May 2020

Tax Consequences on Termination Payments

Introduction Due to the COVID-19 pandemic, many industries, such as aviation, tourism, hotel, hospitality, retail and catering, have been severely impacted. As a result, various employees, such as pilots and salesmen, have been dismissed by their employers. Some of those employees may be entitled to termination/redundancy/severance packages from their employers, such as a reward for… read more

Economic Substance Legislation on the British Virgin Islands

Introduction A number of investors worldwide, including Hong Kong and Mainland China, maintain entities on the British Virgin Islands (“BVI”) for various purposes, such as acting as a vehicle to hold share investments and/or intellectual properties, or to engage in trading, service and/or fund management business. Please note that the BVI introduced the Economic Substance… read more

Which Banking Solution is Suitable?

With the increasing reliance on financial technology (often shortened to fintech), traditional banks are no longer the only option for opening a bank account, instead, thanks to the developments in fintech, people now can open bank account with a neobank. There are two types of neobank and they can be classified into (i) companies that… read more

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