By Richard Mazzochi, Minny Siu and Urszula McCormack King & Wood Mallesons’ Hong Kong office.
On 6 February 2018, the Hong Kong Monetary Authority (“HKMA”) published a revised Guideline on Authorization of Virtual Banks (“Guideline”). The Guideline sets out principles that the HKMA will consider when deciding whether to authorise virtual banks to conduct banking business in Hong Kong.
Continue Reading Virtual banking in Hong Kong and China
By Neil Carabine and James Wilkison King & Wood Mallesons Hong Kong Office
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oint ventures must be properly structured and managed to ensure they do not breach Hong Kong’s new competition law. Agreements that breach the law may be declared void and participants may be fined up to 10 per cent of their annual
By Guo Sun Lee Hayden Flinn, King & Wood Mallesons’ Hong Kong Office
On 10 July 2015 the Hong Kong Legislative Council agreed to extend the existing profits tax exemption for offshore funds to PE funds. The new exemptions, set out in the Inland Revenue (Amendment) Bill 2015 (the “Bill”), will come into effect shortly when the Bill is gazetted and will apply to transactions carried out after 1 April 2015.
The amendments, designed to address the concerns of offshore PE funds and promote Hong Kong’s status as an asset management hub, broaden the existing exemption to cover transactions in securities of certain private companies incorporated outside Hong Kong, to remove the requirement to transact through SFO licensed entities for ‘qualifying funds’ and to extend coverage to include special purpose vehicles.
Continue Reading Amended profits tax exemption a welcome change for private equity funds
