With effect from the year of assessment 2018/19, Tax Department has introduced two-tiered profits tax rates for corporations and unincorporated businesses by lowering the tax rate for the first $2 million of assessable profits.
The new Companies Ordinance simplifies the mode of execution of documents by companies. The keeping and use of common seal is not compulsory. But our CORE can still provide the common seal for execution of significant document.
To enhance transparency of corporate beneficial ownership in order to fulfil Hong Kong’s international obligations, the new Company Law is amended to require a Hong Kong company to maintain beneficial ownership information by way of keeping a SCR.