Top Stories - Banking & finance

Supply Chain Analytics Market to grow at a CAGR of 20.07% from 2022 to 2027| Increased Need to Improve Business Processes to Influence Market Growth - Technavio 8th August 2023 14:35 The supply chain analytics market size is expected to grow by US ... Read more...
Corporate boards raise concerning knowledge gaps when it comes to sustainability, new global research finds 10th July 2023 12:24 A new report by Heidrick & Struggles, INSEAD and BCG, found that more than two-thirds of directors (68%) feel that sustainability has little impact on financial performance today, and only 10% believe sustainability will negatively affect medium- to long-term financial results. The survey also fou ... Read more...
Corporate Training Market Size is Expected to Reach US$ 487.3 Billion With CAGR Of 8% By 2030 3rd July 2023 12:36 North America occupied maximum share in the corporate training market and is expected to grow at a CAGR of 7.0% from 2021 to 2030. According to a new report published by Allied Market Research, titled, “ ... Read more...
Nine Key Singapore-Invested Industrial Parks in Vietnam 3rd May 2023 12:24 The Vietnam-Singapore Industrial Park Joint Venture Company Limited (VSIP) has been investing heavily in developing industrial parks in Vietnam since 1996. Here’s where they are and what they have to offer manufacturers. On March 19, Prime Minister Pham Minh Chinh attended  ... Read more...
New Debt Mutual Fund Rules in India to Take Effect on April 1, 2023 6th April 2023 08:40 On March 24, 2023, changes were introduced to the mutual fund regulations via the Finance Bill 2023, which indicates that investors in debt mutual funds will no longer be eligible for the long-term capital gains (LTCG) tax advantage and will be taxed similarly to bank deposits. Moreover, these proposed changes will also be extended to gold, international equity, and domestic equity funds of funds ... Read more...
China’s 2023 Government Work Report: Highlights from the Two Sessions 20th March 2023 09:29 On the first day of the 2023 Two Sessions, the outgoing Chinese Premier Li Keqiang delivered the annual Government Work Report, one of the most important policy documents of the year. In addition to setting China’s GDP target for 2023, the report outlines various policies and goals for boosting economic and industry growth over the year, including policies to boost consumptio ... Read more...
Russia To Trial The Digital Ruble From April 2023 14th October 2022 10:06 “The Digital Ruble is a replacement for the Cash Ruble” – Russian Deputy Minister of Finance Aleksey Moiseev on a new form of money.     The Russian Ministry of Finance has begun discussing with the Central Bank options for using the Digital Ruble in the budget process. Deputy Finance M ... Read more...
SPACs and pension funds maybe a marriage made in hell: A risky investment vehicle for funds requiring a safe and stable rate of return By Selwyn D. Whitehead, Esq., Posted: 27th September 2022 09:42 What follows is a high-level presentation I prepared for the California Lawyers Association 2022 Annual Meeting that was held in San Diego, California between 15-17 September 2022. At the meeting, I was a panelist at a seminar-type panel discussion entitled, Everything You Never Knew You Needed to Know About SPACs. For my part of the presentation, I was asked to prepare materi ... Read more...
China Insurance Premium Deferral: What Businesses Need To Know 7th July 2022 10:06 China has been allowing the deferral of social insurance premium payments for businesses affected by the pandemic to reduce the financial burden on them. In April 2022, the Ministry of Human Resources and Social Security (MHRSS) and the State Taxation Administration (STA) jointly released an announcement, which allows five pandemic-hit sectors, namely ca ... Read more...
The Triple-whammy Approach To Offshore Asset Searches, Recovery And Managing Frozen Assets In Light Of Recent Sanctions: Investigation, Forensic Accounting And Insolvency 25th May 2022 14:15 By Angela Barkhouse & Jamie Roberts Recent global political events have put a renewed spotlight on offshore and cross-border held assets. The Russian invasion of Ukraine, and the subsequent raft of international sanctions, have re-highlighted matters pertaining to offshore transparency. ... Read more...
The Philippines Amends Its Foreign Investment Act 17th May 2022 11:52 On March 2, 2022, President Rodrigo Duterte signed Republic Act No. 11647, which amends the Foreign Investment Act (FIA), also known as Republic Act No. 7042. The amendments aim to promote and attract foreign investments by allowing, for the first time, international investors to set up and fully own domestic enterprises in the Philippines. Further, another ... Read more...
Is Options Trading Better Than Stocks In Singapore? 13th May 2022 08:39 When it comes to options trading, there are many differentmethods available. For investors in Singapore, two of the most popular choices are stocks and options. Both stock and options trading has pros and cons, so which one is better? Let's look at both stocks and options to s ... Read more...
Solvent Debtors Behaving Badly And The Bankruptcy Code Sections And Other Statutes That Enables Them To Screw Their Creditors By Selwyn D. Whitehead, Esq., Posted: 12th May 2022 12:36 As a solo community-based practitioner whose financial issues practice focuses on consumer and small business bankruptcy clients, by choice; I readily admit that I sometimes see the world through the lens of my clients. As such, it is my contention that the primary purpose of the Bankruptcy Clause, is the means through which honest, but unfortunate ... Read more...
Bitcoin Long-Term Holders Start Capitulating Amid Panic 11th May 2022 10:17 On-chain data suggests Bitcoin long-term holders have started to capitulate recently as the sharp price drop causes panic in the market. Bitcoin CDD Inflow Indicator Jumps Up, Showing Long-Term Holders Have Been Selling As pointed out by a CryptoQuant  ... Read more...
How Often Does PCI Compliance Change? 26th April 2022 08:33 When you are talking about the Payment Card Industry Data Security Standard (PCI DSS), it does not change very often. The gap between versions 3.2.1 and 4.0 is about ten years. However, the requirements for compliance with the standard change regularly to keep ... Read more...
UK Economy Back Close To Pre-pandemic Levels, Says The Office For National Statistics 31st March 2022 10:44 The UK economy grew at a rate of 1.3% in the last three months of 2021, a faster pace than first thought and bringing GDP to just below pre-pandemic levels. The Office for National Statistics (ONS) had previously estimated GDP grew by 1.0% between October and December last year. &a ... Read more...
Russia–Ukraine War: How Could It Affect The UK Economy? 29th March 2022 09:35 The UK has few direct economic links to Russia. Trade between the two is small relative to the size of either economy and Russia is not closely integrated in the global financial system. However, Russia’s invasion of Ukraine – and sanctions imposed as a response by the UK and its allies – could still have a significant impact on the UK ec ... Read more...
India’s GDP Growth For 2021-22 Revised To 8.9%: Second Advance Estimates 15th March 2022 11:39 The Ministry of Statistics and Program Implementation recently released a press note for the second advance estimates of India’s GDP (National Income) for the Financial Year (FY) 2021-22, revising the GDP gro ... Read more...
Hong Kong Budget 2022-23: All You Need To Know 15th March 2022 10:01 On February 23, 2022, Hong Kong’s Financial Secretary Paul Chan announced the Hong Kong 2022-23 Budget (2022-23 Budget) that includes spending plans worth over HK$170 billion to boost the economy ... Read more...
Impact Of Russia-Ukraine Conflict On Foreign Invested Enterprises In China 10th March 2022 10:09 The immediate impact of the Russia-Ukraine conflict on foreign invested enterprises (FIEs) in China is limited, but the fallout from the conflict may hold various direct and unintended consequences for foreign businesses operating in China. From disrupting trade and global supply chains to causing tension between overseas and domestic consumers, we discuss the obstacles FIEs in China m ... Read more...
China’s 2021 GDP Performance: A Look At Major Provinces And Cities 8th February 2022 10:39 China’s GDP in 2021 reached RMB 114.4 trillion (US $17.7 trillion), showing an increase of about RMB 13 trillion (US $3 trillion) compared to 2020, or 8.1% growth year-on-year, according to the National Bureau of Statistics (NBS). Authorities have also unveiled data tracking the economic performance of 31 provinces, autonomous regions, and municipalitie ... Read more...
Boosting Your Startup’s Finances with Trade Exhibitions 3rd January 2022 07:51 There’s an old saying that goes, “to make money, you have to spend money.”  This is one of the solutions to many problems startups face with finances.  Investing your resources in creating a lasting face-to-face relationship with business partners, prospective customers, and would-be investors is a great way for entrepreneu ... Read more...
Indonesia Increases Minimum Wage For 2022 15th December 2021 11:02 Indonesia has increased the average minimum wage of each province by 1.09 percent for 2022. The figure was obtained through the new guidelines on minimum wage under Government Regulation 3 ... Read more...
China 2021 Recap: Overview Of A Pivotal Year 8th December 2021 09:11 2021 has been a remarkable year for China. While the country’s economic growth slowed down in recent months due to multiple COVID outbreaks, power shortages, and a regulatory crackdown in certain sectors, the overall economic recovery is stable. China’s full-year GDP growth is expected to reach 8.0% in 2021 (IMF forecast in October), down 0.1 percentage points from ... Read more...
Incentives And Financing Schemes For Businesses Under Malaysia’s Budget 2022 17th November 2021 09:35 Malaysia’s government announced its largest state budget in history on October 29, 2021, totaling 333.2 billion ringgit (US $80.2 billion) as the government aims to spur post-pandemic growth in 2022.   The budget provides several incentives, grants, and financing schemes for businesses. Several are also an extension of the benefits iss ... Read more...
Digital Banking In Malaysia: New Opportunities For Fintech 28th September 2021 09:54 Malaysia’s central bank is set to issue its first digital banking licenses in early 2022, a move that analysts say will position the country as one of Southeast Asia’s leaders in fintech. On July 2, 2021, Bank Negara Malaysia (BNM), Malaysia’s central bank, announced that it had received applications for digital banking licenses from ... Read more...
How To Think About Business Models In Presentations 20th September 2021 07:54 A pitch deck could be anywhere between 10 and 20 slides and this is what you need in terms of presentation if you want to have an investor give you capital via safe notes. The financial and business model section in the pitch deck should be in the third quarter.   A pitch deck ... Read more...
US – Vietnam Reach Agreement On Currency, No Tariffs Imposed 5th August 2021 09:30 The US Department of Treasury in December 2020 labeled Vietnam a currency manipulator, claiming that Vietnam intentionally undervalued its currency in order to gain an export advantage. However, in April this year, after months of investigations into Vietnam’s currency practices, the Treasury Department dropped the designation, despite maintaining that the country still met t ... Read more...
Advice For Companies In A Post-Covid World 28th July 2021 11:30 Operating a successful business both during and after the coronavirus pandemic requires a great deal of adjustment. It is more than just upping your online presentation skills or improving the quality of your virtual sales meetings, although these are very important in a world where everything now takes place ... Read more...
Technologies Driving The Future Of Business Success 21st July 2021 09:41 New technologies inspiring the fourth industrial revolution are underway. This has prompted industries and businesses to seek ways to remain competitive. The first industrial revolution was characterized by mechanization. Then it was followed by the mass production of electrical power and the adoption of computers. The fourth industrial revolution is completely altering business and factory goals ... Read more...
China’s GDP Grows By 12.7% In H1 2021 21st July 2021 09:35 China’s economy continues to recover from the COVID-19 pandemic but growth is uneven, according to newly released economic data covering the first half of 2021. On July 15, 2021, the National Bureau of Statistics announced that China’s GDP grew by 7.9 percent in the second quarter of the year, compared to the same period the previ ... Read more...
Vietnam’s Economy, FDI Show Steady Growth But Fourth Wave A Concern 14th July 2021 12:21 Vietnam’s GDP expanded 5.64 percent in the first half of the year, marking a jump from 1.82 percent in the same period a year ago as per Vietnam’s General Statistics Office (GSO). This increase came despite Vietnam going through the fourth wave of the pandemic affecting industrial parks in the Northern provinces as well as the capital Hano ... Read more...
What Are The Tax Implications For Cryptocurrency Assets In India? 7th July 2021 09:20 Cryptocurrency in India may attract tax liability, but the rules are still unclear as the Reserve Bank of India has not yet granted this asset class the status of a legal tender. However, in March 2020, the Indian Supreme Court permitted banks to handle cryptocurrency transactions from traders and exchanges. In this article, we discuss the generation, purchase, a ... Read more...
How Businesses In Singapore Can Reduce Overhead Costs During The Pandemic 28th June 2021 10:31 Singapore’s government has provided an array of fiscal and non-fiscal incentives to help businesses reduce their overhead costs during the pandemic. The government is expected to draw on S$53.7 billion (US$40 billion) from its reserves for this year and an additional S24 billion (US$17.8 billion) over the next three years to assist local compan ... Read more...
Singapore Enhances Support Measures To Help Individuals And Businesses 4th June 2021 10:44 Singapore’s government has prepared S $800 million (US $604 million) worth of enhanced measures for individuals and businesses during the  ... Read more...
UK and Indonesia Promote New Economic Ties 14th May 2021 09:31 On Monday, 26 April 2021, the UK and Indonesia concluded the first round of exploratory trade talks and committed to further strengthening their trade and investment links, which rose to a record level of £3 billion of bilateral trade in 2019, through a new joint trade dialogue.  Indonesia has been a priority post-Brexit partner for the UK give ... Read more...
China Coronavirus Updates: Latest Developments And Business Advisory 10th May 2021 09:33 Latest COVID-19 Updates April 10th 2021 - May 1st 2021  May 10, 2021 – China reported 11 new confirmed cases, all of which were imported (4 cases in Shanghai, 2 cases in Guangdong, 2 cases in Shaanxi, 1 case in Zhejiang, 1 ... Read more...
An Expert Discussion on Infrastructure & Project Finance in the United States With Benjamin Grayson and Todd Alexander , Posted: 7th May 2021 11:58 The change in presidency from Donald Trump to Joe Biden has brought about notable changes for the infrastructure and project finance landscape in the United States. In this expert discussion, Ben Grayson and Todd Alexander of Norton Rose Fulbright explore some of the biggest compliance issues and potential pitfalls facing firms, as well as identifying emerging trends, strategies and opportunities. ... Read more...
Vietnam To Start Regulating Cryptocurrencies 7th May 2021 09:58 Vietnam’s Ministry of Finance established a research group, which has begun an in-depth study of cryptocurrencies, with a view to achieving legislative reform for the industry in the country. While cryptocurrency trading and use are booming globally in terms of popularity, the Vietnamese legislation makes no reference to such transactions. ... Read more...
Why Vietnam Is A Promising Contender For Investment Following Myanmar’s Coup 14th April 2021 09:30 One country’s loss is another’s gain. The Myanmar’s military took over the country in a coup sending shockwaves throughout the region. The move undermined Myanmar’s progress and economic reforms since 2011 when it first held parliamentary elections. Recent media reports have stated that the military coup in Myanmar has forced investors to re-thin ... Read more...
Small Firms Urge Greater Exporter Support Amid £2.5bn Sales Slump 13th April 2021 09:56 FSB responds to the latest ONS trade and GDP figures Responding to the latest figures from the Office for National Statistics (ONS) showing that UK gross domestic product (GDP) and total exports dropped by 7.8% and 10.3% respectively in February 2021 compared to the same month last year, Federation of Small ... Read more...
Remitting Profits in Vietnam: A Step by Step Guide 7th April 2021 11:29 Once a company makes a profit and is able to meet the basic requirements for remittance, there will still be challenges with respect to ensuring that the remittance process goes smoothly. Whether it be a decision over the method of repatriation or when to take profits, the ways in which investors choose to approach the remittance process can have a significant im ... Read more...
The Furlough Fraud Risk: HMRC Has Cast Their Net - What Can Retailers Do? 6th April 2021 10:17 WHAT IS HAPPENING? While the government's Coronavirus Job Retention Scheme and Self-Employment income Support Scheme (CJRS and SEISS respectively) have provided a valuable lifeline to many since their introduction, the initiative has been described as a "magnet for fraudsters" by HMRC officials. &l ... Read more...
Transfer Pricing in Singapore: A Guide for Foreign Investors 1st April 2021 09:15 The Singapore government has developed a comprehensive system for transfer pricing to prevent the abuse of intracompany transactions by companies in the city-state. Being a regional hub for multinational companies, the country’s transfer pricing regulations ensure that relevant parties do not underpay taxes and as well as prevent the distortion of taxable income. & ... Read more...
Philippines Launches FIST Act to Protect Banks and Financial Institutions 26th March 2021 14:30 On February 16, 2021, the Philippines government issued the Financial Institutions Strategic Transfer (FIST) Act to facilitate banks and financial institutions (FIs) to dispose of their non-performing assets (NPAs) and non-performing loans (NPLs) through transfers ... Read more...
GST Changes in Singapore for 2021: How Should Businesses Prepare 26th March 2021 13:02 The Singapore government has delayed the increase of the goods and sales tax (GST) rate to after 2021 and thus will remain at the current seven percent rate. The rate hike to nine percent is now expected to occur be between 2022 and 2025. In addition, GST will be applied to low-value goods bought online and imported by air or, as well as business-to-consumer imported non-digital servic ... Read more...
Carbon Trading with Chinese Characteristics 26th March 2021 10:59 China’s President Xi Jinping headed the 9th meeting of the Central Financial and Economic Affairs Commission on Monday, with the main themes under discussion being the 2030 Carbon Peak and 2060 Carbon Neutrality goals recently announced at the Two Sessions meetings. China’s carbon agenda has called for a ‘virtuous develo ... Read more...
Why it is Essential for Technology to Power Your Company’s Accounting Written byAdam Livermore, Posted: 15th March 2021 09:33 A tech-powered accounting solution means the use of information technology to optimize the basic business processes. It can be achieved through integrated software solutions which could be set up by the company itself, via the software as a service (SaaS) approach, or other cloud-based approach. Without the use of accounting technology in your China operations to ... Read more...
What the US’ Currency Manipulator Label Means for Vietnam 18th January 2021 09:07 On December 16, 2020, the US Department of Treasury labeled Vietnam as a currency manipulator, a move that could potentially lead to the US finding sufficient cause to introduce countervailing du ... Read more...
FDI Data Shows Vietnam’s Steady Economic Growth Written By Julia Nguyen, Vietnam Briefing, Dezan Shira & Associates, Posted: 9th November 2020 09:19 Vietnam has garnered international praise for its swift and effective response to the COVID-19 outbreak. Although the country is not immune to the global economic downturn,  ... Read more...
How Businesses Can Benefit from ASEAN’s Professional Services Sector Written by: Ayman Falak Medina, ASEAN Briefing, Dezan Shira & Associates , Posted: 19th October 2020 10:33 As investors gain more confidence in ASEAN, there will be a demand for professional services firms (PSF) who can tailor solutions to the regions’ commercial systems and consumer markets, particularly in the areas of business consulting, accounting, tax, legal, and marketing. The impact of the  ... Read more...
India’s New Labor Codes: A Brief Note for Foreign Investors Written by: India Briefing, Dezan Shira & Associates , Posted: 6th October 2020 11:37 India’s parliament approved three new labor codes on September 22-23, in a historic move to consolidate the country’s labor legislation and compliance norms. The codes are – Industrial Relations Code Bill, 2020; Code on Social Security Bill, 2020; and the Occupational Safety, Health and Working Conditions Code Bill, 2020. The r ... Read more...
Why is China Introducing New Technology Export Controls? Written by Sofia Baruzzi, China Briefing, Dezan Shira & Associates, Posted: 24th September 2020 09:35 On August 28, 2020, the Ministry of Commerce of the People’s Republic of China (MOFCOM) and the Ministry of Science and Technology jointly issued the Announcement No. 38 (2020) (“Announcement”) amending the Catalogue of Technologies Prohibited or Restricted from Export (“Catalogue”). < ... Read more...
After IT, Telangana Wants to be India’s Electric Vehicles Hub Written by: India Briefing, Dezan Shira & Associates , Posted: 22nd September 2020 08:56 The state of Telangana approved the new Telangana State Electric Vehicle and Energy Storage Solution Policy in early August to mobilize greater investment into the sector. On September 10, Jayesh Ranjan, Principal Secretary to the Information Technology, Electronics & Communication (ITE&C) Department in the Telangana government, said that el ... Read more...
India, ASEAN Agree to Review FTA Scope, Address Uneven Market Access Written by: India Briefing, Dezan Shira & Associates , Posted: 16th September 2020 09:19 The 8th East Asia Summit (Economic Ministers’ Meeting) was held virtually on Friday, followed by the 17th ASEAN-India Economic Ministers Consultations on Saturday, August 29. India’s Commerce and Industry Minister Piyush Goyal and Tran Tuan Anh, Minister of Industry and Trade of Vietnam co-chaired the consultations on Saturday. As countr ... Read more...
Singapore Increases Qualifying Salaries for Foreign Employees Written by: Ayman Falak Medina, ASEAN Briefing, Dezan Shira & Associates , Posted: 14th September 2020 09:10 On August 27, 2020, Singapore’s Ministry of Manpower (MoM) has increased the minimum qualifying salaries for foreign workers to receive the Employment Pass (EP) and S Pass work permits. ... Read more...
