 2:30 PM
Target companies: Employers looking for additional information on hiring and payroll compliance with key requirements presented.
Presenter: Eric
Premia TNC October 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 November Holiday Notice
Hello, November! Wishing you a month filled with cozy moments, crisp autumn days, and endless opportunities to thrive. 🍁
🗞️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]
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.
