Unveiling Hong Kong’s Unique Business Identifier: A Leap Towards Efficiency Hong Kong is embarking on a transformative journey by introducing the new Unique Business Identifier (UBI) system. This innovative system, slated for launch on 27 December 2023, promises to redefine how entities are identified, fostering efficiency and streamlining operations. Understanding UBI: A Global Perspective…
More Allocation for Green Measures in Hong Kong Will Enable the SAR to Achieve Sustainable Development In a recent address at the Asia-Pacific Business Forum (APBF) 2023, Financial Secretary Paul Chang highlighted Hong Kong’s remarkable progress in decarbonisation and its pivotal role in the broader green transition across the Asia-Pacific region. The forum, attended by…
Updates Introduced to the Foreign-Sourced Income Exemption (FSIE) Regime in Hong Kong Hong Kong is amending the foreign-sourced income exemption (FSIE) regime to address cross-border tax avoidance. This will position Hong Kong’s FSIE regime in line with international standards. The standards require corporate taxpayers to satisfy economic substance criteria in Hong Kong to enjoy tax…
Empowering SMEs at the SME ReachOut Tech+ SME Sourcing Fair 2023 The SME ReachOut: Tech+ SME Sourcing Fair 2023 opened with Mr Algernon Yau, Secretary for Commerce & Economic Development, showing his support for small and medium-sized enterprises (SMEs). The event marks a significant step in enhancing their technological capabilities and competitiveness. It’s the flagship…
New Application For Professional Services Advancement Support Scheme From September 2023 Beginning September 1, non-profit distributing organisations in the professional services sector can apply for funding under the Professional Services Advancement Support Scheme (PASS). The new round of funding offers will last until November 30, 2023. Registered professional bodies, trade and industrial organisations and research…
Hong Kong Extends Retail Green Bonds for Its Residents to Partake in Green Finance Development With climate change being one of the vital critical drivers for development today, many city development projects are undergoing green revival or green development phases. Green financial products finance these green development projects. One of the latest green financial products…
Retail Sales On the Rise, Up by 19.6% in June Hong Kong’s total retail sales value in June increased by 19.6% ($33.1 billion) compared to the previous year. This is according to the Census & Statistics Department. Online sales came in at 6.7% of the total retail sales value for the month. Meanwhile, the sales…
Enhanced Talent Admission Regime Attracting Skilled Workforce An enhanced talent admission regime in Hong Kong is working at attracting skilled workforce as the region emerges from the COVID-19 pandemic. Hong Kong introduced the Top Talent Pass Scheme to attract top talent. Within half a year, it received at least 84,000 applications. Out of that number,…
Hong Kong Using Tech for Mail Service Improvements Hongkong Post, the city’s renowned postal service, is making significant strides in keeping up with the rapid growth of e-commerce. The postal service leverages smart technology for improved efficiency and enhanced customer experience. According to Hong Kong government, these solutions would also consider workplace safety. iPostal…
More than 70,000 Local Companies Registered in the First Six Months of 2022 In the first six months of 2023, the Companies Registry reported that 72,588 local companies had registered. Bringing the overall count of local companies to a whopping 1,416,643, this number showed positive signs for Hong Kong’s local business scene. Additionally, 422 non-Hong…