Shaping tomorrow’s leaders and creating business wealth An interview with Nasser Elaheebocus (Business Pulse Advisory & Investment Group), Posted: 7th September 2020 12:21 For Nasser Elaheebocus, founder and owner of Business Pulse Advisory & Investment Group, the potential that great business mentorship has to create successful leaders cannot be understated. Nasser’s personal background in business and many years of cooperation with companies of all types, sizes and specialities has allowed him to develop solutions covering the entire spectrum of ... Read more...
Singapore Extends Job Support Scheme: Businesses Receive Tiered Wage Subsidies Written by: Ayman Falak Medina, ASEAN Briefing, Dezan Shira & Associates , Posted: 7th September 2020 09:00 Singapore’s government has extended its Job Support Scheme (JSS) on August 17, 2020 for a further seven months until March 2021. The extension comes with amendments to the original JSS struc ... Read more...
How India’s Economy Is Recovering From COVID-19: A Snapshot View Written by: India Briefing, Dezan Shira & Associates , Posted: 5th August 2020 08:56 India’s economy is showing signs of recovering after withstanding some of the worst impacts of COVID-19, including prolonged nationwide shutdowns. As India enters Unlock 3 from August 1, which will see more of the country reopening after lockdown, we discuss some of the earliest indicators, ‘green shoots,’ of economic& ... Read more...
Company Chops in China: What Are They and How to Use Them Written by Dorcas Wong, China Briefing, Dezan Shira & Associates, Posted: 28th July 2020 10:26 In China, company chops are mandatory for doing business, and replace signatures as used in Western countries. China Briefing explains the different types of company chops in China and the need for strong internal controls to ensure they do not get misused. What are company chops? In China, company chops &nd ... Read more...
New Criteria for Foreign Digital Service Providers to Collect VAT in Indonesia Written by: Ayman Falak Medina, ASEAN Briefing, Dezan Shira & Associates , Posted: 17th July 2020 10:22 In June 2020, Indonesia’s Director-General of Tax issued Regulation No. PER-12/PJ/2020 (Reg 12/2020), which sets out the criteria for foreign digital service providers to collect value-added tax (VAT) in the country. ... Read more...
Indonesia Issues Regulation on Working Capital Incentives for MSMEs Written by: Ayman Falak Medina, ASEAN Briefing, Dezan Shira & Associates , Posted: 14th July 2020 09:42 On June 23, 2020, Indonesia’s Ministry of Finance issued implementing Regulation 71/PMK.08/2020 (Reg 71/2020), which appointed state-owned insurance providers Askrindo and Jamkrindo, to provide guarantees for banks providing working capital loans for micro, small, and medium-sized businesses (MSMEs). This incentive is part of the government&rs ... Read more...
China’s Greater Bay Area: Looking Beyond its Flagship Cities Written by Peter Upton, China Briefing, Dezan Shira & Associates, Posted: 8th July 2020 08:53 In February 2018, China released its blueprint for developing the Greater Bay Area (GBA) during the Fourth Plenary Session of the 12th Provincial Party Committee. Internally called the “1+1+9” plan, its aim was to turn ... Read more...
COVID-19: An Overview of the European Commission’s developments in Merger Control, State Aid and Antitrust By Melanie Bruneau, Antoine de Rohan Chabot & Antonia Rountou, Posted: 6th July 2020 10:46 The COVID-19 outbreak has raised significant challenges relating to the application of rules in the regulatory landscape of competition and antitrust. In these exceptional circumstances created by the COVID-19 crisis, the European Commission is coordinating a common European response and has taken measures to provide guidance and to ensure a targeted and proportionate application of its merger con ... Read more...
Singapore Announces Second COVID-19 Stimulus Package: Salient Features Written by: Ayman Falak Medina, ASEAN Briefing, Dezan Shira & Associates , Posted: 30th June 2020 09:55 On March 26, 2020, the Singaporean government launched its second stimulus package to counter the economic fallout of the COVID-19 pandemic. Named the Resilience Budget ... Read more...
Accounting Fraud in Times of Economic Uncertainty By Neil Keenan, Posted: 24th June 2020 15:05 Past experience has shown that we should expect an increase in accounting related fraud during times of economic uncertainty. Given the current events surrounding Covid-19, we anticipate heightened instances of financial reporting fraud due to the sheer number of industries and geographies that have been impacted. The nature of accounting related fraud can take two forms, often combined. The first ... Read more...
Vietnam’s Support Policy to Recover Economy: Resolution 84 Written By Vietnam Briefing, Dezan Shira & Associates, Posted: 23rd June 2020 12:34 As Vietnam comes out of lockdown and attempts to recover its economy, the government on May 29 issued Resolution 84/NQ-CP (Resolution 84) unveiling a number of incentives for businesses affected b ... Read more...
Malaysia Issues Second Stimulus Package to Combat COVID-19: Salient Features 17th June 2020 11:35 On March 27, 2020, the Malaysian government issued its second stimulus package to combat the economic impact of the COVID-19 pandemic. The second package, valued at 250 billion ringgit (US$57 billion), focused on enhancing the existing ... Read more...
China’s Tariff Exclusion Process for US Imports: FAQs Written by Zoey Ye Zhang, China Briefing, Dezan Shira & Associates, Posted: 25th May 2020 10:09 On May 13, 2019, China’s Tariff Commission of the State Council announced the Trail Measures on the Exclusion Work for US Products Subject to Additional Tariffs (Tariff Commission Announcement [2019] No.2), triggering the exclusion process for US impo ... Read more...
How to Read India’s Pitch to Foreign Investors Looking to Shift Out of China Written by: Nishtha Yadav, India Briefing, Dezan Shira & Associates , Posted: 19th May 2020 11:32 In a bid to attract foreign investors looking shift their operations out of China, India is developing a land pool nearly double the size of Luxembourg. As reported in the ... Read more...
How Rates Can Work in Your Favor 11th May 2020 10:13 When people hear the words interest rate, they usually have a bad feeling in the pit of their stomachs. That's because they're thinking about the interest they pay on things like credit cards, their mortgage, car loans and more. The way to turn a negative into a positive is to make interest work for you rather than against you. How? By employing one of the techniques li ... Read more...
China Plus One: Understanding Vietnam’s Appeal to Investors in Asia Written By Alexander Chipman Koty, Vietnam Briefing, Dezan Shira & Associates, Posted: 4th May 2020 12:02 In recent years, Vietnam has exploded in popularity for “China plus one” investors. Facing rising costs in China and trade tensions with the US, many foreign investors have sough ... Read more...
Hong Kong Budget 2020-2021: Rebooting the Economy Written by Dorcas Wong, China Briefing, Dezan Shira & Associates, Posted: 31st March 2020 13:57 2019 was a year fraught with challenges for all people in Hong Kong. Reeling from the uncertainties of the US-China trade conflict, unprecedented levels of social unrest, and the unexpected outbreak of  ... Read more...
An Introduction to Rules of Origin for Vietnamese Exports Written By Eugenia Lotova, Vietnam Briefing, Dezan Shira & Associates, Posted: 27th March 2020 11:29 For businesses seeking to take advantage of tariff-free exports and low labor costs, Vietnam has become the ideal destination. In 2019, manufacturing and processing accounted for 64.6 percent of total investment capital and with the recent signing of  ... Read more...
Indonesia Unveils Stimulus Package to Combat Coronavirus Impact Written by: Ayman Falak Medina, ASEAN Briefing, Dezan Shira & Associates , Posted: 19th March 2020 08:36 On February 25, 2020, the Indonesian government unveiled a US$725 million stimulus package in a bid to protect its economy from the impact of the coronavirus outbreak. The package provides financial incentives for the tourism, airline, and the property industries in addition to subsidies, tax cuts, and unemployment benefits.  ... Read more...
India Wants to Reduce Tax Litigation with New Direct Tax Bill Written by India Briefing, Dezan Shira & Associates , Posted: 16th March 2020 11:03 In a bid to reduce tax litigation and settle ongoing income and corporation tax disputes, the lower house of the Indian parliament passed the Direct Tax Vivad Se Vishwas Bill, 2020. The bill offers a scheme to settle 483,000 direct tax related disputes worth INR 9.32 trillion (US$12.74 billion) including relief on the amount due as well as immunity from pro ... Read more...
China’s Tariff Exemptions for US Imports: New Lists Announced in February Written by Zoey Zhang, China Briefing, Dezan Shira & Associates, Posted: 11th March 2020 08:12 China released new lists to exempt 65 types of US commodities that have been subject to the Chinese retaliatory tariffs and launched a tariff exclusion process for 696 types of US imports in February. These will enable China’s commitment to buying more US goods as stipulated in the terms of the  ... Read more...
The US-China Phase One Trade Deal and Vietnam 26th February 2020 14:11 The US and China signed a much-anticipated phase one trade deal on January 15, 2020. This initial trade deal is seen as the first step towards a de-escalation of the  ... Read more...
Indonesia and Australia Ratify IA-CEPA Agreement Written by: Ayman Falak Medina, ASEAN Briefing, Dezan Shira & Associates , Posted: 24th February 2020 08:28 On February 10, 2020, Indonesia and Australia ratified the Indonesia-Australia Comprehensive Economic Partnership Agreement (IA-CEPA). The framework of the IA-CEPA is based on five principles: enhancing economic and development partnership, connecting people through social, arts, and cultural collaboration, maritime cooperation, and contributing to the pros ... Read more...
Cost Audit for Companies in India: Frequently Asked Questions Written by: Nishtha Yadav, India Briefing, Dezan Shira & Associates , Posted: 4th February 2020 08:59 Companies in India that are operating in certain industries, such as manufacturing, mining, and services are required to undergo a cost audit. A cost audit is the verification of the ... Read more...
Year in Review 2019: Turning Point for Investors in China? Written by: Alexander Chipman Koty, Asia Briefing, Dezan Shira & Associates , Posted: 6th January 2020 15:44 China’s 2019 was a remarkable year, but generally for all the wrong reasons. Facing domestic crises and international disputes, the Chinese government was under a high level of scrutiny throughout the year. Yet, despite the unpredictable environment, China’s economic performance in 2019 was surprisingly stabl ... Read more...
The RCEP: Impacting ASEAN’s Supply Chains and Business Environment Written by: Michael Malvenda, ASEAN Briefing, Dezan Shira & Associates , Posted: 2nd January 2020 14:36 The Association of Southeast Asian Nations (ASEAN) has been pursuing the finalization of the Regional Comprehensive Economic Partnership (RCEP) in what is set to be the world’s largest free trade agreement (FTA). ... Read more...
Philippines and China Sign Six Agreements Written by: ASEAN Briefing, Dezan Shira & Associates , Posted: 19th December 2019 08:42 The Philippines and China signed six bilateral agreements, further cementing the Philippines-China relationship. The agreements covered infrastructure, trade, customs, and communications. China is fa ... Read more...
Advance Income Tax in India Written by: Rohini Singh, India Briefing, Dezan Shira & Associates , Posted: 9th December 2019 08:44 Any person in India, whose estimated tax liability is more than Rs 10,000 (US$145) in a financial year, after deducting  ... Read more...
How to Establish a Liaison Office in India Written by: India Briefing, Dezan Shira & Associates , Posted: 5th December 2019 08:54 Prospective companies and investors looking to enter India must carefully consider their options for investment and available avenues for establishing a business presence. Liaison offices (LOs) are a popular option for foreign investors exploring the Indian market for the first time, and unsure of how the country’s liberalizing & ... Read more...
Vietnam Ranked 70th for Ease of Doing Business: World Bank Written by: Raman Preet, Vietnam Briefing, Dezan Shira & Associates , Posted: 19th November 2019 08:22 Vietnam ranked 70 among 190 economies in this year’s Doing Business 2020 report released by the World Bank. The country fell one spot from its position  ... Read more...
Incorporating a Company in Singapore: A Guide for Foreign investors Written by: Ayman Falak Medina, ASEAN Briefing, Dezan Shira & Associates , Posted: 24th October 2019 15:42 Incorporating a company in Singapore is a cost-effective and efficient process, allowing investors to concentrate on pursuing their business opportunities across the region. Investors can process their applications within the  ... Read more...
How To Increase The Conversions In Your Business? 14th August 2019 09:52 Increasing conversions for your business can be a difficult process, particularly as there are a number of steps that need to work together to achieve the final result. However, it is not impossible to aid your business whilst increasing conversions gradually. In this article, we will be looking into how you can increase conversions with a few simple changes. ... Read more...
Despite Booming Growth, the Cannabis Industry Struggles with Financial Services 12th August 2019 09:40 The emerging cannabis industry is still at the mercy of its federal status. Even in states where cannabis is legal, FDIC-insured banks cannot interact with any part of the industry. That means growers, retailers, and dispensaries are increasingly reliant on new banking technology. The Industry Is Underbanked Tra ... Read more...
Corporate Treasurers Look at New FX Risk Mitigation Strategies 5th August 2019 09:31 Corporate treasurers are exploring the use of more complex risk management techniques to better balance liquidity and earning risk and minimize foreign exchange losses, according to Bloomberg survey findings announced today.  More than 100 corporate treasurers, financial analysts and risk managers responded to the poll, which found that Cash Flo ... Read more...
US Duties on Vietnam Steel: Investors Bullish Despite Trump’s Trade Threat by: Pritesh Samuel, Vietnam Briefing, Dezan Shira & Associates , Posted: 30th July 2019 08:53 The US Department of Commerce (USDOC) announced duties of more than 400 percent on steel imports from Vietnam, surprising many observers, and prompting concerns among foreign investors about the potential for more tariffs in the future. ... Read more...
Coinify Commended by Frost & Sullivan for Its Global Growth Excellence Leadership 24th July 2019 10:18 Based on its recent analysis of the global financial services market for blockchain-based platforms, Frost & Sullivan recognises Coinify with the 2 ... Read more...
Business Etiquette in Vietnam – Customs and Tips by: Pritesh Samuel, Vietnam Briefing, Dezan Shira & Associates , Posted: 23rd July 2019 09:11 Vietnam has one of the oldest cultures in Southeast Asia. While national identity can be complex given Vietnam’s history, locals are proud of their language and its complexities, as well as the distinctiveness of their society and culture. The expression dat viet (Vietnamese land), for example, encapsulates the notion that Vietnamese society have an organic ... Read more...
Global Consumers Remain Confident, But Improvements Less Broad-Based Across Markets 5th July 2019 14:36 Consumers across major global markets – including China, India, Indonesia, the United States, and Germany – remain confident, according to The Conference Board® Global Consumer Confidence Index. Large improvements are seen in several major economies, including France, S ... Read more...
Special Economic Zones and Warehouse Clusters in Mumbai by: India Briefing, Dezan Shira & Associates , Posted: 28th June 2019 08:34 India developed federal, state, and private special economic zones (SEZs) to boost foreign investment and encourage manufacturing and exports. Here, India Briefing introduces the benefits of SEZs as well as the SEZs and warehouses that can be found in Mumbai.  Maharashtra has encouraged a wide array of foreign businesses t ... Read more...
Vietnam’s Visas and Work Permit Procedures by: Pritesh Samuel, Vietnam Briefing, Dezan Shira & Associates , Posted: 24th June 2019 14:16 Vietnam’s visa and work permit procedures can be confusing for first time visitors. Vietnam Briefing explains the steps and what foreigners should pay attention to when planning a long-term visit. The number of foreign skilled workers coming to Vietnam has steadily increased in recent years, surging to over 80,000 at the end of 2018. Most ... Read more...
Emerging Risks in 2019 for the Financial Service Industry 21st June 2019 08:02 The financial service industry is highly sensitive since it’s involved in the collection, storage, and transmission of sensitive private information. The abundance of this data attracts malicious individuals who aim at obtaining it for criminal use. As such, there is a need that your organization establishes effective measures to protect the data. The more your ... Read more...
Investing in Zhejiang Province: A Quick Guide for Foreign Investors by: Harry Handley and Zoey Ye Zhang, Asia Briefing, Dezan Shira & Associates , Posted: 17th June 2019 15:35 Since hosting the 2016 G20 summit, Zhejiang province has been thrust into the global spotlight. The province of 55 million people is advantageously located on China’s east coast, south of Shanghai. It is easily accessible via the Hangzhou Ba ... Read more...
Beijing to Raise Monthly Minimum Wage from July 1 28th May 2019 15:30 On May 9, the Beijing Municipal Human Resources and Social Security Bureau announced plans to raise the city’s  ... Read more...
Why Vietnam is Overtaking China as a Destination for US Export Manufacturing by: Asia Briefing, Dezan Shira & Associates , Posted: 23rd May 2019 11:15 As has been the case for several emerging Asian countries, Vietnam has followed an export-led growth model, combining trade liberalization and foreign direct investment promotion to spur exports. Vie ... Read more...
Five Big Changes to China’s VAT in 2019 by: Amber Liu, Asia Briefing, Dezan Shira & Associates , Posted: 24th April 2019 08:58 Following the announcements made in the annual Work Report delivered at the Two Sessio ... Read more...
Singapore: Digitization of a Financial Powerhouse By Viktoria Paul and Marco Förster, Dezan Shira & Associates , Posted: 18th April 2019 12:29 When Singapore became independent a little more than 50 years ago, the small and resource-poor developing country originally had little chance of survival. Today, the city-state has risen to become the economic hub of Asia, and is mentioned alongside other financial centers such as New York, Hong Kong and Tokyo. Now its financial sector is facing new challenges and rapid digital progre ... Read more...
Economic Reform in China: Current Progress and Future Prospects By: Mark Preen, Asia Briefing, Dezan Shira & Associates , Posted: 15th April 2019 09:17 Last December marked the 40th anniversary of China’s reform and opening-up policy, which was launched under the leadership of Deng Xiaoping at the 1978 Third Plenum. This policy jump-started China’s transformation from a poor and underdeveloped centrally-planned economy into an economic powerhouse, increasingly driven by the market. ... Read more...
Direct Taxes in India Explained By: Vasundhara Rastogi, Asia Briefing, Dezan Shira & Associates , Posted: 26th March 2019 08:35 In India, there are two types of taxes levied by the government: Direct taxes and indirect taxes. Indirect taxes are levies imposed on goods and services, whereas direct ta ... Read more...
GST Composition Scheme for SMEs in India By: Vasundhara Rastogi, Asia Briefing, Dezan Shira & Associates , Posted: 19th March 2019 08:50 In its 32nd GST Council meeting held on January 10, 2019, the government of India increased the turnover limit for availing composition scheme for goods, and expanded the scope of the scheme to include service providers. The changes will come into effect from April 1, 2019. Below, we discuss the updated GST composition scheme for businesses, i ... Read more...
German FDI in ASEAN Part I: Brunei and Cambodia By Piet Flintrop, ASEAN Briefing, Dezan Shira & Associates , Posted: 15th March 2019 11:26 The Association of Southeast Asian Nations (ASEAN), featuring ten dynamic and growing economies, has become increasingly favorable for foreign investment in recent years. This is mainly due to the desire of governments in ASEAN countries to promote FDI and the increasingly growing domestic markets in the region. The ongoing Sino-US trade war, the creation of the ASEAN Economic Communit ... Read more...
EU-Singapore Free Trade Agreement Signed Written by: Piet Flintrop, ASEAN Briefing, Dezan Shira & Associates , Posted: 22nd February 2019 08:55 On October 19, 2018, the European Union (EU) and the Republic of Singapore signed a free trade pact – the EU-Singapore Free Trade Agreement (EUSFTA) – to deepen the economic relations between the two regions. Along with this deal, two other agreements have been signed between the two sides – the EU-Singapore Investment Protection Agreement (EUSIPA) and the ... Read more...
How to Read India’s 2019 Interim Budget Written by: Rohit Kapur, Asia Briefing, Dezan Shira & Associates , Posted: 12th February 2019 09:11 Conventionally, 2019 being an election year in India, the Modi government was expected to present an interim budget, which, essentially is a vote on account, whereby the parliament sanctions funds for the government to function in an uninterrupted manner till the new government is voted in and takes charge. The new government then, based on its stated election manifesto and the availab ... Read more...
Three Things Foreign Companies Need to Know about Chinese New Year Written by: Dorcas Wong, Asia Briefing, Dezan Shira & Associates , Posted: 6th February 2019 08:51 Chinese New Year, also known as the Spring Festival or Lunar New Year, is the most anticipated and celebrated festival in the Chinese calendar, but for businesses this can often be a disruptive time that requires advance planning and strategizing. ... Read more...
Vietnam Hikes Minimum Wages by 5.3 Percent in 2019 Written by: Koushan Das, Vietnam Briefing, Dezan Shira & Associates , Posted: 28th January 2019 08:45 Vietnam’s National Wage Council has increased the minimum wage by an average of 5.3 percent in 2019. The hike, which is the lowest compared to previous years, will increase the minimum wage in the four regions by US$7-9 per month. In 2018, the increase was 6.5 percent, while in 2017 the minimum wage was hiked by 7.3 percent. Representing the employees, ... Read more...
