Hong Kong adopts new UBI system to distinctly identify legal entities
Kristina Koehler-Coluccia
Setting up companies in China for over 20 years | Specialized in China accounting, tax and payroll
This week's top 3 articles from Woodburn
No 1: Hong Kong adopts new UBI system to distinctly identify legal entities
Companies operating in Hong Kong will be required to have a Unique Business Identifier (UBI), starting on December 27, 2023. This 8-digit business registration number will enable legal entities to be distinctly identified in transactions and regulatory interactions, eliminating potential errors caused by multiple identifiers.
Read the full article here.
No 2: Foreign companies receiving data from China are subject of Chinese SCCs
In an effort to protect transfers of personal information from China to other countries, the Chinese Cyberspace Administration (CAC) implemented the Standard Contractual Measures for the Transfer of Personal Information Oversees and the corresponding Standard Contractual Clauses (SCCs), in effect since June 2023.
Read the full article here.
No 3: China witnesses a substantial increase in the number of valid invention patents in 2023
In a rapidly evolving global landscape, intellectual property plays a pivotal role in fostering innovation and economic growth. The China National Intellectual Property Administration (CNIPA) recently released data on the number of valid invention patents in China for the year 2023, providing valuable insights into the country's technological progress.
Read the full article here.
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Industry Guide: Cosmetics and Personal Care Industry in China
The beauty and cosmetics industry is one of the fastest-growing and most promising sectors currently in China. The Chinese personal care market registered more than US$59 billion in 2022 and it is estimated to reach US$78 billion by 2025. This places China's beauty market second in value only to that of the United States, which will be worth an estimated US$91 billion in 2023.
Read the full guide here.
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