[Premia TNC] Weekly Newsletter 2024 Vol.52
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 | Understanding Tax Treatment for Losses in Hong Kong
In Hong Kong, losses from a trade, profession, or business can be set off against future assessable profits without a fixed time limit, though they cannot be carried back to prior years. If a corporation has multiple businesses, losses from one can offset profits from others, with any remaining balance carried forward. However, there is no provision for group relief of losses, meaning losses cannot be transferred between entities within the same corporate group. An anti-avoidance provision restricts the use of carried-forward losses if there is a change in shareholding aimed at utilizing those losses against subsequent profits.
💼 Singapore | The New Bizfile Portal is Here
ACRA’s new Bizfile portal, launched on 9 December 2024, offers a seamless experience for business registration, updates, annual filings, and data retrieval. Key features include a user-centric design, integrated access to registry services and APIs, enhanced data integrity and governance, improved personal data protection with a new contact address requirement, and easier access to business data to support growth.
🏢 Taiwan | Three Essential Considerations for Disposing of Fixed Assets
When a business disposes of fully depreciated fixed assets, if the proceeds from the sale of scrap materials are less than the residual value, the shortfall is recorded as a loss; if the proceeds exceed the residual value, the excess is recognized as income. According to the Income Tax Act, these gains or losses should be recorded in the current year. While there is no need to report to the tax bureau, supporting documentation is required to recognize any loss.
🏭 Vietnam | Four Reasons the North Attracts High-Value Industries
The North of Vietnam is leading in attracting foreign direct investment (FDI) in high-value industries like automobiles, electronics, and solar energy due to its favorable geographical location, developed infrastructure, abundant industrial land, and reasonable rental prices. It attracts 7 out of 10 leading semiconductor corporations, with Bac Ninh hosting major players like Samsung Electronics and Amkor Technology. The Northern Key Economic Zone, including Bac Ninh and Hai Phong, benefits from its proximity to China and the North Asian market, offering abundant land and lower rental costs—28% less than the South. In the first half of 2024, the Northern Economic Zone will add 12,985 hectares of industrial land across 73 industrial parks. Despite a high occupancy rate of 78% and an average land price of USD 132/m², the region faces challenges in labor skills, necessitating education and training reforms to enhance workforce capabilities.
🏡 Malaysia | Malaysia My Second Home (MM2H) Program [Issue 1 of 4]
In June 2024, Malaysia revised its Malaysia My Second Home (MM2H) program, introducing three categories: Platinum, Gold, and Silver, and a special category for SEZ and SFZ. The Platinum category requires applicants to be 25 years or older, deposit USD 1 million (with up to 50% withdrawal allowed for specific purposes), and pay a one-off participation fee of RM200,000. Participants must purchase a house worth at least RM2 million, reside in Malaysia for at least 90 days annually, and the MM2H pass is valid for 20 years with a 5-year renewal. Dependents and foreign domestic helpers are allowed, and participants can engage in business, investments, and employment, as well as undergo long-term medical treatment in Malaysia. Stay tuned for more details in the upcoming newsletter.
👫 Dubai | UAE Launches Five-Year Renewable Visa for Retirees Aged 55 and Above
The UAE has introduced a renewable five-year residency visa for expatriates aged 55 and above, offering long-term stability and access to world-class facilities. To qualify, retirees must be 55+ and meet financial criteria such as owning property worth AED 1 million, holding savings of AED 1 million, or earning a monthly income of AED 20,000. Benefits include access to healthcare, leisure facilities, vibrant communities, and the ability to sponsor spouses and dependents. Applications can be submitted through the UAE government portal or authorized visa centers. This initiative aims to attract a diverse, global population and support retirees in enjoying their golden years in a secure, luxurious environment.
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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.
🌟 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 January News
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Premia TNC January Holiday Notice
Welcome, January! 🕊️ A new year, a new you—may this month fill your days with hope, positivity, and boundless possibilities. 🌞
🗞️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]