How Accepting Bitcoin Can Help Grow Your Small Business in 2019? 23rd January 2019 08:55 Small businesses face many challenges every day, and it is important to provide yourself with a strong platform for growth and developing business confidence. One way for small businesses to grow is to be early adopters of new technology and gain advantages that many larger firms are unable to obtain. It would be fair to say that many small businesses have ... Read more...
The rising role of transfer pricing in tax planning and litigation By Philip de Homont, Posted: 21st January 2019 08:37 Transfer pricing has become a key point of tax planning, tax compliance, and tax transparency both because businesses are becoming ever more international, but also because tax authorities are increasingly focused on addressing perceived injustices towards their tax base. Consequently, transfer pricing challenges have increased substantially over the years.   < ... Read more...
The Future of Gambling: How Technologies Are Changing Online Gambling Industry 18th January 2019 12:19 Online gambling is constantly changing with innovative technology solutions. Today, it is easier to find and access any online casino from a smartphone or tablet device. All you have to do is to check some reliable online casino reviews or just surf the internet. Even land-based casinos introduced digital machi ... Read more...
What is Made in China 2025 and Why Has It Made the World So Nervous? by: Melissa Cyrill, Asia Briefing, Dezan Shira & Associates , Posted: 14th January 2019 16:31 Made in China 2025 seeks to engineer a shift for China from being a low-end manufacturer to becoming a high-end producer of goods. The goal is to tap into China’s increasingly wealthy home consumer base as well as the value-added global sourcing segment. This has required transitioning the country’s existing manufacturing infrastructure ... Read more...
Events 4 Sure Concludes the 45th Global Legal and Global GDPR Confex in San Francisco 27th November 2018 09:18 San Francisco The International Law Event Management Company, Events 4 Sure successfully concluded its 45th Global Legal and Global GDPR Confex in Argonaut Hotel, 495 Jefferson Street, ... Read more...
The Newest Tax Bill in Colombia. 24 Reforms since 1998. By Monica Reyes , Posted: 26th November 2018 11:46 The new Colombian government is facing a problem: While Ivan Duque Marquez, the President, promised throughout his political campaign to reduce income taxes imposed on the corporate sector, his Finance Minister is dealing with a tax deficit that has caused the first diminishment in the credit rating of the country in 15 years.   The Finance Minister has been clea ... Read more...
China’s War Against Pollution: Five Environmental Compliances Business Should Expect This Winter By: Dorcas Wong, China Briefing, Dezan Shira & Associates, Posted: 19th November 2018 08:55 Businesses face mounting pressure to meet environmental compliances as China’s war on pollution wages on. While the rhetoric surrounding China’s clean-up efforts are certainly not new – the country&rsquo ... Read more...
How To Successfully Secure Funding For Your Business 16th November 2018 15:56 Planning a new business venture or attempting to get your new innovations into circulation can often be made stressful and time consuming when financial muscle is at a premium. There is a plethora of things that need to be funded in order for you to take flight and put the building blocks in place for a long and prosperous future for your idea.   There are a hand ... Read more...
Leading Transfer Pricing and Valuation Experts Form Valentiam Group 6th November 2018 08:40 A team of leading Transfer Pricing and Valuation professionals has recently formed Valentiam Group to provide independent and innovative services. The new company comprises specialists trusted by the corporate tax departments and tax advisors of many of the world’s leading corporations. The founding partners, who previously were aff ... Read more...
New China Tariff Cuts to Lower Costs for Manufacturers, Consumers By: Hugo Butcher Piat, China Briefing, Dezan Shira & Associates, Posted: 25th October 2018 09:23 China’s new market regulator, the State Administration for Market Regulation (SAMR), is a result of the reshuffling of several government bodies to eliminate duplication of work, streamline regulation, and improve coordination between ministries. First announced on March 17, ... Read more...
Appropriate Legal Due Diligence in a Merger and Acquisition Transaction By Yousef S. Khalilieh & Arwa T. Al Azzeh, Posted: 9th October 2018 08:44 Before the acquirer enters into a contractual commitment to buy any assets and/or shares of a target company, the acquirer needs to have an insight into what it is planning to buy and what actual, potential and contingent liabilities it is assuming. Reasonable verifications and precautions should be taken to identify target company’s legal, commercial and financial status, the target com ... Read more...
Termination of Employees in ASEAN By: Vasundhara Rastogi, ASEAN Briefing, Dezan Shira & Associates, Posted: 8th October 2018 10:20 Terminations come with inherent risks of employees filing lawsuits against employers, and can be expensive. As each country in ASEAN has its own employment law, it is important for multinational companies that operate within the region to ensure that their contracts are in line with the local requirements in each jurisdiction. In this article, we provide a brief overview of statutory regimes in th ... Read more...
How to Change Your Company’s Registered Office in India By: Vasundhara Rastogi, India Briefing, Dezan Shira & Associates , Posted: 4th October 2018 08:55 A registered office (RO) is the official address of the company recorded with the Registrar of Companies (RoC), India, where all government or legal communications are sent. The Companies Act, 2013, requires companies to paint or affix its name,as well as the address of i ... Read more...
Global Labour Trends for 2018 1st October 2018 09:18 1.Introduction The labour market is constantly changing and adjusting to the global setting which has faced: (i) a rapid technological advancement with a widespread acceptance of digital communication devices; (ii) a competitive environment of companies; (iii) the globalisation phenomenon; and (vi) the financial crisis, etc. Within th ... Read more...
Harvesting intangible assets via global franchising By Andrew J. Sherman, Posted: 24th September 2018 12:35 Just as the overwhelming popularity of franchising has captured the excitement of United States economy over the past 40 years, it has also attracted genuine attention in the overseas markets over the past 25 years and is likely to be a major trend in the future for harvesting and monetising a growing company’s intangible assets.   Avoidin ... Read more...
Labor Contracts in ASEAN By: Vasundhara Rastogi, ASEAN Briefing, Dezan Shira & Associates, Posted: 20th September 2018 08:53 A labor or employment contract is a binding agreement between an employer and an employee, that addresses important employment terms, including those related to wages, benefits, termination procedures, and the duties and responsibilities of both parties. A well-drafted agreement not only sets out the ground rules of the relationship but also limits risk for both parties. In this ... Read more...
RCEP Negotiations Reach Critical Stage – Likely to be Inked by Year-End By: ASEAN Briefing, Dezan Shira & Associates, Posted: 14th September 2018 09:16 In the sixth Regional Comprehensive Economic Partnership (RCEP) ministerial meeting held in Singapore, the negotiations for the conclusion of the proposed RCEP reached a critical stage; the top leaders from the 16-member coalition came together and pledged to endorse a package of outcomes by year-end. Concluded on August 31, 2018, the two-day Singapore Ministerial meetin ... Read more...
Immigration considerations in M&A transactions By Philip Trott, Posted: 11th September 2018 08:35 Organisations going through mergers and/or acquisitions in the UK need to be aware of immigration issues and take careful steps to avoid falling foul of the law.   Prevention of illegal working regime   All employers in the UK are subject to duties regarding the prevention of illegal working. Employe ... Read more...
India’s Free Trade Agreements By: India Briefing, Dezan Shira & Associates , Posted: 7th September 2018 08:46 Free trade agreements (FTAs) are arrangements between two or more countries, or between a country and a trading bloc to abolish or reduce tariffs, quotas, and preferences on goods and services traded. Countries often agree to FTAs if their economic structures are complementary, not competitive. FTAs also cover areas such as ... Read more...
Vietnam to Hike Minimum Wages by 5.3 Percent in 2019 By: Koushan Das, Vietnam Briefing, Dezan Shira & Associates, Posted: 31st August 2018 08:45 Vietnam’s National Wage Council has proposed to increase the minimum wage by 5.3 percent in 2019. The proposed hike, which is the lowest compared to previous years, will increase the minimum wage in the four regions by US$7-9 per month. In 2018, the increase was 6.5 percent, while in 2017 minimum wage was hiked by 7.3 percent. Representing the employee ... Read more...
Why Businesses Automate HR and Payroll Processing in China By: Bradley Dunseith, China Briefing, Dezan Shira & Associates, Posted: 29th August 2018 12:47 Advances in automation are forcing businesses to reimagine their human resources (HR) and payroll processing workflows. Contrary to popular perceptions, automation will not replace employees, but rather compliment employee’s creative and critical skills – empowering them to be more productive. Businesses can introduce automation into their organizatio ... Read more...
Technology for Real Estate Agents and Investors 28th August 2018 11:52 Buying, selling, and investing in property has become easier and more accessible. The technology assisting real estate agents and investors to conduct business are smartphones and tablets. Using modern technology in both the residential and commercial real estate industry is helping to grow this trillion dollar industry. Mobile technology is the largest purveyor for the ... Read more...
HR Management in the Digital Workplace: Tips for Employers in India By: Rohini Singh, India Briefing, Dezan Shira & Associates, Posted: 20th August 2018 08:57 The workplace, as we know it, is changing. In organizations across the world, the pace of digital transformation is impacting matters linked with workforce optimization, talent transformation, up-skilling and re-skilling, training, and resource development. These concerns lie at the heart of ... Read more...
Restructuring Opportunities – Will Bad Investor Decisions Lead to Growth for Advisors: By Allen Wilen, Posted: 15th August 2018 09:59 With liquidity at an all-time high, we are experiencing an unprecedented period in the history of business investment. Corporations and Funds have mountains of dry powder, yet we hear sentiments from executives, investors and lenders alike that the quality of deals continues to decline. With the ever-increasing pressure to deploy capital and win deals coupled with a collapsing structure and thinne ... Read more...
ASEAN Meets with Russia & China; Discusses SCO & EAEU By: ASEAN Briefing, Dezan Shira & Associates, Posted: 13th August 2018 09:04 Russian Foreign Minister Sergey Lavrov has been meeting with ministers from the ASEAN bloc of countries in Singapore this past week in preparations for the ASEAN 2018 summit due to be held in November.  Several plenary sessions were held, with China’s Foreign Minister Wang Yi also in attendance.  Neither Russia nor China is members of ASEAN, however, C ... Read more...
China’s Fastest Growing Cities By: I-Ting Shelly Lin, China Briefing, Dezan Shira & Associates, Posted: 10th August 2018 08:49 In China, lower-tier cities are challenging the dominance of first-tier cities like Beijing and Shanghai for attracting foreign investment. In recent years, the increasing cost of labor, housing, and land in first-tier cities has led many Fortune 500 companies — especially those in the computer, software, information technology, and e-commerce sectors &mdas ... Read more...
Vietnam: Registration of Technology Transfer Now Mandatory By: Koushan Das, Vietnam Briefing, Dezan Shira & Associates, Posted: 8th August 2018 09:05 According to the new Law on Technology Transfer dated 19 June 2017 and Decree No. 76/2018/ND-CP which was issued on 15 May 2018, registration of technology transfer has been made mandatory from July 1, 2018, in Vietnam. Earlier, registration was only mandatory for technology transfers which were restricted. Types of technology transfers ... Read more...
Tax Bureau to Collect Social Insurance in 2019: Time for an HR Review in China By: Dorcas Wong, China Briefing, Dezan Shira & Associates, Posted: 2nd August 2018 09:56 On July 23, 2018, China’s Central Committee and the State Council released the Reform Plan on the National and Local Taxation Collection and Management System (“Taxation Collection Reform Plan”). The Taxation Collection Refor ... Read more...
Cambodia’s Garment and Footwear Exports Register Robust Mid-Year Growth By: ASEAN Briefing, Dezan Shira & Associates, Posted: 30th July 2018 09:15 According to a report recently released by the National Bank of Cambodia (NBC), the country’s garment and footwear exports rose to US$ 4 billion in the first six months of 2018. This was an increase of 11 percent and almost doubled the 6.9 percent rise recorded in the same period of the previous year. While the NBC has not outlined any specific factors that led ... Read more...
Why Businesses Should Pay Attention to China’s Government Inspections By: Alexander Chipman Koty, China Briefing, Dezan Shira & Associates, Posted: 25th July 2018 08:51 On July 6, China announced a campaign to inspect local governments and departments, signaling the central government’s resolve to implement core policies. The announcement, detailed in the State Council’s Circular ab ... Read more...
Five Guidelines to Prevent Failed Cross-Border Deals By Anthony Bahr, Posted: 24th July 2018 08:33 Over the past decade, there has been a drastic increase in both the number and the value of cross-border mergers and acquisitions. Today, cross-border deals account for roughly 40% of global M&A activity, and there is little evidence to suggest this trend has plateaued as acquirers continuously evaluate new growth and diversification opportunities outside of their home markets. ... Read more...
Best Practices for Year-end Transfer Pricing Adjustments in China By: Shirley Chu, China Briefing, Dezan Shira & Associates, Posted: 19th July 2018 08:46 Tax professionals at multinational companies (MNCs) often review their related party transactions at the end of the fiscal year. This helps them see whether the related party transactions within the group are in line with the arm’s length principle, and whether they meet the transfer pricing regulations where they operate. When deviations are found in the revie ... Read more...
Just how dependent are we on oil and gas? 18th July 2018 08:38 In the United States, about 7.26 billion barrels of oil and gas were consumed in 2017, which breaks down to about 19.88 million barrels each day. That number is a .98% increase from 2016, but it's lower than the daily gas and oil usage from 2003-2007, when the daily rate of oil consumption exceeded 20 million gallons. Individually, we use about 2.5 gallons of oil daily. That translates to ... Read more...
The legal protection of the assets purchaser of companies under judicial recovery in Brazil By Diego Montenegro, Posted: 17th July 2018 10:18 The promulgation of Law No. 11,101/2005 (LRFE) has brought an undeniable advance to the Brazilian insolvency system, as it contemplates truly effective tools in order to make possible the upliftment of viable companies in temporary economic and financial difficulties.   Despite all positive aspects, the experience gained throughout almost 13 years of validity has ... Read more...
Thailand’s E-Commerce Landscape: Trends and Opportunities By Vasundhara Rastogi, ASEAN Briefing, Dezan Shira & Associates, Posted: 16th July 2018 09:31 The second largest economy of Southeast Asia, Thailand has one of the region’s highest number of internet users. There are approximately 57 million internet users in the country that are well-versed in the use of digital technologies, mobile, and e-commerce.   The growing internet user base makes Thailand an ideal growth environment for e-commerce busi ... Read more...
Requirements for posting workers to the Netherlands By Marcel A.G. Reurs, Posted: 13th July 2018 08:55 What is a ‘posted worker’?   A ‘posted worker’ is sent by his employer to temporarily work in another country than where he normally works to carry out a contracted service (‘service provision’), work for an undertaking, belonging to the same group of undertakings as his empl ... Read more...
The redefinition of Mexican public policy: A new standard for annulment and enforcement actions in Mexico By Daniel García Barragán L., Posted: 10th July 2018 09:06 Mexico, alongside some of the other major Latin American countries, has become an active hub for arbitral proceedings. This reflects the modern and arbitration friendly legal framework in place, as well as a healthy set of arbitral jurisprudence created since the adoption of the UNCITRAL Model Law in 1993.   In this vein, Articles 1457 and 1462 of the Mexican Com ... Read more...
Labor Market Trends in Vietnam By: Dezan Shira & Associates, Vietnam Briefing, Dezan Shira & Associates, Posted: 9th July 2018 08:59 Labor intensive sectors continue to be the growth drivers for Vietnam’s economic development. However, as the world moves towards Industry 4.0, the government has to introduce significant reforms across all the main sectors of the economy, to increase the productivity, skills, and quality of labor to remain competitive.   Labor productivit ... Read more...
The Scope of Contemporaneous Documentation in China By: Shirley Chu, China Briefing, Dezan Shira & Associates, Posted: 6th July 2018 10:00 After the OECD/G20 Action Plan for Tax Base Erosion and Profit Transfer Projects (“BEPS Action Plan”) was released in October 2015, tax authorities across the world, ... Read more...
Singapore-Australia FTA: Impact of Recent Updates By: Sunny Merai, ASEAN Briefing, Dezan Shira & Associates, Posted: 4th July 2018 15:31 Singapore is Australia’s largest trade partner in Southeast Asia, and the Singapore-Australia Free Trade Agreement (SAFTA) has facilitated much of this success. SAFTA has not only eliminated tariffs, but has increased market access for key Australian exports in industries such as education, green technologies, and telecommunications. Negotiations for SAFTA bega ... Read more...
Fraud in China: Where is Your Company Losing Money? By Thibaut Minot, China Briefing, Dezan Shira & Associates, Posted: 25th June 2018 16:12 Foreign businesses in China are less likely to disregard fraud than in the past. The speed of economic growth in the country detracted attention from cost savings; a more competitive market now means businesses need to build stronger anti-fraud programs to protect margins and improve efficiency. But preventing and detecting fraud is not getting any easier. ... Read more...
Taxation in ASEAN: An Introduction By ASEAN Briefing, Dezan Shira & Associates, Posted: 22nd June 2018 08:30 The Association of Southeast Asian Nations (ASEAN) represents a highly integrated economic region when compared to other parts of the world. Yet, in terms of taxation, there is a wide variation among its 10 member states namely, Brunei, Laos, Cambodia, Indonesia, Myanmar, Malaysia, Philippines, Singapore, Thailand, and Vietnam. Apart from the reduction of import tariffs, ASEAN tax coor ... Read more...
Singapore, India Trade Pact Review: Tariff Cuts, Flexible Rules of Origin Announced under CECA 20th June 2018 10:15 Singapore and India have successfully concluded the much awaited second review of their preferential trade pact – the Comprehensive Economic Cooperation Agreement (CECA). Enhancements to the CECA w ... Read more...
HR and Payroll in India: 10 Best Practices for Employers By Rohini Singh, India Briefing, Dezan Shira & Associates, Posted: 12th June 2018 08:38 As India integrates into the global market, foreign firms entering the country have to strike a balance between following their own best practices while adapting to local norms and having a firm understanding of legal requirements in the country.   Good human resource (HR) practices streamline organizational functions and ensure low attrition rates ... Read more...
Trends in Manufacturing Transactional Activity: Is it the 1980s again? By Dennis & David Kebrdle, Posted: 11th June 2018 08:54 Our practice at Chikol Equities, Inc. “Chikol” began in the early 1980s when we completed the first of about 15 leveraged transactions, mostly in the manufacturing and distribution space with our last exit occurring in 1999. We didn’t have sufficient equity to work with, so our transactions relied upon about 95% debt, which was a combination of senior secured and mezz ... Read more...
Lathrop Gage Welcomes Scheidemantle Law Group, Enhancing Insurance Recovery and Product Liability, L.A. Presence 7th June 2018 09:18 Scheidemantle Law Group’s attorneys have joined Lathrop Gage LLP, the two firms announced today. The combination continues the expansion of Lathrop Gage’s Insurance Recovery and ... Read more...
The Philippines’ FTA with the European Free Trade Association Enters into Force in June By Vasundhara Rastogi, ASEAN Briefing, Dezan Shira & Associates, Posted: 6th June 2018 09:20 The Free Trade Agreement (FTA) between the Philippines and the European Free Trade Association (EFTA) will enter into force for Switzerland and the Philippines on June 1, 2018. In March this year, the Philippines’ Senate ratified the FTA with the EFTA as part of the country’s strategy to gain a stronger foothold in the European market. The EFTA comprises of some of ... Read more...
Utilising the National Interest Waiver to obtain permanent residency in the United States By Richard I. Fleischer, Posted: 31st May 2018 09:02 U.S. employers who seek to petition for permanent residence on behalf of foreign national workers often face an uphill battle. However, for foreign nationals with advanced degrees or exceptional ability in the sciences, arts or business, the National Interest Waiver offers relief from many of the standard procedures that complicate employment-based petitions for permanent residence. This article w ... Read more...
The Right of Prior Use in Russia: Legal Base and Court Practice By Kirill Osipov & Mikhail Khmara, Posted: 24th May 2018 09:08 As a result of granting a patent for an invention, utility model or industrial design, a patentee gains the exclusive right to use his invention, utility model, or industrial design in any legitimate manner in accordance with Article 1358(1) of the Civil Code of the Russian Federation (hereinafter – the Civil Code). The patentee is entitled at his discretion to permit or prohibit other p ... Read more...
Corporate Taxes in the Philippines By Vasundhara Rastogi, ASEAN Briefing, Dezan Shira & Associates, Posted: 23rd May 2018 09:25 In the Philippines, all companies – domestic or foreign – are liable to pay corporate income tax (CIT). The tax liability for a corporation is determined by its residency status and is based on the net income it obtains while carrying out its business activity, normally during one business year Residency status of a company ... Read more...
Cloud Technology in China: What Businesses Need to Know By Bradley Dunseith, Associate International Business Advisory, China Briefing, Dezan Shira & Associates, Posted: 16th May 2018 09:01 China’s cloud technology industry is expected to grow to US$103 billion by 2020 as companies continue to digitize their business data and internal systems. The growing demand for cloud technology&l ... Read more...
