Entrepreneurial Subjects
Entrepreneurial Subjects
INTERSHORES I The Association of Banks in Singapore Launches Trade Finance Registry (TFR) to Counter Fraud In Trade Finance
Currently, banks in Singapore reply on due diligence on their customers and transaction checks of the underlying trade flows to make trade financing available to their clients. However, banks may receive documents which are prone to forgery, and they are often unable to ascertain if a particular trade has been taken to multiple banks for financing.
ABS(The Association of Banks in Singapore) has launched the Trade Finance Registry (TFR), a central repository for recording trade finance transactions in Singapore. Under the TFR, participating banks can register new trade financing transactions, and receive real-time notifications for further action if instances of duplication are...
Details
INTERSHORES I New Development Plan for Nansha. China
In June 2022, the State Council of China issued the “Master Plan of Guangzhou Nansha on Deepening Comprehensive Cooperation between Guangdong, Hong Kong and Macao with Global Perspective”.
Nansha district enjoys great geographic advantages, enormous development potential and a strong industrial foundation. As Guangzhou, Hong Kong and Macao have strong willingness for cooperation, Nansha bears unique advantages in promoting their comprehensive cooperation. In February 2019, the Outline Development Plan for the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) further specified Nansha’s role in promoting cooperation between Guangdong, Hong Kong and Macao, joining hands...
Details
INTERSHORES I Japanese Business Perspectives: Taking the Pre-owned Luxury Goods Trade Global via Hong Kong
The pre‑owned luxury market has seen considerable growth in recent years, thanks in part to efforts to increase sustainability, changing consumer preferences and the rise of online trading platforms. The US‑based management consultancy firm Bain & Company estimated that in 2021 the global second‑hand luxury market reached a size of €33 billion (HK$300 billion), with a compound annual growth rate of 13.3% between 2017 and 2021 – a rate significantly higher than the 2.9% for first‑hand luxury goods. [1][2]
Valuence Holdings Inc. is a Japan‑listed pre‑owned luxury goods trading company, dealing in high‑value products such as accessories, watches, jewellery,...
Details
INTERSHORES I Hong Kong as a Corporate Treasury and Trade Centre
In recent years, while the economy of Southeast Asian countries has been growing in leaps and bounds, agriculture remains the main pillar of the economy across the region. To propel local agriculture further towards modernisation the use of advanced feedstuffs and animal husbandry products is essential. Guangdong Haid Group Co, established in Guangzhou in 1998, ventured into the aquatic and livestock feeds market in Vietnam and Malaysia over 10 years ago and has since gradually formed a local supply chain as well as developed into a leading feedstuffs manufacturer and provider in Southeast Asia.
In an interview with HKTDC Research, Ding Baoli, Treasury Director of Guangdong Haid Group,...
Details
INTERSHORES | A Practical Guide For Setting Up In the Guangdong-Hong Kong-Macao Greater Bay Area (An Area With GDP Of Over US$1.9 Trillion) Via Hong Kong
The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) is a main economic driver of China with GDP of over US$1.9 trillion and an increasingly wealthy consumer market of over 86 million people. It has been seen by as the most attractive regions in Asia for high-value businesses. To better assist businesses to capitalise on the tremendous opportunities brought about by the GBA, InvestHK and PricewaterhouseCoopers have jointly released a guide titled “A Practical Guide for Setting Up in the Guangdong-Hong Kong-Macao Greater Bay Area via Hong Kong” to provide insights on new opportunities in Hong Kong and the GBA. Please read the report at the bottom of this article.
Whatsapp...
Details
INTERSHORES I Guidance On Meeting Arrangement During Pandemic
Introduction
The pandemic has affected business ecosystem resulting in gathering restriction which becomes a daily pertinent issue for private or listed companies in respect of annual and extraordinary meeting (AGMs/EGMs). The Hong Kong Chartered Governance Institute has issued guidance on 17 March 2022 in relation to meeting arrangement at pandemic.
