Crowe (HK) CPA Limited, in cooperation with Crowe (TW) CPAs and Melenco Hong Kong Limited, held a seminar themed “Offshore Companies, International (Hong Kong) Cross Border Investment” in Taipei on 16 August 2019, drawing over 60 participants. Discussions revolved around matters related to the Economic Substance Law in Cayman Islands and British Virgin Islands, which has come into force at the start of 2019.
Crowe Hong Kong and Crowe Taiwan introduced the solutions to fulfill the compliance and reporting obligations under the Economic Substance Laws. Mr Charles Chan, our Chairman and CEO, gave a presentation on compliant tax registration in Hong Kong for offshore companies and the advantages of the city’s tax regime. Addressing the seminar, he pointed out Hong Kong enjoys a simple tax system and low tax rates, and such edges make the city a popular destination of tax registration for multinationals and Taiwan companies to fulfill the compliance requirements. Mr Robert Wang from Crowe (TW) CPAs also shared his insights into the laws from the perspective of Taiwanese tax.
The seminar also featured another speaker, Mr Romeu Caetano from Melenco, who explained how the regulatory regime affects trading, distribution and service center activities.
Under the Economic Substance Law, relevant companies or entities operating outside Cayman Islands / BVI are required to complete proper tax registration and reporting in that overseas country jurisdiction in order to fulfill the conditions of being a tax resident outside Cayman Islands / BVI. Otherwise, the relevant companies / entities must meet the economic substance requirements in Cayman Islands / BVI, including setting up physical office(s), hiring full-time employee(s), etc.
Our Chairman and CEO Mr Charles Chan gave a presentation on compliant tax registration in Hong Kong for offshore companies at the seminar “Offshore Companies, International (Hong Kong) Cross Border Investment”.
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