China’s New VAT Rates: Prepare for May 1 Transition By Daisy Huang, Senior Manager, Corporate Accounting Services and Molly Lao, Senior Auditor, China Briefing, Dezan Shira & Associates, Posted: 14th May 2018 10:18 China recently announcedthat it would lower its value-added tax (VAT) ratesand expand the cr ... Read more...
Hong Kong’s New Two-tiered Profits Tax By Paul Dwyer, China Briefing, Dezan Shira & Associates, Posted: 1st May 2018 08:39 On December 29, 2017, the Inland Revenue (Amendment) (No. 7) Bill 2017 (Profits Tax Bill) was gazetted in Hong Kong, thereby introducing a two-tiered profits tax rate regime to the city. The key objectives of the Profits Tax Bill are to maintai ... Read more...
New Public Disclosure Requirements for Canadian Life Insurers By Carol Lyons, Posted: 27th April 2018 09:03 In Canada, the Office of the Superintendent of Financial Institutions (“OSFI”) is the federal regulatory authority over life insurers. On 29 March 2018, OSFI published its final version of a new guideline entitled Life Insurance Capital Adequacy Test Public Disclosure Requirements&nb ... Read more...
Competition Law and E-Commerce By Saifullah Khan, Posted: 24th April 2018 08:19 “Competition is not only the basis of protection to the consumer, but is the incentive to progress” - Herbert Hoover   Competition is the lifeblood of strong and effective markets.If there is no competition in the market, there would be no incentive to ... Read more...
Impact of Brexit on Competition & Antitrust By Deirdre Taylor, Posted: 17th April 2018 08:30 Following the UK Brexit referendum in June 2016, as of 29 March 2019 (subject to political developments) the UK will no longer be a Member State of the European Union (“EU”). The likely impact of this on the areas of merger control, antitrust, and private litigation is explored below.   Merger Control ... Read more...
India South Asia Bilateral Economic Relations By Ramya Boddupalli, India Briefing, Dezan Shira & Associates, Posted: 11th April 2018 08:42 India’s trade and business relationship with its immediate South Asian neighbors is enjoying a period of revival, in large part due to the endorsement by the Modi government’s “Neighborhood First” policy. As  ... Read more...
The Impact of Technology on Private Equity By Greg Lindae, Posted: 10th April 2018 08:51 “Software is eating the world” (M. Andreessen) and “AI is the new electricity” (A. Ng) are two phrases that indicate the seismic impact technology is having on traditional business models in general and on the Private Equity (PE) industry specifically. A PE investor’s return performance and risk exposure in a portfolio of investees is directly impa ... Read more...
China Slashes VAT Rates in US$64 Billion Tax Cut By Alexander Chipman Koty, China Briefing, Dezan Shira & Associates, Posted: 5th April 2018 08:31 China will cut value-added tax (VAT) rates for businesses in the manufacturing,  ... Read more...
The Growing Interest in FinTech from Fund Managers and Regulators alike By Zubair Mir, Geoffroy Hermanns & Emma Spence, Posted: 4th April 2018 09:47 Financial technology (“FinTech”) is a growing industry in the Middle East and North Africa (“MENA”) with regulators and governments across the region thinking more deeply about the impact that FinTech companies can have on the broader economy. Governments throughout the region are recognising that boosting financial inclusion is crucial for economic diversit ... Read more...
Import and Export Procedures in Indonesia – Best Practices By Vasundhara Rastogi, ASEAN Briefing, Dezan Shira & Associates, Posted: 3rd April 2018 09:46 Spread across more than 17,500 islands, the Indonesian archipelago is a pivotal trading hub in Southeast Asia. The island country borders Malaysia, Timor-Leste, and Papua New Guinea by land, and Christmas Island, India,  ... Read more...
India France Relations: Growing Prospects in Renewables, Manufacturing following Macron’s Visit By Bradley Dunseith, India Briefing, Dezan Shira & Associates, Posted: 26th March 2018 08:45 French President Emmanuel Macron landed in Delhi late last Friday – to a warm reception by Prime Minister Narendra Modi. The move is a marked departure from the recent Canadian official visit, almost a statement of India’s strong ties with F ... Read more...
CPTPP Signed: Opportunities for Vietnam’s Enterprises By Koushan Das, Vietnam Briefing, Dezan Shira & Associates, Posted: 23rd March 2018 09:51 On March 8, 11 countries signed the Comprehensive and Progressive Agreement for Trans-Pacific Partnership or CPTPP in Chile. The agreement represents 13.5 percent of the global economy, a total of US$10 trillion dollars and 15 percent of the global trade revenue, equal to US$5 trillion. Members include Australia, Brunei, Canada, Chile,  ... Read more...
Thailand’s Eastern Economic Corridor – Opportunities for Investment By: Vasundhara Rastogi, ASEAN Briefing, Dezan Shira & Associates, Posted: 19th March 2018 08:39 Last month, Thailand approved the much-awaited law for the development of its US$45 billion Eastern Economic Corridor (EEC) – rolling out a series of measures to spur foreign investments in the Thai economy. The new law provides for over a hundred regulations – amended or suspended – to sweeten business incentives and revoke legal restrictio ... Read more...
Cross Border Marketing of UCITS and AIF into Austria By Markus Heidinger, Wolf Theiss, Vienna, Posted: 14th March 2018 08:52 The EU passport is a key component of the UCITS and AIFM regime as it allows fund promoters / managers to market their funds in other EU Member States without having to apply for any additional authorisation. However, a notification procedure (see below) needs to be followed which has been simplified following the implementation in EU Member States of UCITS IV and AIFMD.  < ... Read more...
Germany India Diversify Economic Relations – Manufacturing, SMEs, Startups By Ramya Boddupalli, India Briefing, Dezan Shira & Associates, Posted: 13th March 2018 08:59 India and Germany enjoy a strong partnership based on shared economic and strategic interests. Germany is India’s largest trading partner in the ... Read more...
Fighting bribery and corruption in Italy: Pros and cons of ISO 37001 for companies already compliant with Legislative Decree no. 231/2001 By Giovanni Foti, Posted: 12th March 2018 08:16 Significant steps have been taken in order to fight bribery and corruption in Italy, first with Legislative Decree no. 231/2001 (on administrative liability of legal entities), followed by Law no. 190/2012 (on prevention and suppression of corruption within public administration) and Legislative Decree no. 38/2017 (on corruption among private parties).   The prog ... Read more...
Basic Cybersecurity and Data Protection Legislation in Japan By Hiromi Hayashi, Posted: 5th March 2018 08:31 The following laws and regulations are the basic legislation in Japan for cyber security and data protection:   (i)           Basic Act on Cybersecurity (Act No. 104 of 2014, as amended; the “Basic Act”)   ... Read more...
China’s Anti-tax Avoidance Rules By China Briefing, Dezan Shira & Associates, Posted: 28th February 2018 09:04 The general anti-avoidance rule was first introduced in China under the 2008 CIT Law. It empowers Chinese tax authorities to make reasonable adjustments where an enterprise implements an arrangement without reasonable business purposes in order to reduce its taxable income or profit. A ... Read more...
Saving technologies: More profit and less emissions By Richard Chambers, Posted: 21st February 2018 08:31 It is typical for industry and logistics to react to the suggestion that they could save costs with comments such as: “do you think we are a poor company?”, “it sounds too good to be true”, or “we have been like this for 30 years and it is ok”.  Despite having won several international awards during the last eight years, we are s ... Read more...
The Pearl River Delta Greater Bay Area Integration Plan By Mark Preen, China Briefing, Dezan Shira & Associates, Posted: 19th February 2018 08:33 In 1978, China launched a policy of “reform and opening-up”, which catalyzed the economic development of modern day China. Leading the way in the implementation of this policy was South China’s Pearl River Delta (PRD) region. Today, the PRD is one of China’s most open and dynamic regions. The PRD is known as “The Factory ... Read more...
Feeling Groovy: Recent Past, Present and Potential Future of Spanish Financing By Ángel Pérez López, José-Félix Zaldívar & Uría Menéndez Abogados, Posted: 9th February 2018 08:57 After recovering from what seemed to be a near-death experience, Spain is now the ray of hope in the European market (even after two general elections, 315 days of a caretaker administration, and a €100 billion bailout from the EU to restructure the country’s financial sector).   The 180-degree turn-around in economic perspectives has clearly p ... Read more...
Applicable Regulatory Regime for Oil Transportation by Pipeline in Colombia By Alvaro Sabbagh, Posted: 6th February 2018 09:06 The legal framework for crude oil transportation by pipelines in Colombia dates from 1953, the year in which the Petroleum Code was issued in Decree 1056/1953. Since then, there have been no major legal modifications, with the exception of certain regulations issued by the Ministry of Mines and Energy (MME) in 2010 and 2014, which mainly aim to specify certain rules for the transportation activity ... Read more...
China’s FinTech Industry By Mark Preen, China Briefing, Dezan Shira & Associates, Posted: 2nd February 2018 08:17 Traditional financial centers such as London and New York are witnessing increased competition from Chinese cities like Shanghai and Shenzhen with the rise of FinTech. While China’s traditional financial sector is relatively undeveloped and restricted from foreign participation, the country’s Internet Finance, or Financial Technology (FinTech), industry has developed rapidly in ... Read more...
Access India and ASEAN through Singapore By Bradley Dunseith, India Briefing, Dezan Shira & Associates, Posted: 31st January 2018 08:19 A key incentive of Indian trading – both inbound and outbound – is the relationship India enjoys with the Association of South East Asian Nations (ASEAN). India has a complete ... Read more...
Shenzhen Businesses: Register Tax Personnel by February 28 By Dezan Shira & Associates, Posted: 19th January 2018 08:21 Shenzhen has implemented a new rule requiring all businesses in the city to register key tax personnel with the local tax bureau. The move aims to enhance businesses’ commitment to comply with tax-related laws by registering ... Read more...
Liability of Directors and Officers and Rights of Minority Shareholders in Bermuda By Jan Woloniecki &Neil Horner, Posted: 2nd January 2018 09:11 The corporate law of Bermuda provides strong and effective protection from liability for directors and officers of companies incorporated in Bermuda. It also generally does not impose fiduciary duties on majority shareholders, and accordingly allows majority shareholders to direct management to pursue business strategies which they regard to be in the best interests of the company and even their o ... Read more...
Corporate Risk Management By Zhengyang Wang, Posted: 14th December 2017 08:31 How do companies deal with and control corporate risks? Based on our experience in providing legal service to foreign-owned enterprises in China, we think the following contents are worth paying attention to: 1. Managing risks prior to each transaction or deal The most important part of corporate risk management prior to each tra ... Read more...
China Cuts Import Duties on Consumer Goods By Dezan Shira & Associates, Posted: 11th December 2017 07:46 China is cutting import tariffs on nearly 200 types of consumer goods in a bid to encourage domestic consumption. The new tariff rates will take effect from December 1, 2017, according to an announcement by the Customs Tariff Commission of the State Council. ... Read more...
Delhi’s Pollution Crisis and its Impact on Business By Dezan Shira & Associates, Posted: 6th December 2017 08:17 India’s capital Delhi has been receiving international news coverage for its severely ... Read more...
The effect of English insolvency law on arbitration By James Hayton , Posted: 5th December 2017 08:24 Pursuing arbitration against a company which has entered formal insolvency is rarely an enticing prospect. The company may not have sufficient assets to satisfy an award and, even if it does, there are legal rules in most advanced jurisdictions designed to prevent the pursuit of individual claims against such a company outside collective insolvency proceedings. In practice, nevertheless, resorting ... Read more...
China’s Business Reform Agenda By Dezan Shira & Associates, Posted: 21st November 2017 09:12 In recent years, the government has introduced a number of policies and reforms to improve investment conditions and the ease of doing business in China. Many experienced China hands assert that these ... Read more...
Malaysia’s 2018 Budget: Salient Features 17th November 2017 09:04 On October 27, 2017, Malaysia’s Prime Minister Najib Abdul Razak tabled the country’s much anticipated 2018 budget. The new budget is in line with the government’s agenda to achieve Transformasi Nasional 2050 (TN50) or National Transformation 2050; TN50 is a 30 year-plan,first introduced in the budget 2017,that aims to make Malaysia one of the world& ... Read more...
EU Trade Mark Protection and the UK Following Brexit By Maggie Ramage, Posted: 8th November 2017 08:24 At present, EU trade mark protection covers all 28 member states. Once the UK exits the EU existing EU rights will still cover 27 member states, with the exception of the UK, and it is generally thought that the UK portion of these EU rights will be extended to cover the UK, the question is how will this happen?   If entities currently own UK national trade mark ... Read more...
Make in India: Still Falling Short after Three Years By Dezan Shira & Associates, Posted: 7th November 2017 15:31 Make in India is the government’s flagship program to revitalize the country’s flaccid manufacturing sector. When it was launched in 2014, Make in India stole headlines across the world – Prime Minister Narendra Modi and his government ... Read more...
Maharashtra Shops and Establishment Act, 2017 By Dezan Shira & Associates, Posted: 1st November 2017 08:49 The Maharashtra Shops and Establishments (Regulation of Employment and Conditions of Service) Act, 2017 came into force on September 7, 2017. This replaces the Maharashtra Shops and Establishment Act of 1948. Previously, the federal government enacted the Model Shops and Establi ... Read more...
Singapore’s Inward Re-Domiciliation Regime: What You Need to Know By Dezan Shira & Associates, Posted: 30th October 2017 08:55 One of the key amendments to the Singapore Companies Act, the inward re-domiciliation regime came into effect on October 11, 2017. The amendment allows foreign companies to relocate their business headquarters to Singapore instead of setting up subsidiaries, without losing their corporate history or brand identity. This means that a foreign company located outside of Singapore may become a registe ... Read more...
U.S. Constitutionality of Section 2(a) of the Lanham (Trademark) Act By Steven E. Warner & Kathryn E. Easterling (Fitzpatrick) , Posted: 27th October 2017 08:43 On December 22, 2015, an en banc panel of the U.S. Court of Appeals for the Federal Circuit ruled that Section 2(a) of the Lanham Act (“Section 2(a)”), which states that a U.S. trademark may be refused registration on the principal register if it “consists of or comprises immoral, deceptive, or scandalous matter; or matter which may disparage…,” i ... Read more...
Payroll Obligations in Vietnam By Dezan Shira & Associates, Posted: 26th October 2017 09:20 After setting up a business in Vietnam, the next big hurdle is hiring the staff that you will need to help grow your operation. The initial hiring process and, ultimately, payroll administration can quickly become a complex and confusing process. Labor intensive sectors, such as manufacturing, are almost certain to face a significant degree of exposure to these challenges, while all companies sett ... Read more...
Singapore’s Free Trade Agreement with Turkey Comes into Force By Dezan Shira & Associates, Posted: 24th October 2017 09:40 The much-awaited Turkey-Singapore Free Trade Agreement (TRSFTA) went into effect on October 1, this year. The agreement paves the way for freer movement of goods and services, and further investment opportunities between the two countries. The TRSFTA was first signed in November 2015 and covers a wide range of areas including goods and services, e-commerce, intellectual property rights, competitio ... Read more...
FCRA Compliance in India: How 24,000 NGOs Lost Their License By Dezan Shira & Associates, Posted: 6th October 2017 08:15 Earlier this month, the Ministry of Home Affairs (MHA) cancelled licenses for 4,800 non-governmental organizations (NGOs) in India. The NGOs had not filed annual returns between 2011 and 2015 in accordance with the Foreign Contribution Regulation Act, 2010 (FCRA).  &l ... Read more...
Be Prepared: structured information as basis for a preventive plan By Michelle Barclay, Partner at CMS Grau, Posted: 5th October 2017 09:13 Peruvian economy has been quiet stable for more than 10 years. We have overcome those critical times around 1998 when almost every industrial sector faced serious financial problems.   Factors that lead companies into crisis, at that time, were both internal and external. Internal factors were related to lack of management skills to keep a company growing and sta ... Read more...
Considerations on DIP Financing in Mexico By Alejandro Sainz & Gabriela Avendaño, Posted: 26th September 2017 08:32 On 10 January 2014, the legal reforms to Mexico’s restructuring or concurso Law (Ley de Concursos Mercantiles, or “LCM”) were enacted. It is part of a series of comprehensive amendments that provide new provisions for insolvency proceedings in Mexico to improve the process of restructuring companies, the balance between credit ... Read more...
India Business Relations Robust Despite Border Hype By Dezan Shira & Associates, Posted: 25th September 2017 08:41 Less than three months after a border standoff began at Doklam, China and India agreed to de-escalate the situation in favor of talks and military disengagement.   The standoff caused some strain in bilateral trade and business relations. Yet, eventually, economic and commercial interests trumped geopolitical concerns, leading to the relatively swift resolution o ... Read more...
Company Formations in Nigeria 18th September 2017 08:42 The principal legislation regulating the registration of businesses in Nigeria is the Companies and Allied Matters Act1 (“CAMA”). The CAMA establishes the Companies registry called the Corporate Affairs Commission (“CAC”). Over the years, concerted efforts by the Nigerian government, geared towards encouraging investment in the country, particu ... Read more...
What Does It Mean to Visit the United States for Business Purposes? By Olivia McLaren, Posted: 15th September 2017 09:07 It is common knowledge that individuals without US passports or green cards can visit the United States for tourism or for business purposes for a temporary period. In some cases, this travel requires a visa issued by a US consular post, and in others, individuals can make use of the Visa Waiver Program, traveling visa-free after acquiring approval through the Electronic System for Travel Authoriz ... Read more...
Vietnam: Consumer Confidence Hits Record High By Dezan Shira & Associates, Posted: 12th September 2017 08:14 Vietnam’s consumer confidence hits a record high according to the recent Nielsen Q2-2017 Consumer Confidence Index. The country stands as the fifth most optimistic country with an index score of 117, up five places from last quarter of 2016 and its highest score in the last five years. The Nielsen study aims to measure the consumers’ confidence, concerns, and spending intention ... Read more...
Social Security in China: Exemptions for Some Foreigners By Dezan Shira & Associates, Posted: 8th September 2017 08:50 Social insurance exemption for foreigners can be a valuable asset for employers and foreign employees to save on unnecessary costs. However, many companies hiring eligible employees are not aware of the benefits available to them, while those who do are often unsure as to how to go about applying.   ... Read more...
Public Sector Pensions – Participating in the Local Government Pension Scheme By Christopher Nuttall, Posted: 5th September 2017 08:29 In December 2016, the Organisation for Economic Cooperation and Development (“OECD”) found that the gap between public and private sector pensions in Britain is the widest in the developed world. Public sector pensions can be expensive for employers to fund.   The Finance Act 2004 defines a public-service pension scheme as one which is establi ... Read more...
Court-appointed officers as advocates in Canadian insolvency proceedings By Steven Weisz, Posted: 18th August 2017 09:18 The Ontario Superior Court of Justice in Canada (the “Court”) recently granted a novel application brought by a court-appointed Monitor in the insolvency proceedings of Essar Algoma Steel Inc.(“Essar Algoma”) for an equitable remedy under one of the corporate statues in Canada, commonly known as the oppression remedy. We believe ... Read more...
Five GST Myths Busted By India Briefing, Posted: 11th August 2017 08:33 The goods and services tax (GST) – the biggest tax reform in India – finally came into existence on July 1, 2017, after 17 years of deliberations between successive ruling governments and opposition parties. While the ... Read more...
Brexitation: how might UK pensions be affected? By Ian Neale, Posted: 10th August 2017 08:30 Leaving the EU involves a process; it's not a single event. We might be more careful still with the term and call it 'UKexitation', because of course it is the United Kingdom of Great Britain and Northern Ireland which is a member of the EU, not Britain. The distinction is far from petty, as the people of Northern Ireland – and the Republic of Ireland – ... Read more...
Putting the ‘Trust’ in Pension Schemes By Alan Fergusson, Employee Benefits Director, Posted: 31st July 2017 08:15 One of the key points in the recent Pensions Bill related to master trust schemes, which many employers will have opted to use for auto enrolment. Those who operate these schemes face a raft of new regulations.   This is good news for members – and the positioning of the Pensions Regulator and HM Revenue & Customs to look to protect all members ... Read more...
Vietnam’s Payment Preferences: Four Trends to Watch By Vietnam Briefing , Posted: 21st July 2017 08:33 Vietnam is aiming to move towards a 90 percent cashless economy by 2020 by reducing cash transactions and increasing electronic payments. With 90 percent of current transactions conducted in cash and only 30 percent of citizens having a bank account, the government faces an uphill task to achieve its goals. Nonetheless, recent regulatory reforms and emergence of private players in the last few yea ... Read more...
How to Draft Vietnamese Probation Contracts That Will Reduce Your Turnover By Vietnam Briefing, Posted: 14th July 2017 08:24 Finding the right workers can be a difficult task in any market, Vietnam being no exception. Fortunately, prior to entering into a binding labor contract in Vietnam, probationary periods provide both the employer and the employee an opportunity to assess their relationship. With minimized compliance, reduced compensation requirements, and fewer restrictions surrounding termination, probation contr ... Read more...