Gathering restrictions
Regulations affecting meeting arrangements:
1. Prevention and Control of Disease (Requirements and Directions) (Business and Premises) Regulation’ (Cap 599F). Meetings can no longer be arranged at public ‘event premises', for example, hotels and conference centres until further notice. The Hong...
Details
INTERSHORES I Top 3 AML Trends in 2022 - What Does It Mean To An Entrepreneur
Evolution of advanced technology offered business opportunity on one hand but regulators need to develop artificial intelligence (AI) to detect sophisticated hidden financial crime on the other. Businessmen have to prepare themselves for more anti-money laundering (AML) regulation in the foregoing. Below are the key AML trends in 2022 which will affect your business.
1. Using Advanced Technology
AI has played a pivotal role in automating processes applicable to AML such as risk scoring, creating risk portfolio, consolidation of customer due diligence (CDD) data and screening process (for example Politically Exposed Persons, sanction, watchlist and adverse media screening). Banks...
Details
INTERSHORES I Russia Sanctions - What You Should Know To Reduce Risk As An Entrepreneur
In the first quarter of 2022 after Ukraine’s conflict with Russia, European Union, United States, United Kingdom and all their ally countries began to announce new sanctions on designated Russian individuals and entities. The sanction includes trade restriction on certain products, freezing of assets on target individuals including wealthy business leaders “oligarchs” and politician, travel bans, limitation on designated Russian banks, cancelling on SWIFT (Society for Worldwide Interbank Financial Telecommunication) restricting fund movement. Sanction by United Nations Security Council (UNSC) against Russia has not yet been made, having considered Russia holds a veto vote...
Details
INTERSHORES I 12 Resolutions To Keep You Financially Fit For 2022
1. Keep a budget. Budgeting is simply a plan for how you intend to spend and save your money. Knowing how much money you earn and spend each month puts you in a better position to save and plan for the future.
2. Live below your means, but within your needs. Before spending any money, you should ask yourself the question, “Can I afford it?” But even if you can afford it, you should also ask, “Do I need it?” Spend on what you need, rather than what you want and try to get the best deal for your money.
3. Pay yourself first. Have the money you plan to save automatically deducted from your monthly paycheck before you pay any other bills. One of the...
Details
INTERSHORES I Insurance
An offshore insurance company, usually referred to as a 'captive' insurance company, is usually a subsidiary of a large company or group of companies, and its purpose is to offer insurance within the parent company or group, thus saving external costs and generating profits in a low-tax jurisdiction. The fiscal benefits are not necessarily the driving factor, but they can be significant. Direct access to reinsurance is another important advantage of a captive.
Some high-tax countries have legislated to prevent excessive shifting of income to captives, but usually without seriously reducing fiscal benefits. Apart from offering tax savings, it is usually also true that an International...
Details
INTERSHORES I Licensing and Franchising : Royalty Collection
IOFCs (International Offshore Financial Centres) naturally generate significant amounts of professional work in support of the offshore companies and trusts that are set up in their territories. While some of this is performed by nationals of the IOFCs, much necessarily falls into expert foreign professionals worked in IOFCs which make it reasonably easy for them to work locally.
Apart from IOFC’s 'offshore' professional activity, IOFCs are also an attractive location for professional firms offering their services internationally without physically living there. Engineering and management consultancies are key examples.
The advantages of professional services include low local...
Details
INTERSHORES I Professional Services
IOFCs (International Offshore Financial Centres) naturally generate significant amounts of professional work in support of the offshore companies and trusts that are set up in their territories. While some of this is performed by nationals of the IOFCs, much necessarily falls into expert foreign professionals worked in IOFCs which make it reasonably easy for them to work locally.
Apart from IOFC’s 'offshore' professional activity, IOFCs are also an attractive location for professional firms offering their services internationally without physically living there. Engineering and management consultancies are key examples.
The advantages of professional services include low local...
Details