[Premia TNC] Weekly Newsletter 2024 Vol.47
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 | Adjustment to Tax Reserve Certificate Interest Rate
Starting November 4, 2024, the annual interest rate on Tax Reserve Certificates will be 0.7167%, down from 0.8000%, equating to $0.0597 per month per $100. Interest is calculated monthly and credited only when certificates are used to pay tax. The rate is reviewed monthly based on the average interest rate for 12-month deposits of $100,000 to $499,999 from the three note-issuing banks. Certificates purchased before November 4, 2024, will earn interest at the rates prevailing on their purchase dates. Interest rates for past periods varied, with the latest rate being 0.8000% from October 7, 2024, to November 4, 2024. Interest accrues for up to 36 months.
🤝 Singapore | Singapore and South Korea to Form Strategic Partnership by 2025
Singapore and South Korea will elevate their relationship to a strategic partnership by 2025, enhancing cooperation in the digital economy, defense, and trade. This upgrade, announced during President Yoon Suk Yeol’s visit, coincides with the 50th anniversary of diplomatic relations. Key initiatives include an upgraded Free Trade Agreement, an expanded Air Services Agreement, and collaborations in various sectors. They also signed an extradition treaty and several MOUs on supply chain cooperation, LNG procurement, and technology exchange.
💸 Taiwan | Issuing Zero-Tax Invoices to Diplomats
For embassy officials in Taiwan with diplomatic privileges, the Ministry of Foreign Affairs issues business tax exemption cards based on reciprocity agreements. When businesses sell to these individuals or their institutions, they must issue a zero-tax rate GUI, deducting the business tax from the total price. For instance, if goods are priced at NTD1,050, the business tax of NTD50 is subtracted, making the sales amount NTD1,000. The invoice should note the zero-tax rate, the buyer’s name, and the tax exemption card number.
🚢 Vietnam | Food Additives in Products Exported to Singapore
The Singapore Food Authority (SFA) has found the banned substance Sibutramine in three coffee products: KetoDiet Coffee from Malaysia, ChoCo Premix Coffee, and V-SHOU Premium Coffee. Sibutramine, banned in Singapore since 2010 due to severe health risks, can only be used under a doctor’s prescription. The SFA advises against purchasing these products and warns that distributing unsafe food is illegal under the Singapore Food Business Act, with penalties including fines and imprisonment. The Vietnam Trade Office in Singapore emphasizes the importance of adhering to local food safety regulations for Vietnamese exporters. In June 2024, Vietnam-Singapore trade reached over 2.49 billion SGD, with significant growth in exports from Vietnam. Re-exported goods via Singapore to Vietnam dominate the trade, while Vietnam maintains a trade surplus with goods originating from Singapore.
📄 Malaysia | Understanding Audited Financial Statements [Issue 1 of 2]
In Malaysia, companies must prepare audited financial statements within 18 months of incorporation and then within 6 months after each financial year. These statements must be circulated to relevant parties within 6 months of the financial year-end and lodged with the Registrar within 30 days of circulation to ensure compliance and avoid penalties. Stay tuned for more.
✨ Dubai | UAE Entrepreneurs Among the World’s Most Optimistic for Business Growth
A recent HSBC survey reveals that 98% of UAE entrepreneurs are optimistic about their business growth prospects, despite geopolitical and economic challenges, with 95% expecting increased personal wealth. UAE entrepreneurs also lead globally in confidence regarding government support, with 86% praising the country’s regulations and tax policies. Richard Van Der Meer of HSBC highlights the UAE’s pro-business environment, which attracts global leaders and fosters a thriving entrepreneurial ecosystem. Notably, 65% of UAE business owners are highly mobile, often residing in multiple locations, with Saudi Arabia, the UK, and the US as top relocation choices. The tech sector is particularly booming, supported by HSBC’s innovative digital solutions.
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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.
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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
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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]