WeChat’s ‘Fapiao Helper’: A User’s Guide for this Helpful App By China Briefing, Posted: 12th July 2017 08:36 From July 1, 2017, the State Administration of Taxation (SAT) has mandated that corporate tax identification numbers will be required in addition to company name in order to issue general fapiao or special VAT fapiao.   In reaction to the ... Read more...
Shifting asset valuations and rising debt will fuel more corporate restructurings in 2017 By James Feltman, Posted: 11th July 2017 10:12 What do Macy’s, Ericsson, and Deutsche Bankhave in common? They’ve all announced major restructuring plans in the last few months. While there are several macroeconomic trends fueling the restructuring environment, two trends have the staying power to influence both restructuring marketplace participants and market sectors for the next several years.   ... Read more...
Vietnam-US Increasing Trade Relations By Vietnam Briefing, Posted: 3rd July 2017 08:37 In May 2017, Vietnam and the US signed business deals worth US$8 billion. The majority of the deals were for aircraft engines and development of power generation capabilities, along with hospitality, science and technology, academia and energy. The deals are predicted to create more than 23,000 American jobs and help in reducing the US trade deficit with Vietnam, which stood at almost US$ ... Read more...
Exclusive Q&A on Transfer Pricing with Milton Gonzalez Malla 30th June 2017 08:40 New rules and regulation often brings a period of uncertainty as we wait to see how it will be interpreted and enforced. In response to the new OECD/G20 BEPS initiative, what measures can multinationals take in order to minimise the risk of infringement? Whatever the forces are that have been promoting the benefits of tax transparency, they s ... Read more...
M&A Trends and Enhanced Employee Protection By Seiya Kai & Shigeki Tatsuno, Posted: 23rd June 2017 08:34 M&A activity in Japan has been experiencing an upward trajectory in recent years. This, in turn, has turned the spotlight on the rights of employees’ in Japanese companies undergoing corporate restructuring. This article discusses the latest M&A trends in Japan and the recent enhancement of related employees’ rights under Japanese law. ... Read more...
China’s New VAT Fapiao Requirements to Affect Taxpayers, Service Providers By China Briefing, Posted: 20th June 2017 08:15 China’s State Administration of Taxation (SAT) has released new requirements for collecting VAT fapiao, which are special tax invoices. The policy, which will come into effect on July 1, 2017, will change the type of information taxp ... Read more...
The Changing Face of the Mexican Finance Sector By Ramón Bravo, Posted: 19th June 2017 08:16 Mexico is facing one of the most important challenges (financial, economic, and commercial) of its recent history resulting from both, major events coming from abroad – commencing with Brexit, followed by the more complicated election of Donald Trump as President of the United States of America, and domestic concerns with the increasing lack of popularity of our current President, Enriqu ... Read more...
Vietnam’s Overtime Limits Set to Double under Recent Proposal By Vietnam Briefing, Posted: 12th June 2017 09:53 The Ministry of Labour, Invalid, and Social Affairs has proposed to revise the 2012 Labour Code to increase the overtime ceiling from 200 hours per year to 400 hours per year. Manufacturing enterprises have long asked to increase overtime limit to increase production efficiency, worker incomes, and competitiveness. Once the draft is approved, enterprises will be able to ask for m ... Read more...
Business Purchases from Italian Insolvency Proceedings By Riccardo Roversi, Posted: 9th June 2017 08:38 Purchasing a distressed business in Italy from insolvency proceedings presents its own unique deal elements. However, if such transactions are executed properly, they can be quite valuable because a distressed business can often be purchased on terms and conditions more favorable than those that would have been applied under normal circumstances. In particular, in case of business purchase from an ... Read more...
ASEAN Market Watch: Malaysia Capital Market, Cambodia Construction Sector, and Thailand Automotive Industry By ASEAN Briefing, Posted: 8th June 2017 08:12 Malaysia: Capital market one of the most developed among emerging economies According to a recently released McKinsey report, Malaysia’s capital market is one of the most developed among emerging economies. The country ranked fifth with a score of 3.25 out of 5 in the McKinsey Asian Capital Markets Development Index, behind Japan (4 ... Read more...
China-US Trade Deal Opens Access for US Beef, Financial Services By China Briefing, Posted: 6th June 2017 15:51 China and the US agreed to a trade deal on May 11 that will give US firms in certain industries increased access to the Chinese market. The deal is a result of the 100-day plan to resolve trade disagreements that Chinese President Xi Jinping and US President Donald Trump produced at their ... Read more...
Individual Income Tax in Malaysia for Expatriates By ASEAN Briefing, Posted: 2nd June 2017 08:28 Malaysia uses both progressive and flat rates for personal income tax, depending on an individual’s duration and type of work in the country. As expatriates may fall into either tax category depending on their work, it is important to understand Malaysia’s basic tax structure.   The Income Tax Act of 1967 structures personal income taxation in ... Read more...
M&A Activity in Vietnam 1st June 2017 08:28 Recently, M&A activities in Vietnam have become more active than ever.  Main factors that have boosted Vietnam M&A activities include, among others, development of the legal framework after Vietnam’s accession to WTO in 2007, financial distress (difficulty in obtaining capital from loans and stock exchange), and increased in the number of distressed companies and ... Read more...
ASEAN Growth to Remain Resilient Despite Regional Vulnerabilities By ASEAN Briefing, Posted: 31st May 2017 08:39 In April, 2017, the World Bank (WB) released their biannual East Asia and Pacific Economic Update, entitled, “Sustaining Resilience.” As the title suggests, the WB anticipates growth in East Asia and Pacific, including ASEAN states, to remain resilient despite risks from global and regional vulnerabilities. In this article, we go through “Sustaining Resilience&rdq ... Read more...
Filing Income Tax Returns in India By India Briefing, Posted: 22nd May 2017 08:15 An Income Tax Return (ITR) is a declaration that you have an income for which you have paid tax.  Filing of ITR is a mandatory obligation where you detail your income from salary and other sources, allowances and reliefs claimed, and investments made through the financial year (FY). ITRs have to be filed in the assessment year following the financial year during which income was earned.&l ... Read more...
Going Global By Marissa Román Griffith and Christopher M. Maddox, Posted: 18th May 2017 08:14 Due to the changing market of traditional film financing methods, producers have started relying more heavily on international co-production arrangements to fund their projects. This trend has created a necessity for filmmakers to create content that can appeal to a global audience. However, any formula for developing films and other content that will find success internationally and across variou ... Read more...
Pharmaceuticals Distribution in China: A Guide to the New Two Invoices System By China Briefing, Posted: 17th May 2017 08:22 At the beginning of this year, China’s National Health and Family Planning Commission, along with seven other ministries, issued a new policy designed to streamline pharmaceutical distribution channels. The policy, which regulators are piloting in a number of provinces before an expected countrywide reform in 2018, will change the way manufactures, distributors, sales, and compliance tea ... Read more...
Business Process Outsourcing in The Philippines By ASEAN Briefing, Posted: 16th May 2017 08:32 The Philippines Department of Trade and Industry (DTI) defines BPO as the “delegation of service-type business processed to a third-party service provider.”  The industry is generally divided into the following sectors:  Contact centers, back office services, data transcription, animation, software development, engineering development and game development. ... Read more...
China Announces US$55.2 billion in Tax Cuts By China Briefing, Posted: 8th May 2017 08:34 China has approved RMB 380 billion (US$55.2 billion) worth of tax cuts for businesses and individuals, according to a State Council statement on April 19. The new tax cuts are part of a bid to boost economic growth by reducing the tax burden on businesses and encouraging consumption.   The tax cuts simplify ... Read more...
How technology is changing the accounting industry By Stephen Verber, Posted: 5th May 2017 08:05 Without doubt, technology has affected all industries. The accounting profession is certainly no different. As these landscapes change and technology continues to move forward, accountants at Alexander & Co are here to tell us about why technology is becoming more important, but why you still need to use a real accountant. ... Read more...
EQUIS Appoints Credit Suisse & J.P. Morgan as Financial Advisors By Matthew Kong, Posted: 3rd May 2017 09:42 Equis Energy, Asia’s largest independent renewable energy independent power producer (“LPP”), has appointed Credit Suisse and J.P. Morgan as financial advisors and global. Focusing on its energy portfolio, which Equis has the largest in Asia-Pacific based on installed capacity across the region, both firms will be collaborating in conducting a strategic review of thei ... Read more...
Setting up a Foreign Currency Bank Account in Vietnam By Vietnam Briefing, Posted: 26th April 2017 07:56 In the event that a company has established operations and turned a profit within the Vietnamese market, challenges will remain with respect to ensuring that its proceeds may be sent abroad without a hitch. Whether it be a decision over the method of repatriation or when to tak ... Read more...
Mr Mobi Casino is all set to unveil its new website 25th April 2017 12:29 Leading Casino Brand Mr Mobi, has initiated a process to revamp their website to offer more user-friendly features and improve compatibility with all desktop and mobile devices. They have collaborated with Mediacle - UK’s Top Digital Marketing Firm and a pioneer in iGaming Industry to accomplish this project. ... Read more...
China’s Tax Residency Certificate: Implications for DTA Benefits By China Briefing, Posted: 19th April 2017 11:29 When transacting with China, a foreign company’s ability to benefit from Double Tax Agreements (DTAs) often depends on the cooperation and competency of the Chinese party to effectively complete Certificate of Tax Residency (CTR) application procedures.   Although the application process for obtaining a CTR is relatively straightforward, delays and setb ... Read more...
Business Branding versus Economic Reforms: An Updated View of Modi’s India By India Briefing, Posted: 13th April 2017 08:36 The Modi government’s win in various state elections last month, including the prized state of Uttar Pradesh, demonstrates the powerful and enduring appeal of the Prime Minister. This is clear as the Bharatiya Janata Party (BJP) projected PM Modi as the face of all its state level campaigns, running on platforms that showcased his ‘proven’ track records. ... Read more...
Why People Don’t Trust China’s Official Statistics By China Briefing, Posted: 11th April 2017 08:22 Recently, several media sources reported that Liaoning province had been fabricating its economic data from 2011 to 2014. As reported by the state-run People’s Daily newspaper, city- and county-level governments altered economic data, including exaggerating their fiscal revenues by at least 20 percent. Previously, the official news agency Xinhua reported that one county in Li ... Read more...
Hong Kong Announces Changes to Beneficial Ownership Regime By China Briefing, Posted: 4th April 2017 08:12 Hong Kong’s Financial Services and Treasury Bureau (FSTB) recently issued a consultation document on amending the Companies Ordinance law. If the amendment proposal is approved, companies incorporated in Hong Kong will need to identify their beneficial ... Read more...
Annual Tax Finalization and Remittance in Vietnam By Vietnam Briefing, Posted: 31st March 2017 09:00 Prior to transferring profits back to their home markets, foreign companies maintaining operations and taking in revenue in Vietnam must fulfill certain annual compliance requirements. These involve a statutory audit, audited financial statements, and tax finalization filings. Annual ... Read more...
Where Are the Indices Going From Here? What Are the Consequences? By Mark M. Jaffe , Posted: 28th March 2017 08:22 As of March 20, 2017, the Baltic Exchange’s main sea trade index, utilized for tracking freight rates for ships carrying dry bulk commodities, rose to a three-month peak.  This is the best level reached since December 2016.  What do these movements tell us about the current state of the bulk shipping industry, and what do they mean for ship operators?  Some in ... Read more...
Financial Situation in Mexico 17th March 2017 08:15 Mexico is facing one of the most important challenges (financial, economic, and commercial) of its recent history resulting from both, major events coming from abroad – commencing with BREXIT, followed by the more complicated election of Donald Trump as President of the United States of America, and the increasing lack of popularity of our current President, Enrique Peña Nieto ... Read more...
KYC AND REGTECH: CHALLENGES AHEAD By Tiago Correia Moreira , Posted: 15th March 2017 09:05 Introduction Know Your Customerpractices (“KYC”) are essential in the banking and financial services industry, from both a business and regulatory point of view. Traditionally, clients interacted with banking service providers on a personal, face-to-face basis. Furthermore, some of the formalitie ... Read more...
Malaysia’s FDI Outlook for 2017: Trends and Opportunities By ASEAN Briefing, Posted: 2nd March 2017 08:27 Malaysia, ASEAN’s third largest economy (after Indonesia and Thailand), is well on track to achieve its goal of becoming a high income economy by 2020. Despite modest GDP growth of 4.1 percent in 2016 (below the ASEAN average of 4.5 percent), Malaysia is one o ... Read more...
Barcelona, A Life Sciences Hub In Southern Europe By Lluís Esquerra, Posted: 24th February 2017 08:30 Introduction Barcelona is one of the fastest rising European cities in recent years, which for different reasons every reader of this article can identify in their own particular way. Health professionals are also familiar to a greater or lesser extent with Barcelona’s current status and potential in the life sciences sector, which ... Read more...
Open Sesame: China Announces Further Opening of the Economy By China Briefing, Posted: 21st February 2017 08:14 China’s State Council has issued a circular stating the government’s intentions to further open the economy and boost foreign investment. The circular is part of the effort to build China’s so-called “new open economic system”, with measures focusing on streamlining government administration, improving regulations, and reducing ... Read more...
Open Sesame: China Announces Further Opening of the Economy By China Briefing, Posted: 17th February 2017 08:14 China’s State Council has issued a circular stating the government’s intentions to further open the economy and boost foreign investment. The circular is part of the effort to build China’s so-called “new open economic system”, with measures focusing on streamlining government administration, improving regulations, and reducing ... Read more...
Going Cashless in India – What is Aadhaar Pay and How Does It Work? By India Briefing , Posted: 10th February 2017 08:08 The Aadhaar is a 12-digit unique identification number issued by the Indian government to every Indian citizen. The number serves as proof of identity and address, but now the government will expand its functionality to include digital payments. Finance Minister Arun Jaitely announced in ... Read more...
Restrictions Eased for Companies in International Financial Service Centers in India By India Briefing , Posted: 2nd February 2017 08:41 In a move that will boost foreign investment and business in the Indian economy, the Modi government recently unveiled various incentives for private companies that want to set up in international financial service centers (IFSC) in the country. These include granting such firms exemptions from several norms in the Companies Act, 2013. IFSCs serve customers outside the domestic economy and handle ... Read more...
Vietnam in 2017: Spotting Opportunities for FDI By Vietnam Briefing , Posted: 27th January 2017 08:14 2016 has been a successful year for Vietnam, continuing its emergence as both a leading ASEAN economy and a global player. Falling commodity and energy prices and severe water shortages early in the year caused Vietnam’s failure to reach its goal of 6.7 percent GDP growth, but with a year-on-year growth of 6.2 percent the country still managed to outpace most of its neighbors.&a ... Read more...
Are we looking forward to 2017 or just to put 2016 behind us? By Bruce Stephen, Posted: 20th January 2017 08:15 Are we looking forward to 2017 or just to put 2016 behind us? Activity levels in H2 of 2016 have increased, including US and Chinese M&A investment activity in Scotland (in deals such the acquisition of Skyscanner), showing that there are deals to be done. The Brexit effect, at least to date, appears to have been short-lived with the weakness of sterling allowing foreign investors to pick ... Read more...
Industry Spotlight: India’s Growing Aviation Sector By India Briefing, Posted: 12th January 2017 10:18 India’s Aviation Market is on a high growth path and aims to be the third-largest market by 2020 and the largest by 2030. At present, India is the ninth largest civil aviation market with a size of around US$ 16 billion. The growth of the airline industry is also expected to boost other sectors from manufacturers, ground handling services, tourism boards, shippers, and so on. The city of ... Read more...
An Overview of China’s VAT Reform By China Briefing , Posted: 10th January 2017 07:58 Hailed as China’s most significant tax reform in over two decades, the value-added tax (VAT) was comprehensively implemented as the country’s only indirect tax in 2016, effectively replacing the business tax (BT) that previously applied to a number of industries. The reform is part of Beijing’s efforts to restructure the Chinese economy from one driven by labor-intens ... Read more...
The Guide to Thailand’s Import and Export Procedures By ASEAN Briefing, Posted: 3rd January 2017 10:00 Since the implementation of the Foreign Business Act of 1999, foreign businesses set up in a range of industries in Thailand must have a Thai majority shareholder. One line of business that is exempt from this is import/export trading. This exemption, along with developed infrastructure and a solid legal framework, have made Thailand a hub for cross-border traders. In 2015, US$212 billion of goods ... Read more...
Registered Capital, Company Loans, and the Timely Repatriation of Profits for WFOEs in China By China Briefing, Posted: 22nd December 2016 08:16 The Wholly Foreign-Owned Enterprise (WFOE) remains the most popular investment structure of foreign investors setting up a company in China. Early on in the process of incorporating a WFOE, investors are faced with the critical task of deciding how much Registered Capital to commit to their company. Because overcommitted funds may become idle and delay profit repatriation – and running o ... Read more...
Traditional banking gets a fintech facelift By Imogen Rowley , Posted: 21st December 2016 08:54 Just how big is fintech? Rarely in history have banks and traditional financial institutions faced competition from anyone except other banks. Over the past decade however, advances in technology which see us all glued to our smartphones for everything from boiling the kettle to voting on TV talent shows, as well as the worldwide collapse of the banking in ... Read more...
Australia’s Services Exports to Gain from Upgraded Free Trade Agreement with Singapore By Asean Briefing, Posted: 20th December 2016 08:09 Australia and Singapore, on 13 October, signed an agreement to upgrade the Singapore-Australia Free Trade Agreement (SAFTA). This will be the third update to the 2003 trade pact between the two countries, and is expected to come into force in 2017. The expansion is in line with a previous agreement in May between Malcolm Turnbull and Lee Hsien Loong, the prime ministers of Australia and Singapore ... Read more...
Why human due diligence is more vital than ever in corporate transactions 13th December 2016 09:51 Anyone involved regularly, whether as the buyer/seller/investor/lender/lawyer/accountant/corporate financier in a corporate transaction, knows that due diligence is crucial. But is the focus still too much on numbers and facts and not on people? Once a transaction gathers pace, basic financial due diligence has been done and advisors instructed, momentum ga ... Read more...
Vietnam Announces 7.3 Percent Wage Hike for 2017 By Vietnam Briefing, Posted: 6th December 2016 08:24 Vietnam’s National Wage Council has decided upon a modest 7.3 percent average increase in monthly minimum wages across the country for 2017. From January, workers must be compensated between minimums of VND 2.58 million (US$113) to VND 3.75 million (US$165). This is the lowest annual increase since 1997 and seems to be a compromise between the employers’ proposed in ... Read more...
China’s New Related Party Transaction Reporting Regulation: Implications for Annual Audit in China By China Briefing, Posted: 1st December 2016 08:16 As the end of the financial year looms, key considerations in respect of annual audit should be made by multinational entities (MNEs) operating in China. On June 29, 2016, China’s State Administration of Taxation (SAT) issued a notice regarding reporting of related party transactions and administration of transfer pricing documentation (SAT public notice [2016] No. 42), hereby r ... Read more...
India’s Rankings in the World Bank’s Doing Business Report 2017 By India Briefing, Posted: 29th November 2016 08:01 The latest edition of the World Bank’s Doing Business Report (DBR) sees India marginally improve its ‘Ease of Doing Business’ ranking by just one spot, moving to 130th from 131st last year. New Zealand topped the Doing Business Rankings this year, displacing Singapore which fell to second place. Along with India, all the BRICS nations exhibited subdued performances as ... Read more...
Vietnam Set to Update Transfer Pricing Thresholds from 2017 By Vietnam Briefing, Posted: 24th November 2016 08:22 Vietnam’s Ministry of Finance released a draft circular on October 11th which, if passed, is set to become the largest change to transfer pricing (TP) regulation since the implementation of Circular 66/2010/TT-BTC in 2010 – which the draft updates. Touching on conditionality of TP exemption and thresholds for defining related entities, the draft has significant implica ... Read more...
Exclusive Q&A on Insurance with John Hurrell 11th November 2016 08:28 Can you outline the current insurance and risk management landscape in your jurisdiction? Insurance continues to be available in plentiful supply at lower rates than possibly ever before! Insurers are facing the triple whammy of seemingly endless supplies of capital creating ever more capacity, historically low and declining investme ... Read more...
City Spotlight: Innovation in Shenzhen By China Briefing, Posted: 10th November 2016 08:38 Formerly a fishing village, Shenzhen has rapidly emerged into the thriving metropolis it is today. Since the city’s designation as a Special Economic Zone (SEZ) in 1980, Shenzhen has continuously been growing at a high speed. The population has increased from 30,000 in 1979 to over 10 million today, and Shenzhen’s property prices are growing at the highest rat ... Read more...
