MGI Bass Gordon’s Post

Singapore is rolling out measures across industries to stem #moneylaundering activities, with new laws coming into place to tighten regulation. New rules for corporate service providers could raise the bar for the the industry as a whole, but may lead to smaller players - some as tiny as one-person firms - being priced out, says industry observers. #aml #csp As some firms move out of the corporate secretarial business, there will be more opportunities for providers intending to stay in the field. “With the implementation of the new rules, there is an opportunity for everyone in the industry to improve (their) standards,” noted Lancaster Lee 【李宣翰】, managing director of One Tax CM. Many thanks to Lancaster, Justin Lim (ACIS) (Forvis Mazars in Singapore), Jason Tan (KPMG Singapore), Chenthil Kumarasingam (Withersworldwide), Suressh S (Harry Elias Partnership LLP), Raymond Lam (Drew & Napier LLC), Josephine Chee (Rajah & Tann Asia), Lydia Low (Deloitte) and Ramesh Moosa (EY) for weighing in.

"The firm’s impressive expansion across the world validates my belief: there are better ways of working together" - Cameron Allen, CEO of Andersen in Australia. We are thrilled about Andersen Global's recent expansion in the Asia-Pacific region and welcome our newest collaborating and member firms. 🇯🇵 Opti Inc.: tax services in Japan (https://ow.ly/kAMg50Sv5CP) 🇯🇵 Kohwa Sohgo: law firm in Japan (https://ow.ly/X8kz50Sv5CQ) 🇰🇷 Nemo Partners SCG: consulting services in South Korea 🇰🇷 Forest: valuation firm in South Korea 🇵🇭 AVISO Valuation & Advisory: valuation firm in the Philippines 🇹🇼 Diwan Financial Advisory Services Co., Ltd.: valuation firm in Taiwan 🇨🇳 Zhonghua Certified Public Accountants LLP: tax and consulting firm in China #BetterTogether #AndersenDoes #AndersenGlobal #tax #AnderseninAustralia #AndersenAustralia #Global #UnlockNew

I am pleased to share an article which describes how JurisTax can assist you to expand your business internationally

RSM Hong Kong Transparency Report 2023 is now available. Our Transparency Report is presented in accordance with the requirements of the UK Financial Reporting Council, detailing the work we at RSM Hong Kong are doing to raise the audit quality standard, demonstrating our commitment to transparency, accountability and fulfilling our due responsibilities. This report also delineates our governance structure, legal framework, ownership, financial results and the operations of our international network. Read the full report: https://lnkd.in/e-YAzhVC #RSM #TransparencyReport #QualityAssurance #Audit

Determining the value of real properties is required for various transactions. However, the absence of uniform standards for real properties in the Philippines has resulted in multiple, overlapping, and outdated valuations being used by local and national government agencies. In the weekly “Deloitte on the dot” column published in The Manila Times, Deloitte Philippines Tax & Corporate Services Senior Associate Mary Liz Jolina Mangoba writes about the Real Property Valuation and Assessment Reform Act (RPVARA) and its impact to property owners and government agencies. Read the article to find out more: https://deloi.tt/4cYDQHl #DeloittePH #DeloitteOnTheDot #RPVARA

🚨 Understanding Singapore's AGM and Annual Return Obligations 🚨 For businesses operating in Singapore, staying compliant with the Companies Act is crucial. Here’s what you need to know about Annual General Meetings (AGM) and Annual Return Filing — including obligations for dormant companies. 1. Annual General Meeting (AGM) 📌 Listed Companies: Hold AGMs within 4 months after the financial year-end. 📌 Unlisted Companies: Hold AGMs within 6 months after the financial year-end. 📌 Penalties: Fines up to SGD 5,000 if AGMs are not held on time. Typical AGM agenda items include: Approval of financial statements Re-election of directors Declaration of dividends Setting a cap on directors' remuneration 2. Annual Return Filing 📌 Listed Companies: File Annual Returns within 5 months after financial year-end. 📌 Unlisted Companies: File within 7 months after financial year-end. 📌 Penalties: Fines up to SGD 5,000 for non-compliance. 3. Dormant Companies A dormant company (Section 205B) is one that has no accounting transactions. However, some costs do not affect dormant status, such as: - Secretary and auditor fees - Office maintenance costs - Statutory fees While dormant companies are exempt from holding AGMs, they must still file Annual Returns to avoid penalties. 📢 Stay compliant! If you need assistance with your corporate obligations, reach out for support. #Singapore #Compliance #AGM #CorporateGovernance #AnnualReturns

