[Premia TNC] Weekly Newsletter 2024 Vol.51
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 | Addressing Labor Shortages in Hong Kong
As Hong Kong recovers post-pandemic, businesses face significant labor shortages and challenges in retaining skilled talent, particularly in tech, finance, and healthcare. SMEs struggle to compete for qualified professionals amid high job mobility and attractive offers from competitors. To address this, companies can leverage overseas talent by sponsoring working visas through Hong Kong’s Immigration Department programs like the General Employment Policy (GEP), the Talent Scheme, and Investment as Entrepreneurs, enabling them to fill critical skill gaps and remain competitive.
💱 Singapore | Essential Tax Guidelines for Non-Resident Directors
Non-resident directors of Singapore companies have specific tax obligations: for director’s fees, employers must withhold 24% tax and file it online by the 15th of the second month post-payment, while directors need not file returns if tax is withheld but should submit payment confirmation if discrepancies arise; for stock options or awards, employers report gains within 30 days, and directors pay the tax bill directly; if serving as both board and executive directors, tax is withheld on board fees unless present in Singapore over 183 days, but not on employment income, with employers providing IR8A forms by March 1 for personal tax filing.
📄 Taiwan | Timely and Accurate Electronic Invoice Uploads Required
The Ministry of Finance has revised the Business Tax Act, requiring businesses to issue and transmit electronic invoices to the Ministry’s Electronic Invoice Integration Service Platform for record-keeping. Non-compliance will result in fines between NTD1,500 and NTD15,000, with penalties imposed per instance for continued inaccuracies. Consumers can confirm receipt of cloud invoices via the Platform or the GUI Lottery APP. The Ministry urges timely and accurate transmission of electronic invoices to avoid penalties.
🅿️ Vietnam | Lang Son Unveils $3.3 Billion Logistics Park
On December 11, Viettel officially opened Viettel Logistics Park with a total investment of nearly 3,300 billion VND, spanning over 143 hectares and capable of clearing about 1,500 vehicles per day. The park’s data system connects directly to Vietnamese and Chinese customs, reducing customs clearance time from 4-5 days to less than 24 hours and cutting costs by 30-40%. At the opening, Mr. Ho Tien Thieu, Chairman of Lang Son Provincial People’s Committee, highlighted Lang Son’s strategic role in trade between Vietnam and China. Major General Cao Duc Thang, president of Viettel Group, emphasized the military’s economic contributions and the need for modern logistics centers to reduce costs and improve efficiency. Viettel leaders also noted the potential for similar projects across Vietnam.
💵 Malaysia | Budget 2025: Raising Wages, Promoting Inclusion, and Boosting Retirement Savings (Issue 2 of 2)
The government will enhance the EPF i-Saraan program by increasing the matching contribution from 15% to 20%, capped at RM500 annually and RM5,000 lifetime, to support self-employed individuals and those without formal income in saving for retirement. EPF contributions will also become mandatory for non-Malaysian employees in phases, ensuring all workers have access to retirement savings. Additionally, employers hiring workers with disabilities and ex-convicts under SOCSO’s supervision will receive a RM600 monthly incentive for three months to promote social inclusion and employment opportunities.
🤝 Dubai | UAE Strengthens Economic Ties with Eurasian Economic Union
The UAE has signed a significant economic agreement with the Eurasian Economic Union (EAEU) to boost non-oil trade by reducing tariffs and eliminating trade barriers, involving Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia. This deal, representing a combined GDP of nearly $5 trillion and a population of around 200 million, saw non-oil trade reach $13.7 billion in the first half of 2024, a 30% increase year-on-year. It positions the UAE as a strategic hub for high-growth markets and aligns with its plan to attract $150 billion in foreign investment, building on record non-oil trade of AED 1.4 trillion ($381.2 billion) in the first half of 2024. This partnership unlocks immense potential for private-sector growth and underscores the UAE’s role as a leader in global trade and economic collaboration.
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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 Taiwan Webinar
Requirements For Taiwan Employment Gold Card
Gather all the crucial information regarding the requirements for Taiwan employment gold cards!
Attend our webinar on December 24, 2024, for valuable information, free consultations, and comprehensive materials to gain insights into the key requirements set for a Taiwan employment gold card. Secure your booking today!
<Taiwan>
Date: Tuesday, December 24, 2024, 10:00 AM-11:00 AM
Target companies: Employers looking for additional information on the requirements for Taiwan employment gold cards.
Presenter: Anita
Premia TNC December News
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Premia TNC December Holiday Notice
Hello, December! ☃️ May this month bring warmth to your heart, joy to your days, and moments to cherish as the year comes to a close. ✨
→ Check Our Complete Schedule for Decmber
🗞️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]