Taxation in New Zealand By Geoffrey Cone, Posted: 9th November 2016 08:48 New Zealand has two principal taxes: income tax (which includes domestic and non-resident withholding taxes), and goods and services tax (GST). Income tax is based on New Zealand residence or New Zealand sourced income. GST is based on the transfer of goods and services in New Zealand.  There is no capital gains tax, wealth tax or inheritance tax in New Zealand,although care must be taken ... Read more...
Key Outcomes of the 2016 BRICS Summit By India Briefing, Posted: 3rd November 2016 08:21 The eighth annual BRICS summit was held from October 15 to 16 this year in Goa, India. BRICS, the acronym, refers to the formal grouping of five nations – Brazil, Russia, India, China, and South Africa; their annual conference is attended by the executive heads of these respective states. As a collective, BRICS brings together the five major emerging economies of the world, comprising 43 ... Read more...
The Ageing Vber – The Deceiving Simplicity Of A Schema By Dr. Nils Gildhoff, Posted: 28th October 2016 08:54 The EU Block Exemption Regulation 330/2010 on Vertical Agreements (“VBER”) is still valid until 31 May 2022. However, when applying the VBER to vertical agreements in practice, experience shows that the VBER, in (seemingly) more and more cases, proves to be too schematic and therefore probably too old to cope with the challenges nowadays to be faced under EU and national Compet ... Read more...
Exclusive Q&A on Private Equity with Sally Penrose 21st October 2016 08:18 Have There Been Any Recent Regulatory Changes Or Interesting Developments? Bermuda as a jurisdiction is highly responsive to evolving market demands and over the past 18 months key stakeholders, including the government, the financial services regulator (the Bermuda Monetary Authority) and investment industry professionals have collaborated t ... Read more...
External Commercial Borrowing in India: Easier Access for Startups By India Briefing, Posted: 13th October 2016 08:36 India’s central bank, the Reserve Bank of India (RBI) made a statement on October 3rd that will allow startups to accept foreign currency loans of up to US$ 3 million a year under the external commercial borrowing (ECB) route. Startups will now be able to raise the amount either in Indian rupees or any convertible foreign currency or a combination of both. Guidelines are expected to be i ... Read more...
The Complexity of Transfer Pricing for Intercompany Services By Dezan Shira & Associates, Posted: 11th October 2016 08:16 Most MNCs will charge for services provided to other entities within the same company or business. These are classed as intercompany service fees. Often, while trying to protect its tax base, China’s tax authorities will regularly encounter inconsistencies in transfer pricing for intercompany services, such as lack of access to necessary information due to opaque business structures, unc ... Read more...
Gaining Direction: Navigating China’s Direct Sales Industry By China Briefing, Posted: 29th September 2016 09:00 China’s direct sales industry has consistently displayed exceptional growth over the last few years. Value growth in 2015 was recorded at 10 percent, partially due to 20 new entrants gaining direct sales licenses in that year, keeping the industry incredibly competitive. If growth of 10 percent is maintained, the industry is expected to see a value compact annual growth rate (CAGR) of si ... Read more...
Corporate FX Services Explained 19th September 2016 14:27 Corporate FX is one of the key factors for success for any international business, and in particular, for retailers. An adequate fx strategy can help a business keep cash flow and expenses level at a steady rate, and contribute directly to that business’ profitability, while a badly executed strategy can cause it to lose ground. While large corporations have a treasury depart ... Read more...
Exclusive Q&A on Capital Markets with Zvi Gabbay 16th September 2016 08:32 What Are The Main Regulators And Legislation That Apply To Capital Markets In Your Jurisdiction? The Israeli financial system is supervised and regulated primarily by three regulators: the Banking Supervision Department, situated in the Bank of Israel; the Capital Market, Insurance and Savings Department, situated in the Ministry of Finance; ... Read more...
Expanding the Digital Payments Ecosystem in India By India Briefing, Posted: 15th September 2016 08:36 India’s digital payments ecosystem will be worth around US$ 500 billion by 2020, according to the latest research put out by Google and the Boston Consultancy Group (BCG) in a joint study. Their forecast sees the digital payments sector contributing to 15 percent of India’s gross domestic product (GDP) in four years time. Multiple factors and institutional and beha ... Read more...
Corporate Inversions: New Regulations By Christopher K. Fargo & Sara L. Lykken, Posted: 14th September 2016 08:22 Over the last several years, inversion transactions have generated considerable tax and political commentary. Treasury has launched a series of attacks aimed at stopping them, including temporary and proposed regulations with broad-reaching impact. Benefits of an Inversion In a typical inversion, a U.S. &ldq ... Read more...
New Dimensions in Financial Crime: The Real impact of the Bribery Act 2010 Corporate Liability By Jonathan Brogden, Posted: 9th September 2016 08:14 The Bribery Act came into force on 1 July 2011.  Under the Act, it is an offence for a person to bribe or be bribed.  A bribe is essentially the offer of a financial or other advantage with the intent that the person receiving it is induced to improperly perform their function. The Act created a new offence, under Section 7, for a "com ... Read more...
Exclusive Q&A on Insurance and Risk Management with Alexander J. Oddy 5th September 2016 08:22 Can you outline the current insurance and risk management landscape in your jurisdiction?   2016 has been a year of fundamental change for English insurance contract law.  There have been significant regulatory developments too, discussed later on.   Insurance Act 2015 ... Read more...
The Guide to Corporate Establishment in Labuan, Malaysia By Asean Briefing, Posted: 30th August 2016 08:20 Situated in the heart of Southeast Asia, and in close proximity to economic hubs such as Singapore, Hong Kong, Kuala Lumpur, and Jakarta, lies Labuan. Labuan is home to 96,800 people and offers a variety of benefits for businesses, including a gentle income tax regime, a well-regulated financial system, a deep water port, and highly developed supporting infrastructure. With improvements being made ... Read more...
ASEAN’s Sharing Economy: Understanding Opportunities and Navigating Regulations By Dezan Shira & Associates, Posted: 23rd August 2016 08:34 As internet penetration rates continue to rise in Southeast Asia, ASEAN grows more interconnected by the day. Home to over 663 million inhabitants, the region is projected by many to be among the world’s most promising markets for a variety of internet based services. Chief among these are services involved in what has been coined the “sharing economy&rdqu ... Read more...
Where does the Islamic State get its money? By Dr Nicolas Ryder, Posted: 10th August 2016 08:04 In evidence put before the US House Committee on Financial Services, it was suggested that Islamic State’s daily income could be around $1-3m, with estimates of its total assets varying between $1.3bn and $2tn. Notwithstanding the ... Read more...
Highlights of Vietnam’s New Decree for Investment Violations By Dezan Shira & Associates, Posted: 9th August 2016 08:04 The recent ascension to office of Nguyen Xuan Phuc, Vietnam’s new Prime Minister, has opened the gateway to several legislative changes. One such change is Decree 50, signed on June 1, 2016 and effective starting July 15, 2016, which details updated penalties for administrative violations in planning and investment for businesses and investors. The decree covers the adm ... Read more...
EVFTA to Open New Chapter in EU-Vietnam Trade Relations By Vietnam Briefing, Posted: 18th July 2016 07:59 In the last few years, Vietnam has risen above many of its neighbors in ASEAN by posting impressive trade volume growth with a variety of countries. Vietnam is leading the pack in ASEAN as the biggest exporter to the U.S. and only ranks second to Singapore in terms of trade with the EU. This impressive growth has been a crucial precursor to the FTA between the EU and Vietnam (EVFTA), w ... Read more...
The Evolution of Mortgages and the Future of Online Digital Brokers 11th July 2016 08:28 The mortgage market is often more confusing than it is clear, which is why more than two-thirds of people seek advice from a broker. The issue is that the average broker will look at fewer than 10% of the mortgages available which also often entails a long application process, delaying efficient results. It is quite impossible for one person to look at every mortgage, therefore many homeowners end ... Read more...
Exclusive Q&A on Cyber Security with Lucy Pegler 1st July 2016 11:17 Who are the main regulators and what are the key legislations that apply to the cybersecurity in your jurisdiction? The key legislation relating to cybersecurity is a composite of national law and EU Directives which typically impose security obligations on businesses, e.g. security of data and security of networks.  < ... Read more...
Brexit Implications for ASEAN Based Investors By ASEAN Briefing , Posted: 30th June 2016 08:24 In a victory that stunned analysts around the world, the UK has voted to exit the European Union (EU) by a margin of 52 to 48 percent. In addition to producing significant implications for investors across Europe, the interconnected nature ... Read more...
Film Investment Model: Making Profit From Low Budget Films By Robert Graham, Posted: 27th June 2016 07:49 As explained in my previous article, a film is a business and has all the compliance trimmings of any other business. Whilst an art form in itself the art needs to be tailored to what the market really wants. Putting what we have outlined into prac ... Read more...
Exclusive Q&A on Islamic Finance with Atif Khan 6th June 2016 08:02 Are There Any Compliance Issues Or Potential Pitfalls That Firms Need To Be Cautious About? Misuse of tawarruq, promises, guarantees, and the misapplication of murabaha constitute among the most common non-compliance issues facing the industry. Musharakah, mudarabah, and ijarah re ... Read more...
The Art of Film Finance and Investment By Robert Graham, Posted: 2nd June 2016 08:31 This has always been considered a very high risk area but with careful project management and government incentives much of the risk is removed.   The first stage is to identify what type of film is to be made. That can be a very difficult task for most producers, many of which will have worked on their ‘baby’ for, in some cases, years. Many w ... Read more...
FATCA Leads to Stricter Reporting and More Taxation for Non-U.S. Mutual Funds By Dezan Shira & Associates, Posted: 20th May 2016 09:10 In July we reported that India and the United States signed an agreement to implement the Foreign Account Tax Compliance Act (FATCA). The agreement is designed to increase transparency between the two nations on tax matters and took effect September 30, 2015.&n ... Read more...
Understanding Financial Integration in ASEAN By Dezan Shira & Associates, Posted: 4th May 2016 09:50 Established in late 2015, the ASEAN Economic Community represents a significant achievement in a decade’s long process towards regional financial integration. Although far from complete, integration of finance throughout the region plays a key role in the financial sector’s continued development, facilitating greater access to insurance, capital markets, and banking. ... Read more...
Labor Case Study: Social Insurance Contribution in China By Dezan Shira & Associates, Posted: 29th April 2016 09:21 As part of our mission to provide business intelligence on the legal, tax, and operational issues of doing business in China, China Briefing presents a series of case studies based on the practical experience of professionals at  ... Read more...
Singapore Overtakes Hong Kong as Asia’s Top Financial Hub By Dezan Shira & Associates, Posted: 27th April 2016 09:23 Singapore has overtaken Hong Kong as the top financial hub in Asia, according to Z/Yen Group’s Global Financial Centers Index (GFCI). Hong Kong slipped to fourth place overall, while Singapore now only trails London and New York globally. Although the two financial centers are essentially neck and neck – Singapore scoring 755 points out of 1000 and Hong Kong 752 – the ... Read more...
Winners and Losers in the Permanent Health Insurance Game By Linda Goldman and David Brook, Posted: 26th April 2016 09:33 Permanent health insurance (PHI) can solve the problem of income protection when an employee is ill for a period beyond that where income is directly maintained by the employer. The employee has time to recover and the employer is relieved of the expense of paying for the non productive employee. But it is not always a Win-Win situation, particularly where there comes a parting of the ways between ... Read more...
Factors Shaping India’s Positive Economic Outlook By Dezan Shira & Associates, Posted: 22nd April 2016 09:45 Amidst the declining optimism towards emerging economies, India’s economic outlook remains positive. This is due to the Bharatiya Janata Party (BJP) led government’s dual focus on economic reforms and maintaining fiscal discipline, and a strong monetary policy directed by the Reserve Bank of India (RBI). In the context of the global commodity slowdown, it helps that India is no ... Read more...
China’s Life Services Industry Undergoes VAT Reform By Dezan Shira & Associates, Posted: 14th April 2016 11:49 On March 7, China’s Minister of Finance Lou Jiwei announced that the country’s value-added tax (VAT) reform, which will fully replace business tax (BT), is to be implemented nationally across all industries on May 1, 2016. Following his announcement, the Tax Bureau and the Ministry of Finance jointly released theCaishui [2016] No 36 to state that t ... Read more...
It’s Time for Argentina’s Capital Market By Nicolás Fernández Madero & Fernando Garabato, Posted: 8th April 2016 10:00 The Argentine capital market is ready to get off the hook. After many years of being in default, on February 18, 2016 Argentina´s Finance Minister finally reached an agreement to resolve the firm verdict – upheld by the US Supreme Court –  that imposed the country to pay Italian, German, Argentinean and other unidentified bondholders, the amount of US$1.8 bil ... Read more...
Tapping into India’s Dynamic Consumer Market Major Patterns and Trends By Dezan Shira & Associates, Posted: 5th April 2016 09:52 India’s GDP is growing at a rate of 7.5 percent, making it one of the fastest emerging economies in the world. Breaking down growth statistics in real terms, the consumer economy grew at a rate of 5.7 percent annually between 2005 and 2015. Based on this, estimates hold that the annual growth of the consumer market could reach 6.7 percent between 2015 and 2020, and 7.1 percent between 20 ... Read more...
Logging In: Understanding e-Commerce in China By Dezan Shira & Associates, Posted: 1st April 2016 09:57 China is currently experiencing huge growth in its e-commerce industry. Online shopping, the most powerful engine of China’s e-commerce market, posted a 96.9 percent increase in the year 2010 and has continuously been gaining momentum since. In 2015, China’s online retail transactions reached RMB 3877.3 billion (US$622.5 billion, an increase of 33.3 percent over 2014), accounti ... Read more...
Insolvency and Bankruptcy in India: Weaknesses in present law and proposed reforms. By Richa Roy, Posted: 31st March 2016 11:45 The current Indian bankruptcy regime is highly fragmented, implemented by multiple judicial forums resulting in a lack of clarity and certainty in jurisdiction.  There is no single law that deals with corporate insolvency and bankruptcy; there are rather, several statutes that deal with debt recovery (the RDDBFI Act, 1993 and the SARFAESI Act, 2002); with the “revival and rehabi ... Read more...
Restructuring challenges for SMEs and Owner-Managed Businesses By Colin Blessley & Sam Lewis of Menzies LLP, Posted: 18th March 2016 10:50 The relevance of SMEs to the economy   It is not surprising that, more often than not, it is the restructuring of larger businesses that grab the headlines in the financial media.  However, in most of the developed economies in the Western world and further afield, the proportion of national Gross Domestic Product that is gen ... Read more...
Updated Requirements for Representative Offices in Vietnam By Dezan Shira & Associates, Posted: 11th March 2016 09:42 Representative Offices (ROs) are an effective tool for foreign investors hoping to analyze Vietnamese market trends and engage in limited cooperation with local companies. Compared to 100 percent Foreign Owned Enterprises (FOEs), however, ROs offer significantly limited functionality.   Representative Offices are typically a dependent unit of th ... Read more...
The Key Trade Policy Vectors of Ukraine By Nataliia Isakhanova, Anna Gladshtein & Olesia Kryvetska, Posted: 16th February 2016 10:33 Trade policy of Ukraine is to be considered in the light of several serious and critical developments.  In particular effect of financial and economic crisis and to the utmost – illegal annexation of Crimea followed by a military conflict in the East of Ukraine that led to the loss of production capacity in the conflict area.  Moreover Ukraine is currently d ... Read more...
Whether Traditional Finance will be impacted by Internet Finance in China? By Steven Hsu, Posted: 12th February 2016 08:34 Internet finance has developed faster than people would imagine in China.  While there is no uniform definition of internet finance so far NUCTAD (United Nations Conference on Trade and Development) identified internet finance as involving online brokerage, banking, insurance, and other financial services, delivered through the internet or online.  Although internet finance impac ... Read more...
The Current State of the Wealth management Market in Switzerland By Darryl Cox & Gina Le Prevost, Posted: 8th February 2016 09:38 What a ride it’s been; and it’s not over yet.  The Swiss wealth management market has changed, it seems, forever.  Whether it’s for the better or not, is up for debate, but AP Executive remain optimistic about the future of one of the world’s largest offshore financial centres.    If we look back ... Read more...
Legal data management: Taking a holistic approach to data governance By Akber Datoo, Posted: 3rd February 2016 11:27 Every financial institution knows the essential importance of legal data – it underpins everything from regulatory compliance and the management/optimisation of capital, liquidity, collateral and many of the operational logistics of doing business.  Yet, despite the increased regulation and better understanding within the industry of the value of accurate and usable legal refere ... Read more...
Traditional Finance and how it can impact Internet Finance in China By Steven Hsu, Posted: 27th January 2016 11:20 Internet finance has developed faster than people would imagine in China.  While there is no uniform definition of internet finance so far NUCTAD (United Nations Conference on Trade and Development) identified internet finance as involving online brokerage, banking, insurance, and other financial services, delivered through the internet or online.  Although internet finance impac ... Read more...
Intermediation In Financial Relationship With Foreign Investors By Martial Akakpo & Sandrine Badjili , Posted: 21st January 2016 10:25 The Togolese economic sector is currently booming.  There is a great increase in money being circulated domestically, largely attributed to the rise in foreign investment from various countries.  The financial relationship with foreign investors calls for a particular regulation that provides for safeguards which serve as intermediaries.  From a Togolese law ... Read more...
Exclusive Q&A on Offshore Industries and Markets with Daniel Cann 20th January 2016 11:42 Are you noticing any new trends in offshoring strategies?   I’ve been a director of a BVI based fund administrator for 12 years and now operate out of Panama. The 2 trends that I am seeing specific to us are:   (a)    In what was a reluctant market has been sparke ... Read more...
Micro credit schemes in Ireland − a new way forward? 14th January 2016 14:35 Access to loans Many thousands of Irish householders will soon be able to easily access loans of up to €1,000 as part of the government’s plan to remove the reliance that many citizens have on moneylenders. This new scheme will enable those seeking a loan to apply quickly and easily and receive a ... Read more...
Dealing With Canada – A Financing Roadmap By Martin Fingerhut, Posted: 12th January 2016 09:18 The world continues to shrink, making it easier for capital to seek its own level.  At the same time, Canada’s domestic financing resources are limited and frequently conservative.  While Canada’s legislative and regulatory environment differs from that of many other countries, the variances are often non-substantive, and provide few roadblocks to U.S., U.K., ... Read more...
Alternative Funding By Maung Aye, Posted: 7th January 2016 16:57 There were several important repercussions of the financial crisis that directly impacted businesses, in particular SMEs, looking for funding.   The most notable of these was that the lending practices of banks came under enormous scrutiny.  There is an argument that banks were always aware of the impact of irresponsible lending practices however with th ... Read more...
Legal data management: Taking a holistic approach to data governance By Akber Datoo, Posted: 16th December 2015 12:46 Every financial institution knows the essential importance of legal data – it underpins everything from regulatory compliance and the management/optimisation of capital, liquidity, collateral and many of the operational logistics of doing business.  Yet, despite the increased regulation and better understanding within the industry of the value of accurate and usable legal refere ... Read more...
Strengthened regulation of the Hungarian capital market By Daniel Szabo & Erika Tomori, Posted: 8th December 2015 10:18 The Hungarian capital market in the last year was shaped by scandals.  At the end of February 2015 the Hungarian National Bank (“HNB”) as supervisory authority suspended and days later, withdrew the licence of Buda-Cash Brokerage House Ltd., one of Hungary’s oldest brokerage houses.  The HNB suspected that Buda-Cash falsified its financial data over ... Read more...
Coordinating Biosimilar Litigation and Proceedings By Alicia A. Russo & Jacob T. Whitt, Ph.D., Posted: 18th November 2015 10:51 Biologics and biosimilars together represent a rapidly growing component of the pharmaceutical marketplace, and the unique legal issues that accompany them demand careful strategic planning to successfully navigate proceedings in the myriad venues where disputes will inevitably arise: from the US Patent and Trademark Office (USPTO) and US courts to patent offices and courts abroad.  Here, ... Read more...
Annual Audit and Compliance in China By China Briefing, Posted: 17th November 2015 08:57 The latest issue of China Briefing Magazine, titled “Annual Audit and Compliance in China 2016”, is out now and available to subscribers as a complimentary download in the Asia Briefing Bookstore ... Read more...
Importing and Exporting in India – New Issue of India Briefing Magazine Out Now By India Briefing, Posted: 26th October 2015 09:17 The new issue of India Briefing magazine, titled “Importing and Exporting in India“, is out now and available as a complimentary download at the Asia Briefing Bookstore through the month of October.   India has historically played an important role in global trade flows. Located between mainland Asia, Southeast Asia and the Middle East, India ... Read more...
China’s Silk Road Economic Belt – New Issue of China Briefing Magazine By China Briefing , Posted: 25th September 2015 11:14 The latest issue of China Briefing Magazine, titled “China’s Silk Road Economic Belt”, is out now and available to subscribers as a complimentary download in the Asia Briefing Bookstore through the month of September.   Contents:  - The Great Game Reinvented ... Read more...
