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By GIG Yet another record year for Hong Kong in terms of registrations of new companies by both local entrepreneurs and international investors has been attributed in large part to an overhaul of the territory's company law, which went into effect last year. This feature provides an overview of the changes brought about by the new Hong Kong Companies Ordinance. Introduction – Hong Kong's Attractions Hong Kong is not an offshore centre in the traditional sense of the word but rather a territory which offers a non-discriminatory low tax regime governed by the "territorial principle" under which only income arising...

REPORTS 2020

By Jonathan DeHart The prospect of a freely flowing RMB — moving with ease through China’s borders and into the world — could be a game changer. The newly launched Shanghai Free Trade Zone is the main testing ground where such liberalized finance policy is gradually being rolled out. Could the experiment in Pudong be a sign of things to come? China’s monumental role in shaping the world’s economic destiny in the 21st Century is beyond dispute. The explosion of the nation’s economy in the past few decades has been staggering. But a major piece of the economic puzzle has...

REPORTS 2020

By Courtesy of GIG In a globalized world, where ever-increasing volumes of trade and investment are being conducted with little regard to national borders and huge sums of money can be transmitted around the earth at the press of a button, the demand for international companies, often located in offshore jurisdictions, has been rising steadily over the last two decades or so. International Companies and Their Uses International or offshore companies can be used by a variety of people to achieve a number of aims. Expatriates who have become non-resident in their home jurisdictions, or who expect imminent departure for...

REPORTS 2020

By Claire van den Heever Since its establishment in September 2013, Shanghai’sFree Trade Zone (FTZ) has been making international headlines as businesses and investors flock to take advantage of a highly appealing set of loosened restrictions that are facilitating the creation of an entirely new financial ecosystem. Among the most significant benefits of the FTZ is making company formation immeasurably easier for investors – both local and foreign. Schemes such as cross-border lending and cash pooling – which have helped facilitate yuan circulation and usage in the offshore market – are also being allowed.The Zone’s establishment is seen as actively enabling...

REPORTS 2020

By Frances Emery  “Offshore” is a word for which there are, perhaps, as many varied connotations as there arejurisdictions in the world that consider themselves “offshore financial centers”. And, in the same way that it isn’t as easy as it once was to define exactly what constitutes an “offshore financial center”, the concept of “offshore” itself has changed vastly, and continues to do so at a rapid pace. One thing that economists and industry experts agree on today is that there is no hard and fast definition for “offshore”. Certainly, most offshore jurisdictions have separate legal systemsthrough which non-resident companies...

REPORTS 2020

By Sovereign. Most people prefer not to think about what will happen to their property on death. However, failure to make proper plans can create real problems and cause great expense (including tax liabilities) for next of kin, problems that they will be forced to sort out at a time when they are emotionally upset and most vulnerable. Making a will is a sensible way for an individual to put his or her affairs in order. However, the administration of a deceased’s estate can be costly (often around 4% of the total value of the estate), result in long delays...

REPORTS 2020

By Leo Zhang Although China's economy is experiencing a slowdown amid global economic uncertainties, the number of Chinese super-wealthy is still gradually increasing, making financial and asset planning an inevitable issue they have to face in the coming years. Nowadays more and more Chinese rich families are looking overseas for financial solutions and many of them have started to adopt western-style tools such as trusts and foundations in taxation and succession considerations. The trend is gaining popular as the younger generation began to take rein of their family businesses. By the end of last year, there were 2.8 million millionaires...

REPORTS 2020

By Courtesy of Global Incorporation Guide As modern telecom-munications continue to make the Earth feel smaller and smaller, forming a company in a foreign jurisdiction half way across the world is perhaps as easy as it ever been, and recent figures suggest that offshore incorporation activity is returning to pre-recession levels thanks to rising investor confidence. In this feature we look at the basics of incorporating a company offshore. Introduction The word ffshore has almost become synonymous with tax avoidance in the minds of the general public in the past few years. But this is largely due to vote-seeking politicians...

REPORTS 2020