The Executive Committee of ACC Hong Kong invites you to the following presentation, hosted by Withers.
Food and drinks will be provided. 1 Law Society of Hong Kong CPD point has been/will be applied for. New York and California Approved Jurisdiction policy may apply.
CRS in Hong Kong – Implications for Companies Holding Investments
Financial institutions in Hong Kong would soon need to start reporting to the Inland Revenue Department ("IRD") in order to be compliant with the Common Reporting Standard ("CRS") requirements. Mabel Lui and Deirdre Fu of Withers will be giving a presentation on how to stay on track with the CRS, in particular for "investment entities", which are considered to be a type of financial institution under the CRS. When will companies holding investments be obligated to report to the IRD? If required, what information would they need to collect? What are the penalties for failing to report?
Even if these entities are not financial institutions, CRS requirements will still apply if they have accounts with any financial institutions in Hong Kong. How can one determine if the entity is an active or passive non-financial entity, and if it is the latter, who are its controlling persons? This presentation will be exploring these issues for the entities' consideration when filling in the self-certification form for CRS purposes.
SPEAKERS:
Mabel has extensive experience in transactional work in Hong Kong and China, dealing in mergers and acquisitions and investments of a diverse nature. Mabel also undertakes real estate and private client work and has accumulated substantial experience in both areas of practice.
Mabel has more than 40 years of experience advising clients on China-related business matters. She was advisor to the foreign investor in the first Sino-foreign joint venture in China in 1979 and was on the Hong Kong team of counsel advising one of the first H share issues by Chinese corporations with dual listing in Hong Kong and New York Stock Exchanges in 1993. On both occasions, she participated in the clarification and formulation of important regulatory issues in the relevant areas.
Deirdre is an associate in the private client and tax team.
She focuses on trust and succession planning, wills drafting, family governance, as well as pre-marital asset protection planning. Deirdre advises high-net-worth individuals and families, private banks, as well as institutional trustees on wealth protection structuring.
Deirdre has been recommended as a leading private client lawyer in Who’s Who Legal, as well as being in the ‘Ones to Watch’ list in Legal Week’s Private Client Global Elite ranking.
EVENT DETAILS:
If you have any suggestions for topics or speakers for future ACC Hong Kong events, please let us know at events@hkcca.net.
Please note this event is exclusively for ACC Hong Kong members. If you are not an ACC Hong Kong member but you want to attend this presentation, you need to successfully apply for membership at www.hkcca.net and pay the membership fee before registering for the event. If you have any membership queries, please contact ACC Hong Kong Secretariat on events@hkcca.net or (852) 2516 7007.