Choosing a Manufacturing Location in Emerging Asia By India Briefing, Posted: 16th September 2015 09:37 The rapid industrialization and economic development of Asia presages one of the largest economic shifts in history. While the early-industrializing economies of the western world accounted for the vast majority of economic output in the 1950s, today’s growth is increasingly driven by the Asian economic engine.   Although this realignment of economic he ... Read more...
The Emotional Harm Caused To Children By Parental Conflict By Louise Barretto , Posted: 14th September 2015 10:45 When writing articles for publication I would normally prepare a piece dealing with an interesting financial issue arising on divorce.  However, whilst reviewing the regular update I receive on interesting and important cases, I came across judgment in the case of K v D (Parental conflict) 2015, which I read with great sadness.  The entire case seemed eerily familiar to me.&n ... Read more...
Vietnam to Benefit Most from AEC and TPP By Vietnam Briefing, Posted: 10th September 2015 08:56 Vietnam will gain the most substantial gross domestic product (GDP) increase in percentage terms of any other economy upon implementation of the ASEAN Economy Community (AEC) and Trans-Pacific Partnership (TPP) in almost all scenarios projected by the Vietnam Institute for Economy and Policy Research (VEPR). The VEPR report was based on the Global Trade Analysis Project (GTAP ... Read more...
Proposed Revision to U.S. Model Income Tax Treaty By Michael L. Schler & Andrew M. Carlon, Posted: 19th August 2015 09:31 The U.S. Model Income Tax Treaty (Model Treaty) is the announced “starting point” for the U.S. negotiation of income tax treaties.  On 20 May 2015, the U.S. Treasury Department proposed significant amendments (the Proposals) to the Model Treaty that could limit the future availability of treaty benefits in significant ways. Treasury officials have stated that ... Read more...
New weapons to fight tax non-compliance By James Bullock, Posted: 17th August 2015 09:08 A raft of new measures to be introduced over the next couple of years will give HM Revenue & Customs (HMRC) a significant number of extra weapons in their war against tax evasion and avoidance.  Coupled with the new powers is a £750m investment in HMRC intended to raise £7.2bn in extra tax.  Of this, £60m (by 2020/21) will be specifically tar ... Read more...
Exclusive Q&A Insurance and Risk Management with Rachel Levitan By Rachel Levitan, Posted: 12th August 2015 09:40 What risks are most likely to affect businesses, and which of these would have the biggest financial consequences were they to occur?   The risks may be divided into two categories:   (a) Acts of God – Hazards of Nature, earthquake, floods   (b) Manmade ac ... Read more...
The Jockey in Third Party Finance By Selvyn Seidel , Posted: 29th July 2015 09:08 To many investors in third party finance, if not most, the magnet attracting them to a claim is not any specific aspect of the claim itself.  Rather, it is the prosecuting lawyer.  The lawyer is the jockey mounted to ride the claim to success.  An experienced and skilled rider can make the difference.  That is particularly the case when U.S. lawyers are involved ... Read more...
Pensions Legislation: The Oncoming Train By Ian Neale, Posted: 14th July 2015 10:30 It just never ends, does it?  Gone are the days when 'all' an employer had to worry about was managing the defined benefit pension scheme deficit.  Since the advent of automatic enrolment in 2012, pension provision for workers has come onto everyone's radar.  This article looks ahead from within the turbulence created by non-stop tinke ... Read more...
Tax Residency in India Set for POEM Test Tracy Sloop Frost, Dezan Shira & Associates, Posted: 1st July 2015 11:13 When Indian President Pranab Mukherjee gave Finance Bill 2015 his assent on May 14, most provisions were largely hailed as improvements to the business environment in India.  Others, while seen as primarily positive, have been the caus ... Read more...
Foreign Investment in the Philippines – to be or not to be? Tom Platts & Emma Nicholls, Posted: 26th June 2015 11:50 The Bangko Sentral ng Pilipinas ("BSP"), the central bank of the Philippines, reported earlier this year that inflows from foreign direct investment ("FDI") surged to an all-time high in 2014 to US$6.201 billion, up 66% annually, reflecting strong investor confidence in the jurisdiction.  The 2014 result also topped the upwardly revised $4.4 billion for ... Read more...
India’s Finance Act 2015: What You Need to Know Tracie Sloop Frost, Dezan Shira & Associates, Posted: 19th June 2015 09:53 In May, President Pranab Mukherjee gave his assent to Prime Minister Narendra Modi’s first full budget. The Finance Act, part of the 2015 India Budget, addresses several areas of concern for foreign investors, but falls short of clarity in many respects. Specifically, the Finance Act addresses the definition of tax residency for companies, applicability of mini ... Read more...
Exclusive Q&A On Banking & Finance With Simon Jaffa 27th May 2015 09:35 1) Have there been any recent regulatory changes or interesting developments in your jurisdiction? The enactment of the Encouragement of Competition and Reduction of Concentration Law, 2013 (the "Concentration Law") at the end of 2013 is expected to play a significant role in the development of the financing market in Israel ... Read more...
The Australian Corporate Financing Climate By John Poulsen and Mitch Reynolds, Posted: 14th May 2015 09:42 Overview   Following the global financial crisis, Australia resisted the global trend of declining corporate investment, experiencing strong investment gains buoyed by a strong resources industry and rising commodities prices.  More recently, however, commodity prices have dramatically declined, suppressing companies&rsqu ... Read more...
The Australian Corporate Financing Climate By John Poulsen and Mitch Reynolds, Posted: 17th April 2015 09:11 Overview   Following the global financial crisis, Australia resisted the global trend of declining corporate investment, experiencing strong investment gains buoyed by a strong resources industry and rising commodities prices.  More recently, however, commodity prices have dramatically declined, suppressing companies&rsqu ... Read more...
Exclusive Q&A On Islamic Finance With Didier Bruère-Dawson, Posted: 16th April 2015 09:56 1. Can you talk us through the regulatory and tax landscape in relation to Islamic finance in your jurisdiction?   The French legal and tax landscape surrounding Islamic finance was started in 2007 when Paris Europlace founded the Islamic Finance Commission. This was followed by the French financi ... Read more...
Exclusive Q&A On Business Valuation With Heather Gray 11th February 2015 09:42 1. When should a business conduct a valuation?   There are many reasons why businesses conduct valuations, most triggered by a specific event.    The need for a valuation often arises when a company is at a critical juncture &nda ... Read more...
Does Interest Have a UK Source? By Jacquelyn Kimber, Posted: 16th September 2014 14:49 If interest on a debt has a UK source, the payer has an obligation to deduct income tax on paying that interest. But when does interest have a UK source? A recent tax tribunal case provides a helpful summary of the principles involved, and substantially confirms HMRC’s established approach.   A number of factors need to be considered when determining th ... Read more...
3 Tips for Small Business Owners Opening Their First Bank Accounts 4th July 2014 09:25 Whether you’re just starting your own business or have been managing one for some time, the goal is the same – make money. And what you do with that money is also important because it can mean growth and opportunity if done right or failure and bankruptcy if done wrong. How you manage your money will make or break you, it’s important to get a handle on your finances a ... Read more...
Why ASEAN Overtook China’s Foreign Investment Last Year By Chris Devonshire-Ellis, Posted: 26th March 2014 09:00 The ASEAN 5 – the large trading countries of Singapore, Malaysia, Indonesia, the Philippines and Thailand – last year achieved Foreign Direct Investment inflows of some US$128.4 billion, overtaking that of China at US$117.6 billion, according to figures released by Bank of America Merrill Lynch (BAML) last week. That US$128.4 billion represented a 7 percent year-on-year increas ... Read more...
Innovation & Opportunities in Islamic Finance By Robin Bayley & Barry Cosgrave, Posted: 25th March 2014 08:45 As the global recovery begins to take hold and confidence returns to financial markets, Islamic Finance has returned to prominence.  A number of entities, often from markets and industries that had not previously considered Sharia-compliant funding structures, are exploring the opportunities that Islamic finance may present – most notably the UK government.  However, th ... Read more...
When Expert Valuations are Invaluable By Mark Ashburn, Posted: 18th March 2014 08:58 Separations are a nightmare.  Whether you are going through a divorce or breaking up a partnership, dividing up assets can be difficult and stressful.  This is true enough of something like a second hand car where a value is easily obtained but what about assets where the value is harder to agree? Whether as a result of a shareholder dispute, dividing u ... Read more...
Paraguay: Company Formations By Oscar A. Mersan , Posted: 11th March 2014 09:06 Paraguay, according to United Nations Conference on Trade and Development (UNCTAD) World Investment Report 2013, occupies 10th place within the top 20 economies with the best return for each dollar invested with 17% return.  With this FDI - Foreign Direct Investment rate of return on investments - Paraguay is the second best positioned in South America, behind only ... Read more...
Looming Trust Fund Default Increases Scrutiny of China’s Financial Industry By Dezan Shira & Associates, Posted: 11th February 2014 08:41 A looming trust product default of 3 billion RMB (approximately US$500 million) recently raised concerns about the regulatory system of China’s financial industry. The product in question was issued by China Credit Trust Co., with funds mostly invested in the assets of an unlisted Chinese coal company that has subsequently gone into liquidation.   The s ... Read more...
How the Collapse of Emerging Markets Could Affect Western Businesses By Webb Ward, Posted: 4th February 2014 08:50 Emerging markets in the world are drying up. For starters, there are less emerging markets for businesses in the West to invest in. Secondly, it is hard for emerging markets to recover when the global economy is still slumping on some level. These markets are, however, vital to the growth of economies in the West for a variety of reasons. How can the collapse of emerging markets hurt businesses in ... Read more...
Buying Import & Export Violations: Successor Liability Risk & Its Impact on the Bottom-line By Adrienne Braumiller, Bruce Leeds & Ashley McCauley, Posted: 14th January 2014 09:17 When you think of mergers and acquisitions, what are the highest risk areas that spring to mind?  While companies routinely understand and prepare for liability pertaining to tort litigation, taxes, and contract disputes, the same companies often overlook potential liability for violations of import and export laws.  Unfortunately, this can prove to be one of the most expensive o ... Read more...
2014 Asian Stir-Fried Prawn Index By Chris Devonshire-Ellis, Posted: 13th January 2014 09:11 When it comes to making comparisons across Asia, and especially the various regional economies, a difficulty is in choosing a commodity familiar to all within this massive region. Typically, housing prices, cost of labor and even mobile phone penetration or the famous Mars Bar Index are used to demonstrate how economies and regional prices vary against the same product. Having given this some thou ... Read more...
Asia-Pacific Moves Closer to Regional Economic Community By Dezan Shira & Associates, Posted: 30th December 2013 13:31 On Friday December 20, thirty-six Asia-Pacific nations unanimously adopted a landmark declaration outlining a roadmap towards a regional economic community.   Deemed a “historic and defining moment” in the history of the UN Economic and Social Commission for Asia and the Pacific (ESCAP), the signing of the Bangkok Declaration on Regional and E ... Read more...
China to Push Forward Interest Rate Liberalization By Dezan Shira & Associates, Posted: 17th December 2013 08:47 The People’s Bank of China (PBOC), China’s central banking authority, promulgated the “Interim Measures on Administrating Interbank Certificates of Deposit (PBOC Announcement [2013] No.20, hereinafter refered to as ‘Interim Measures’)” over the weekend as a guideline for financial institutions issuing and trading certificates of deposit ( ... Read more...
The Future of E-Commerce in Asia-Pacific By Dezan Shira & Associates, Posted: 10th December 2013 08:47 A recent report by Forrester Research Inc. predicts that business-to-consumer online retail sales (e-commerce) in the Asia-Pacific region’s five largest markets will soon surpass sales in North America and Europe combined.   Most notably, e-commerce in China and India is expected to grow rapidly between 2014 and 2018.   ... Read more...
Islamic Mutual Fund in Canada Celebrates Important Anniversary By Jeffrey S. Graham, Posted: 9th December 2013 08:53 The universe of activities in Canada that involve Islamic finance continues to grow.  There are an increasing number of institutional initiatives that complement the long standing efforts of private entrepreneurs and investors in Canada who are committed to the ensuring that their commercial and financial activities are conducted in accordance with the principles of Islamic commercial law ... Read more...
Leasing: A Useful Financial Instrument in Economic Development By Martin Serkovic, Posted: 6th December 2013 09:41 As the economy keeps on growing in Peru, financial leasing has become one of the best modern financing tools to own or make use of necessary equipment in order to participate to new projects.    Leasing?   The leasing basically consists in a financing instrument that has become, in Peru, inc ... Read more...
New Economic Zones to Boost China-Vietnam Trade By Dezan Shira & Associates, Posted: 5th December 2013 09:20 Vietnam and China have signed a memorandum of understanding (MoU) that will create four new economic zones along the Vietnam-China border by 2020.   Requiring US$2 million for planning and development and US$200 million for infrastructure construction, the MoU for the project was signed yesterday by Vietnam’s Industry of Trade and China’s Mini ... Read more...
Close-out Netting Developments in Romania and Worldwide By Andreea Toma & Cristina Togan, Posted: 4th December 2013 10:11 Since the 1990s, close-out netting has become one of the most important methods used in the financial markets for the reduction of counterparty credit risk, as it allows market participants to reduce their outstanding mutual obligations to a single net exposure in relation to each of their counterparties   How Does Close-out Net ... Read more...
Singapore Court of Appeal Rules In Favour Of Bank By Cheng Hock Ang & Xeauwei Tan, Posted: 3rd December 2013 08:42 In the recent decision in Deutsche Bank AG v Chang Tse Wen, the Singapore Court of Appeal overturned the High Court’s decision which allowed a counterclaim against Deutsche Bank (the “Bank”) by Dr Chang Tse Wen (“Chang”) for damages in the sum of about US$49 million and allowed the Bank’s claim to recover approximatel ... Read more...
China Regional Focus: Urumqi, Xinjiang By Lisa Quach, Posted: 25th November 2013 10:23 Located on the eastern frontier of Central Asia, Urumqi is the capital of China’s Xinjiang Uyghur Autonomous Region. Urumqi, which means “beautiful pasture” in Mongolian, is also the most remote city from any sea in the world. Despite this fact, the city thrived as a trading hub along the Silk Road during the Tang and Ming dynasties. Today, with its large coal reserve ... Read more...
How to Negotiate Successfully With the Debtors for Debt Settlement? By Alan Starc, Posted: 12th November 2013 15:30 Like most people out there, you too have some undesirable debts and it seems that you are almost burdened with them badly.  Instead of giving it up completely, you can try out some smarter methods like that of debt settlement.  In the present unstable economic condition, almost all the creditors are open for debt settlement and you just need to do it efficiently to profit as much ... Read more...
China Passes U.S. to Become World’s Top Oil Importer By Dezan Shira & Associates, Posted: 28th October 2013 09:04 According to the U.S. Energy Information Administration, last month China imported more oil than any other country in the world, including the United States. China had to import 6.30 million more barrels of oil than it produced domestically, while the United States only imported 6.24 million barrels.   China’s new status will have a number of important ... Read more...
Australian Economic Outlook –Fissures in the Open Cut Mine By Martin Fowler, Posted: 7th October 2013 08:46 In September the Australian public elected a new Liberal/National Government.  The change of government, whether coincidental or not, has already had a profound impact on confidence.  In anticipation of a LNP victory The NAB business confidence survey held just before the election recorded its highest level since May 2011.  Similarly, the Westpac-Melbourne Institute Sept ... Read more...
Cat Bonds - A Canadian Perspective By Robert McDowell & Koker Christensen (Fasken Martineau DuMoulin), Posted: 4th October 2013 09:08 There have recently been some noteworthy events in Canada relating to catastrophic risk that suggest the circumstances are increasingly right for the development of a Canadian cat bond market.(1) First, there have been significant natural disasters, which highlight the devastation that natural catastrophes can wreak and the corresponding potential for large insured losses.  T ... Read more...
Setting Up a Wholly Foreign-Owned Enterprise in China By Eunice Ku, Dezan Shira & Associates, Posted: 24th September 2013 13:47 A wholly foreign-owned enterprise (WFOE) is a company established in China according to Chinese laws and wholly owned by one or more foreign investors. A WFOE is a limited liability company, meaning that the liability of the shareholders is limited to the assets they brought to the business. Unlike the simpler representative office setup which is subject to a number of limitations, a WFOE can make ... Read more...
The Use of Parallel Debt in South East Europe By Damian Simeonov, Posted: 20th September 2013 08:48 In syndicated lending a group of lenders makes a loan to a borrower (or a group of affiliated companies).  Syndicated lending allows a lender to sell its participation in the loan to another lender at any time.  This means that the originals lenders that made the loan may change from time to time, and this raises the question of how to structure the security for a syndicated loan ... Read more...
The Falling Rupee Ushers in India as a Global Trade Dynamo By Chris Devonshire-Ellis, Posted: 9th September 2013 09:22 Foreign investors making surprise returns on investment, cheaper rupee good for exports   With the Indian rupee falling to a record low of 65 against the U.S. dollar, there has never ... Read more...
World's Leading Financial & Trusts Centres By Francis Hoogewerf FCA, Posted: 3rd September 2013 10:15 Introduction   Luxembourg is a small country situated in the very heart of Europe and whose influence should not be underestimated.  Having borders with France, Germany and Belgium Luxembourg provides a high skilled multilingual workforce, high quality of services and sound basis for business activity.  Luxembourg is ... Read more...
Europe's Mid-Market Explores New Funding Sources By Taron Wade, Associate Director, Corporate Ratings & Alexandra Dimitrijevic, Managing Director, Standard & Poor’s Ratings Services, Posted: 10th July 2013 10:52 The funding landscape for European mid-market businesses is changing rapidly.  As banks deleverage across Europe, the treasury and finance departments of mid-market companies – defined as companies with revenues between €100 million and €1.5 billion and outstanding debt between €50 million and €500 million – must look outside traditi ... Read more...
Islamic Finance in Oman - New Horizons for Growth By Anthony Watson, Posted: 21st June 2013 10:04 Islamic banking and finance emerged as one of the fastest growing segments within the financial services industry in Oman in 2012.  Eighteen months after Oman’s head of state Sultan Qaboos bin Said Al Said, issued a decree authorising the establishment of Islamic banking, in December 2012 the Central Bank of Oman issued the Islamic Banking Regulatory Framework (IBRF).  ... Read more...
Payday Lending Against Traditional Lending By Alan Starc, Posted: 23rd May 2013 08:32 Payday loans today have emerged as one of the most availed options by borrowers for meeting urgent needs relating to health care, house rent, electric bills, educational needs etc.  Actually they are left as one of the most convenient options today when borrowers need to attend to their needs fast.   Applying for a normal bank loan would mean that you wi ... Read more...
China Regional Spotlight: Lanzhou, Gansu Province By Yao Lu, Dezan Shira & Associates, Posted: 20th May 2013 08:49 Lanzhou, once known as the “Golden City,” has been an important regional commercial center and transportation hub since as early as the Han Dynasty. The city used to be a major link on the ancient Silk Road and has played a vital role in the cultural and economic exchange between China and countries to its west throughout Central Asia, the Middle East and Europe. Today, Lanzhou ... Read more...
Current Landscape for Islamic Finance and what the Future Holds By Matt Garfield, Posted: 29th April 2013 08:52 Banking in a manner that is acceptable in keeping with Islamic principles has led to a healthy and growing alternative system to the conventional financial models widely in use throughout the Western world.  Best known amongst those outside Islamic banking circles for using methods of lending that do not charge interest (Riba), Islamic finance is essentially a more ethical way of conducti ... Read more...
China and Iceland Sign Free Trade Agreement By Dezan Shira & Associates, Posted: 22nd April 2013 08:59 A free trade agreement (FTA) between China and Iceland was signed in Beijing on April 15, witnessed by the Premier of China Li Keqiang and the Prime Minister of Iceland Johanna Sigurdardottir. Iceland is the first European country to enter into an FTA with China.   The China-Iceland FTA covers trade in goods and services, investments, and various other areas. Spe ... Read more...
China-Singapore Sign RMB Cooperation Deals By Dezan Shira & Associates, Posted: 17th April 2013 08:39 The People’s Bank of China (PBC) and the Singapore Branch of the Industrial and Commercial Bank of China (ICBC) signed the RMB Clearing Agreement on April 2, which allows financial institutions in Singapore and China to conduct cross-border RMB settlements through clearing banks, in addition to the agent banks.   In February this year, the PBC appointed ... Read more...
Australian Economic Outlook: April 2013 By Martin Fowler, Posted: 12th April 2013 10:13 The Australian economy grew by 0.6% in the December quarter and by 3.1% over the year. Mining was the largest contributor to growth over the year (0.9 percentage points (pp)), followed by Financial Services (0.4pp) and Health Care and Social Services (0.4pp). Household consumption rose by 2.8% over the year, below the longer run average of 3.4%. The strongest gains in th ... Read more...
