[Premia TNC] Weekly Newsletter 2024 Vol.45
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 | 2024 Policy Address by the Chief Executive on the International Shipping Centre
Hong Kong, ranked fourth on the International Shipping Center Development Index, is a key global port known for efficiency, with an average container vessel stay of just 0.95 days. To further its maritime sector, the Hong Kong SAR Government promotes high-value marine services by offering tax exemptions for ship leasing and reduced tax rates for marine insurance, ship management, and brokerage. Plans include enhancing tax incentives, attracting marine insurance firms, and expanding the Maritime and Aviation Training Fund to support talent in marine insurance and green energy, underscoring Hong Kong’s commitment to becoming a global maritime hub.
📈 Singapore | Singapore’s Economy Expands by 4.1% in Q3 2024
Singapore’s economy grew by 4.1% year-on-year in Q3 2024, up from 2.9% in Q2, and expanded by 2.1% quarter-on-quarter, as per MTI estimates. The manufacturing sector led the rebound with 7.5% annual growth, boosted by all clusters except biomedical manufacturing. Construction grew by 3.1% year-on-year, mainly due to public sector projects, but remained flat quarter-on-quarter. Services, including wholesale, retail, transportation, and storage, saw a 3.5% annual growth, while the information, finance, and professional services sectors collectively grew by 4.3%, led by IT and banking. The accommodation, food, and real estate sectors gained 1% annually, driven by recovering tourism. Final GDP data will be released in the Economic Survey of Singapore next month.
💳 Taiwan | Eligibility of Dual Nationals (Including Foreigners with Taiwan Nationality) for the Gold Card
Foreign nationals with dual Taiwan citizenship may face Gold Card application rejections if they have a household registration in Taiwan and currently reside there, or if they entered Taiwan using an R.O.C. passport. For males of conscription age who have not completed military service, applications may also be denied if they lack an Overseas Compatriot Identity Certificate or Endorsement on their R.O.C. passport, have lived in Taiwan for a year or more as overseas draftees, or are under conscription-related travel restrictions.
💰 Vietnam | Vietnam and Singapore Strengthen Financial Sector Cooperation
On August 5, Vietnam’s Minister of Finance, Ho Duc Phoc, met with Singapore’s Second Minister of Finance, Chee Hong Tat, to discuss cooperation opportunities between the two ministries, focusing on finance, customs, tax modernization, and risk management. Minister Phoc highlighted Vietnam’s interest in Singapore’s expertise on modernizing tax and customs systems and proposed collaboration in training and capacity-building for securities management. Chee Hong Tat expressed support for these proposals, emphasizing Singapore’s commitment to sharing best practices and enhancing bilateral cooperation in areas such as energy and financial services, while also noting Vietnam’s potential to attract foreign investment through infrastructure development and improved connectivity.
💸 Malaysia | EPF’s New Account Structure: A Step Towards Financial Flexibility and Security [Issue 1 of 2]
Effective May 11, 2024, the Employees Provident Fund (EPF) is restructuring members’ accounts for those under 55 to better support varying financial needs. The new setup includes Akaun Persaraan (75%) for long-term retirement savings, Akaun Sejahtera (15%) for medium-term pre-retirement needs (such as housing, education, and health), and Akaun Fleksibel (10%) for short-term, emergency withdrawals. Existing accounts will be automatically adjusted to this structure, providing members greater flexibility at different stages of their financial journey. Stay tuned for more information on the balance transfer to Akaun Fleksibel.
✈️ Dubai | UAE’s Tourism and Hospitality Sector: Recovery and Future Outlook
The UAE’s tourism and hospitality sector is seeing strong growth, with hotel revenues reaching AED 24.6 billion in H1 2024, a 7% increase from 2023, and Dubai alone welcoming 10.62 million visitors, up by 8%. The UAE Tourism Strategy 2031 aims to boost tourism’s GDP contribution to AED 450 billion with initiatives such as Dubai’s plan for a 45-mile high-tech beach project featuring biodomes and mangrove reefs, supporting eco-tourism and biodiversity. With sustainability at its core, including the Dubai Sustainable Tourism Stamp, the sector is projected to contribute AED 64.2 billion to the 2024 GDP and generate around 833,000 jobs, positioning the UAE as a leading, eco-conscious global destination.
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.
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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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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 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
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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
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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]