Understanding and fulfilling statutory obligations is crucial for directors of Singapore companies to maintain compliance and uphold regulatory standards. This article, enriched with insights from expede.com.sg, sheds light on the annual requirements mandated by the Companies Act. Let's delve into the essential obligations, including holding annual general meetings (AGMs) and filing annual returns, and explore their significance in ensuring transparency and accountability. Read more: https://lnkd.in/gyxmyUGH

Asian Consulting Group - ACG proudly announces the appointment of the former Secretary of the Department of Trade and Industry (DTI), Ramon 'Mon' Lopez as its Vice Chairman and Interim President and Chief Executive Officer (CEO). He was appointed during the Annual Board Meeting on April 24, 2024. In this role, Mr. Lopez will lead ACG's vision for international expansion across Asia, the US, Europe, Australia, Canada, and the Middle East, reaffirming ACG's commitment to global leadership in finance and tax expertise for MNCs, foreign investors, and fintech firms. READ HERE: https://lnkd.in/dySXMj2a #ACGNewPresidentandCEO #MonLopez #DTIPhilippines #ACG Center for Strategic Reforms of the Philippines TaxWhizPH Digital Solutions The World Bank Philippine Economic Zone Authority Philippine Board of Investments (BOI) Anti-Red Tape Authority (ARTA) Securities and Exchange Commission Philippines Department of Trade and Industry Fintechalliance.Ph OECD - OCDE International Monetary Fund Asian Development Bank (ADB) European Chamber of Commerce of the Philippines Spanish Chamber of Commerce in the Philippines - La Cámara German-Philippine Chamber of Commerce and Industry, Inc. (GPCCI / AHK Philippinen) Swiss Chamber of Commerce of the Philippines French Chamber of Commerce and Industry in the Philippines British Chamber of Commerce Philippines Dutch Chamber of Commerce in the Philippines The Canadian Chamber of Commerce of the Philippines Australian-New Zealand Chamber of Commerce Philippines (ANZCHAM) Italian Chamber of Commerce in the Philippines

🚀 Navigating Corporate Governance Changes in China: Tax Treatment of Capital Reductions 📉 The amended PRC Company Law, effective July 1, 2024, marks a pivotal shift in corporate governance in China. With its focus on optimizing capital efficiency, companies are increasingly considering formal capital reductions. 💡 In our latest article, we delve into the nuances of formal capital reductions, exploring: 1️⃣ Key changes under the amended law 2️⃣ The distinction between unpaid subscribed capital reductions and paid-in capital reductions 3️⃣ The tax implications of these changes 4️⃣ How businesses can strategically adapt to this new landscape Understanding the complexities of these amendments is crucial for companies looking to enhance financial transparency and investor confidence. 👉 Read the full article to learn how to navigate these changes effectively and what it means for your business: https://lnkd.in/eg6u_JXi At Woodburn Global, we’re here to provide the tailored support you need to thrive in this evolving environment. Let’s optimize your capital structure together! 🌟

At Woodburn Global, we recognize the significance of the amended PRC Company Law, effective July 1, 2024, which brings substantial changes to corporate governance in China and impacts capital efficiency. Our latest article delves into the concept of formal capital reductions, exploring key amendments, the differences between reducing unpaid subscribed capital and paid-in capital, and the associated tax implications. Understanding these complexities is essential for enhancing financial transparency and strengthening investor confidence. To gain valuable insights into how your company can effectively navigate this evolving landscape, check out the full article. Our team of experts is dedicated to providing personalized guidance to help you optimize your capital structure while ensuring compliance with the new legal framework. Let’s work together to position your business for success! 🌟