International Economic Outlook: April 2013 By Martin Fowler, Posted: 10th April 2013 09:09 Cyprus and the Eurozone   The fragility of the Eurozone crisis has once again captured the attention of the world as the citizens of Cyprus come to terms with recent events.  Until recently Cyprus had a thriving economy with a prosperous tourism and shipping industry as well as a reputation for a tax haven that attracted Russ ... Read more...
Establishing a Trading Company in China By Eunice Ku and Rosario Di Maggio, Dezan Shira & Associates, Posted: 5th April 2013 09:37 When an international company has reached a certain level of success in selling to or trading with China, or simply wants an on-the-ground presence in the country, it is common that a trading company is established in the form of a foreign-invested commercial enterprise (FICE).   The FICE structure has become the most common type of legal entity that foreign inve ... Read more...
Western China, New Powerhouse for China’s Economy By Dezan Shira & Associates, Posted: 15th March 2013 10:12 With the introduction of China’s “Go West” policy in 1999, the country’s western region entered into period of consistently elevated economic development.   The ‘Go West’ policy covers 12 provinces and cities in the western part of China, namely:   ... Read more...
Central China on the Rise By Dezan Shira & Associates, Posted: 18th January 2013 09:42 Located in the heart of central China, Hubei Province’s capital city of Wuhan has traditionally been one of the country’s most important economic and transportation centers. However, with the introduction of the reform and opening-up policies starting from the late 1970s, Wuhan, like much of Central and West China, fell behind in the wave of economic growth that brought prosper ... Read more...
The New Financial Conduct Authority – Will it have the Guts to Cap Pay Day Loans – and Should It? By Elliot Shear & Lucy Nash, Posted: 16th January 2013 10:13 The Financial Services Act which received royal assent at the end of last year looks to deliver a fundamental shake-up of financial regulation in the UK.  The new system will give the Bank of England macro-prudential responsibility for oversight of the financial system and, through a new, operationally independent subsidiary, for day-to-day prudential supervision of financial services fir ... Read more...
China’s Current Business Environment: It’s Not Tough, Just Comply By Dezan Shira & Associates, Posted: 15th January 2013 09:44 Recent media commentary has been suggesting that the business environment in China has worsened for foreign investors over the past year. Although China is still evolving as an emerging market, I disagree with the basic premise that it is becoming tougher, and even unwelcoming, to foreign investors.   A sense of foreign investors being singled out for specific ab ... Read more...
Fraudulent Accounting Practices By Bee Lean Chew, Posted: 10th January 2013 10:20 Polly Peck, WorldCom, Parmalat, Enron, Olympus, Lehman Brothers and most recently, Autonomy – all are cases of accounting fraud which have shocked the world.    This article looks to explore some of the accounting methods by which companies can manipulate the presentation of their financial results to achieve desired outcomes, sometimes for fra ... Read more...
The Rise of the Interim Change Manager By Charles Russam, Posted: 27th November 2012 09:48 The UK may be coming out of recession, but many businesses still remain cautious when taking on new projects or looking at expansion.  As a result, many are reluctant to hire full time permanent staff at a senior level and more companies are turning to Interim Managers to bring in new skills and expertise, on a temporary basis.  Charles Russam, Chairman of Russam GMS, a ... Read more...
China to Join RCEP, Creating Massive Free Trade Area with ASEAN, India, and Japan By Dezan Shira & Associates, Posted: 14th November 2012 09:29 China is set to commence negotiations to create a 16-nation trade bloc, known as the Regional Comprehensive Economic Partnership (RCEP), with its launch expected to be formally announced at the ASEAN summit in Phnom Penh later this month. The RCEP will include the 10 members of the Association of Southeast Asian Nations (ASEAN) plus China, India, Japan, South Korea, Australia and ... Read more...
Mauritius: Offshore Opportunities in 2012 By Graham Sheward, Posted: 7th November 2012 09:02 What factors are attracting companies and wealthy individuals to the Mauritius?    Mauritius is internationally recognised for its continuity of government and rule of law.  The island has enjoyed enduring political stability ever since gaining independence in 1968 with a democratically-elected government every five ... Read more...
Hong Kong’s Economic Standing Amid the Global Slowdown By Dezan Shira & Associates, Posted: 22nd October 2012 08:43 Long known for its openness and dynamism, Hong Kong boasts one of the most advanced economies in Asia, and in the world. The city has been ranked the world’s most competitive economy for the second consecutive year by the International Institute for Management Development and the world’s freest economy for 18 consecutive years by Heritage Foundation. However, this open and free ... Read more...
Reforms in India: Government Clears FDI in Insurance and Pension By Dezan Shira & Associates, Posted: 17th October 2012 08:49 The Government of India on October 4, 2012 approved moving the FDI cap in insurance to 49 percent while also approving the introduction of certain official amendments to the Pension Fund Regulatory and Development Authority Bill (2011). The decision has been taken by the Cabinet headed by the Prime Minister of India. Now, with the Cabinet approving the scheme, the Insura ... Read more...
Russia No Longer to Rely on Petro-Dollars By Haider Ali, Posted: 11th October 2012 09:55 Since the recession has hit worldwide, states such as Russia have not featured so prominently in the media. With the United States bearing the brunt of a fiscal deficit that seems to be ever-widening and Europe in a perilous position facmg austerity measures, Russia has managed to navigate itself through a quagmire to safer economic shores.   They have provided t ... Read more...
Vietnam Promulgates Fiscal Stimulus Measures By Dezan Shira & Associates, Posted: 10th October 2012 10:29 On August 21, 2012, Vietnam’s Ministry of Finance promulgated Circular 140/2012/TT-BTC (hereinafter referred to as “Circular 140”), clarifying the country’s 2012 fiscal stimulus measures which aim to resolve some of the present tax difficulties facing organizations and individuals. The preferential tax policies listed in Circular 140 include a 3 ... Read more...
Global Outlook – “Whatever it Takes” By Martin Fowler, Posted: 4th October 2012 09:29 In late July, the European Central Bank (ECB) president, Mario Draghi, said that the ECB would do “whatever it takes to preserve the Euro (zone)”.  These comments were widely unexpected and were intended to allay fears of a possible breakup of the Euro Zone (EZ).  Despite the lack of detail, rhetoric won the da ... Read more...
Pension Obligations within Corporate Transactions By Andrew Vaughan & Gavin Markham , Posted: 26th September 2012 12:21 Whether buying, selling or restructuring a business, pension schemes are likely to play a significant role within a corporate transaction.  Failure to fully understand the complex pension issues could end up being very costly, result in time delays or even become a potential deal-breaker.  Recent economic experience means that the vast majority of pension schemes are in a deficit ... Read more...
Non-Performing Loans In Ukraine: Not An Easy Matter By Ihor Olekhov & Oleksandr Svyryd, Posted: 25th September 2012 08:37 The Rationale Behind   The global financial crisis and its repercussions in Ukraine have revived an interest to transfer of loan portfolios from commercial banks to various structures.   For the last several years, we have noted an immense interest of Ukrainian commercial banks (including, in pa ... Read more...
Bank of England Set to Hold Tight With QE Measures 20th September 2012 08:49 The Bank of England yesterday announced that it would refrain from pumping more liquidity into the financial system despite it receiving some good news for the first time in months. They will be maintaining the interest rates at the record low it already stands at which is 0.5%   The Monetary Policy Committee, which is comprised of members from the bank itself ha ... Read more...
WTO China UnionPay Ruling Paves Way for Visa, MasterCard By Yao Lu, Posted: 17th September 2012 09:46 The Dispute Settlement Mechanism of the World Trade Organization (WTO) has adopted the panel report on the United States vs. China UnionPay (CUP) Dispute, according to the WTO press release issued on August 31, 2012. China’s decision not to challenge the WTO ruling effectively brings the two year tug-of-war between the two nations to an end. In th ... Read more...
United Kingdom Climbs Global Competitive Market By Haider Ali, Posted: 13th September 2012 09:40 The United Kingdom like much of the economically advanced countries in the west has suffered from a shifting focus of economic power towards eastern powerhouses like India and China. But based on the recent tables released by the World Economic Forum, which focuses primarily on the competitiveness of a state, the United Kingdom is slowly but surely making a dignified comeback. &nb ... Read more...
Distribution - What You Need To Succeed In The Swiss Financial Marketplace By Daniel Häfele, Posted: 10th September 2012 10:05 Possibly it is the much-lauded political stability, or maybe it’s the fine view over Lake Zurich or the excellent chocolate that attract investors in droves to Switzerland.  In any case, the Swiss financial centre is attractive to both international and domestic investors alike.  At year-end 2010 assets under management in Switzerland totaled around Sfr 5,50 ... Read more...
India and China Discuss Avenues for Cooperation By Dezan Shira & Associates, Posted: 3rd September 2012 09:04 India and China have initiated talks aimed at increasing mutual trade to US$100 billion by 2015 in a positive sign not only for India and China businesses, but also for the whole Asian community. This will open the doors to new investment opportunities in both countries as the two Asian economic giants have decided to set up a joint working group to address trade issues and also work o ... Read more...
August News in Brief: A Monthly Round-Up By James Drakeford , Posted: 31st August 2012 09:37 August has picked up the baton to follow the same direction as months gone by with Barclays and the Eurozone continuing to dominate column inches around the world.  Throw in the mega-money court case between Apple and Samsung along with tension in the public sector in Brazil and you have got yourself an intriguing month of news.  Here is a brief round up of all the bi ... Read more...
Vietnamese Prime Minister Pushes for Uniform Framework for Investment Incentives By Nhung Le and Huyen My, Posted: 28th August 2012 09:01 On July 20, Deputy Prime Minister Hoang Trung Hai issued a document (Official Dispatch No. 5336/VPCP – KTTH) directing the Ministry of Planning and Investment (MPI) to research and create a national framework for investment incentive categories and investment incentive areas. This followed a July 6 submission to the Prime Minister of reports compiled by MPI detailing the Ministry&rsq ... Read more...
Registered Capital in India By Dezan Shira & Associates, Posted: 24th August 2012 09:30  In India, the Companies Act of 1956 made rules and regulations for the establishment of both public and private organizations. The most widely used business form is the limited company, unlimited companies being comparatively rare. An organization is formed by registering the Memorandum and Articles of Association with the State Registrar of Companies of the state in which the head offic ... Read more...
Emerging Asia Looking Attractive As China Data Looks “Rushed” By Chris Devonshire-Ellis, Posted: 21st August 2012 08:55 As Emerging Asia releases its Q1 figures, there are a whole bunch of stats that spring out, not least the continuing GDP growth throughout the region. However, digging deeper, some surprising trends seem to e developing concerning China and the neighboring countries that are increasingly competing with it. I’m the first to admit I’m not an economist, so readers may ... Read more...
July News in Brief: A Monthly Round-Up By Haider Ali, Posted: 31st July 2012 08:49 July has been a hotbed for financial scandal, but an exciting month nonetheless that seen top executives forced out, banks hit with hefty fines for rate-rigging and links between top brass banks and criminal organisations being exposed.  We will be the first to admit we are intrigued to see where this will go in the months ahead, but for now here is a round up of all the big s ... Read more...
United Kingdom Heading Back Into Recession? By Haider Ali, Posted: 24th July 2012 09:15 When the Conservative and Liberal Democrat coalition formed, one could forgive the pair for wanting to take a different approach to the economy.  The argument has been made by political pundits that they inherited an economy in tatters from the Labour government and this certainly has some credence.  New Labour under Tony Blair borrowed from the International Monetary ... Read more...
China-Hong Kong to Promote Further Liberalization under CEPA By Yao Lu, Posted: 19th July 2012 08:43 To enhance cooperation between Hong Kong and Mainland China in the services sector, and to facilitate mutual economic development, the Chinese central government and the government of the Hong Kong Special Administrative Region signed the “Ninth Supplement to the Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) (hereinafter referred as ‘the Ninth Supplement ... Read more...
Iran Still In Business By Haider Ali, Posted: 17th July 2012 08:58 Contrary to popular belief, Iran has demonstrated remarkable resilience to sanctions that were imposed on them by the United States. Many have stated the belief that the sanctions are crippling Iran’s ability in financial markets, especially after countries were left with facing hefty fines for dealing with Tehran’s central bank. Oil shipments were expected to dry u ... Read more...
Global Outlook – Live & Let Die By Martin Fowler, Posted: 12th July 2012 09:49 In June the world watched as the Greeks went to the polls to elect a new government.  The choice was clear, a win by the left wing Syriza party would effectively lead to Greece exiting the Eurozone (EZ) and going back to the Drachma, while a win for the conservative New Democracy party would be a vote to maintain the status quo.  A narrow victory by the coalition gove ... Read more...
Sir Mervyn King Condemns Banks Following Controversy By Haider Ali, Posted: 4th July 2012 09:55 It hardly comes as a surprise that the fleet-footed banker managed to offer his two pennies worth on the latest scandal to hit Britain’s banks.  Not only did he manage to present an opinion on the debacle but he managed to rub noses the wrong way with his complete and utter drivel.  Of course one should get used to him delivering the coup de grace to people& ... Read more...
Global Impact of a China-Japan-South Korea Free Trade Agreement By Joshua Gill, Posted: 3rd July 2012 09:23 Last month, at the Fifth Trilateral Summit between China, Japan, and South Korea the three countries jointly announced their intent to begin negotiations on a trilateral free trade agreement (FTA) by the end of 2012. The announcement raises questions not only about the impact of the successful negotiation of such an agreement, but also about its feasibility. ... Read more...
Jamie Dimon Smug In The Face of Senate “Grilling” By Haider Ali, Posted: 27th June 2012 09:51 The Chief Executive was supposed to face an interrogation of sorts from senators comprised of both sides of the political spectrum looking for an explanation behind the two billion dollar trading loss by JP Morgan.  Instead we were left with a man at the peak of his powers in the financial world walking away with his reputation unblemished and feckless politicians illustrating ... Read more...
Unlock cash tied up in your assets By Mark Qualter, Posted: 28th March 2012 09:48 The Invoice Finance industry continues to enjoy considerable growth, with recent figures from the Asset Based Finance Association showing that firms which use invoice finance are enjoying continued strong growth in their sales, up 13% to year end 2011.  Total client turnover in 2011 for companies using invoice finance reached £238bn.  Although it is now much mo ... Read more...
China’s Local Debt Problems May Mean Further Privatization By Dezan Shira & Associates, Posted: 27th March 2012 10:55 China will resort to “market-oriented” measures to tackle its local debt issues, Chinese Premier Wen Jiabao said at a press conference last Wednesday after the closing of the Fifth Session of the Eleventh National People’s Congress. Wen’s remarks have signaled that China may allow more private investors ... Read more...
Citibank Permitted to Issue Credit Cards in China By Dezan Shira & Associates, Posted: 22nd February 2012 10:32 Greater market access to China’s banking industry on the road ahead? U.S.-based financial services corporation Citigroup announced on Monday that it has obtained government approval to issue its own credit cards in China. It is hoped that Beijing’s recent decision indicates that the country will be more willing to ... Read more...
Shadow Banking by Investment Funds By Steven T. Kolyer, Posted: 13th February 2012 09:52 The scope and volume of credit and credit intermediation services being provided by banks and banking institutions has been going through a period of stress and contraction while the need for such services continues to exist and, in many markets, grow.  Opportunities exist, and will continue to expand, for non-banks – particularly private, unregulated funds a ... Read more...
China Urges Financial Industries to Serve Real Economy By Dezan Shira & Associates, Posted: 3rd February 2012 11:26 The two-day financial planning meeting held over the past weekend in Beijing has provided direction for China’s financial sector during the next five years. As part of the plan, financial industries will be used to serve the real economy, offering more credits to productive businesses that actually create most of the country&rsqu ... Read more...
Lebanon moves forward in times of global economic turmoil By Carlos Abou Jaoude, Posted: 4th January 2012 09:33 “When the going gets tough, the tough get going” best describes the exemplary immunity of Lebanon’s banking system to the recent global financial crisis.  Acute activity slowdown in regional and global markets was met with increasing FDI (foreign direct investment) inflows to Lebanon equivalent to 12.6% of ... Read more...
Cautious Optimism for Equity Markets in Japan By Piyasena C. Perera, Posted: 27th December 2011 13:24 Financial news from Japan has been predominately grim for the past two decades, and the interest of global investors has shifted to China and other emerging markets. Yet, things may not be as dire as they seem.  Despite recent travails, Japan is still a leading industrial country with a considerable number of profitable and i ... Read more...
Banking & Finance in The Netherlands By Bart P.M. Joosen, Posted: 21st December 2011 11:13 Current status of implementation CRD II/CRD III It is expected that effective 1 January 2012 a number of further amendments to the Dutch Act on Financial Supervision (“AFS”) and to lower Governmental Decrees will enter into force in order to meet the implementation requirements pursuant to th ... Read more...
Tax Rates in Hong Kong By Dezan Shira & Associates, Posted: 19th December 2011 10:59 As the Global Financial Crisis rumbles on, with certain reduced growth rates on the horizon for Europe and the United States, multinationals are looking elsewhere to achieve their business goals. Asia, a region riddled with wars and ineffective economic policies for much of the past century, has finally stepped into the front line of global trade and com ... Read more...
World Bank Forecasts 6% Growth for Vietnam in 2012 By Dezan Shira & Associates , Posted: 13th December 2011 09:19 According to the report East Asia and Pacific Economic Update released by the World Bank on November 21, Vietnam’s gross domestic product (GDP) will increase 6.1 percent next year. The recent forecast confirms Prime Minister Nguyen Tan Dung’s expectations of 6 percent to 6.5 percent growth for 2012, which he announced at the opening session of a biannual meeting of the ... Read more...
Shadow Banking Poses Hidden Risks to China’s Financial Sector By Cindy Tse, Posted: 8th December 2011 10:05 Concerns over China’s overextended debt are being amplified by persistent warnings of a looming fiscal crisis from China’s massive “shadow” financing market. This aptly named financing market is generally understood to be “gray” credit extended through informal or non-banking ... Read more...
Fluctuations in India’s Rupee Rate and its Impact By Dezan Shira & Associates, Posted: 5th December 2011 10:17 After depreciating to a record low of 52.73 against the U.S. dollar on November 22, the Indian rupee (INR) rose in value to 51.206 per dollar on Friday to complete the currency’s first weekly advance since October. The Indian rupee is under great stress as overseas investors ar ... Read more...
Ukraine: Financial Regulators Strengthen Supervisory Rules By Ihor Olekhov, Posted: 27th October 2011 11:43 Recent amendments to laws governing financial services in Ukraine will have serious implications for the shareholders of Ukrainian banks and Ukrainian non-banking financial institutions and their related parties. On 19 December 2011 the three Ukrainian financial regulators (the NBU, the NSEC and the FSMC) will become endowed with new ... Read more...
German Debt Restructuring: Recent Trends And Developments By Patrick Ziechmann and Stefan Schwertel, Posted: 12th October 2011 09:47 In 2009, the German economy was hit hard by the worldwide economic and financial crisis.  Like most other industrial economies it suffered the biggest economic downturn for decades. However, the German economy was able to recover relatively quickly.  Short-time work, the ‘cash-for-clunkers-program’, a strong export market and increased private consump ... Read more...
Macroeconomic Evaluation of China’s Consumers By Simon Sheung and Lena Xia of Asia Briefing, Posted: 16th September 2011 10:10 With China’s economic rise, a new type of consumer is being born. Incomes are rising, consumers are feeling increasingly optimistic about their financial futures and new consumer demographics are emerging. The Global Financial Crisis in 2008 had caused economic downturn in most of the world, yet it did virtually nothing to c ... Read more...
The Canadian Banking Industry: Strength in the Face of Economic Turbulence By Eric Belli-Bivar with Megan Filmer & Andrew Lloyd, Posted: 28th July 2011 11:08 The Canadian Banking Industry While the Canadian economy has not escaped the recent global financial crisis completely unscathed, comparatively speaking, it has emerged in an enviable position.  A significant factor contributing to this achievement is the relative strength of Canada’s ba ... Read more...
Recent developments in the Turkish Finance sector By Cagri Goktas, LL.M , Posted: 18th May 2011 19:56 Overview of the Turkish Financial Sector Turkey has a heavily regulated financial market and the applicable rules and regulations are compatible with the rules of the Financial Services Authority in the United Kingdom.  Since 2001, the date the Turkish economy suffered a banking system driven economic crisis, the regulations and rules surrounding the financial ... Read more...
SME’s guide to raising finance By E.L. Kateb, Posted: 29th March 2011 23:46 With the government stating the small to medium sized enterprise sector (known as SME’s) being a driving force of economic recovery, it will prove to be important times for these businesses.  The following article aims to highlight the alternative forms of finance available to such companies. With no single accepted definition of an SME, generally it ... Read more...
Alternative methods of raising finance for Middle Market companies By E.L.Kateb, Posted: 29th March 2011 23:34   At times businesses may need a bit of a helping hand usually in the form of raising finance whether they are expanding or going through tough times.  Finance raised can be used for: Working capital, acquisition of other firms, R&D, increasing stock, training and staff development or marketing amongst others ... Read more...