e-News

Issue Sep 2020


BMS Corporate Services Limited is a licensed Trust & Company Service Provider (“TCSP”) in Hong Kong. With over 30 years of professional experience, we provide a full range of corporate services, including company secretarial, accounting and payroll outsourcing services, to our clients. Corporate and business rules change rapidly, and our e-News serves to provide you with updates on the relevant topics.



Hong Kong’s Limited Partnership Regime for Funds

 
The Limited Partnership Fund Ordinance, which took effect on 31 August 2020, establishes a limited partnership fund (“LPF”) regime to enable private investment funds (including private equity and venture capital funds) to be registered in the form of limited partnerships in Hong Kong.

An LPF is a fund structured in the form of a limited partnership which will be used for managing investments for the benefit of its investors. It must be constituted by:
  • one general partner (“GP”) - with unlimited liability in respect of the debts and liabilities of the fund, and
  • at least one limited partner – with limited liability.
The LPF regime is a registration scheme administered by the Hong Kong Companies Registry. An application for registration as an LPF must be made by the proposed GP - to be submitted by a registered Hong Kong law firm or a solicitor admitted to practise Hong Kong law in Hong Kong on the proposed GP’s behalf. Registration will take effect upon issuance of a certificate of registration. The GP must also apply for a business registration certificate for the LPF.

Within 42 days after each anniversary of the registration date, the GP must file an annual return. If there is any change in the particulars in relation to the LPF, the GP must file a notification of change within the specified period.
 

Waiver of Annual Return Registration Fees

 
As one of the relief measures to support enterprises, the Hong Kong Companies Registry will waive the registration fees for all annual returns (“ARs”) for 2 years – except for late deliveries.

The fee waiver will apply to ARs delivered on time and within the concession period from 1 October 2020 to 30 September 2022. ARs delivered on time include those delivered:
  • within 42 days after the company’s return date for
    • private companies having share capital,
    • public companies having share capital and
    • companies limited by guarantee; and
  • within 42 days after the anniversary of registration for registered non-Hong Kong companies.
However, the waiver will not apply to late delivery of ARs, in which case companies are still required to pay the statutory higher registration fees calculated on the basis of the delivery date.
 

Hong Kong Improves Maternity Leave Benefits

 
The Employment (Amendment) Ordinance 2020, which extends the statutory maternity leave (“ML”) by 4 weeks, will come into effect on 11 December 2020.

Key changes:
  • The statutory ML entitlement will increase from the existing 10 weeks to 14 weeks. [Applicable to eligible female employees whose confinement occur on or after 11 December 2020.]
  • The current statutory rate of ML pay (i.e. 4/5 of the employee's average daily wages) will be maintained for calculating the ML pay for the additional 4 weeks, subject to a cap of $80,000 per employee. Afterwards, employers may apply to the Government for reimbursement of the additional ML payment for these 4 weeks.
  • The period of pregnancy mentioned in the definition of "miscarriage" will be shortened from 28 weeks to 24 weeks. A female employee whose child is incapable of survival after being born at or after 24 weeks of pregnancy will be entitled to ML (if other conditions are met). [Applicable to female employees who suffer from miscarriage on or after 11 December 2020.]
  • A certificate of attendance issued by a medical professional will be accepted as proof of entitlement to sickness allowance for any day on which the employee has attended a medical examination in relation to her pregnancy. [Applicable to medical examinations conducted on or after 11 December 2020.]
 


For previous e-News issued by us, please click here.
 
To make enquiries about our corporate services, please feel free to contact us:

  Position Contact Email

James Lai Director (852) 3151 1211 James.Lai@bmshk.com.hk
 
Zoe Pak Associate Director
(Company Secretarial Services)
(852) 3151 1210 Zoe.Pak@bmshk.com.hk
 
Gloria Ng Manager
(Trade Services)
(852) 3151 1212 GNg@bmshk.com.hk
 
Gladys Cheung Manager
(Company Secretarial Services)
(852) 3151 1218 Gladys.Cheung@bmshk.com.hk
 

© BMS Corporate Services Limited. All rights reserved.
 
This information is of a general nature only and is not intended to be relied upon, nor to be a substitute for, specific professional advice. No responsibility for loss arising from acting on or refraining from action as a result of any of this information can be accepted. No reader should act on the basis of this information without obtaining independent professional advice with regard to their particular circumstances.