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Issue No. 10 (May 2012)

BMS Corporate Services Limited is a professional service provider specializing in corporate secretarial, bookkeeping, payroll outsourcing and trust administration services. We use our extensive and professional knowledge to help clients fulfill their duties and comply with laws. Corporate and trade rules change rapidly; our BMS e-News serves to provide you with up-to-date news in different areas of corporate secretarial, accounting, banking and trade services.

Abolition of Capital Duty
The Companies Ordinance (Amendment of Eighth Schedule) Order 2012 (the "Order") for the abolition of capital duty currently levied on local companies that have a share capital will come into operation and capital duty will be HK$"0" with effect from 1 June 2012 .

Under the current Eighth Schedule of the Companies Ordinance, a local company having a share capital has to pay an ad valorem fee (generally referred to as "capital duty") at a rate of HK$1 for every HK$1,000 or part thereof (but subject to a cap of HK$30,000 per case) on:-

the amount of its nominal share capital for its registration as a company;
the increase in the amount of its nominal share capital after its incorporation; and
the amount of premiums if its shares are issued at a premium.

Pursuant to the Order, the amendments will be applicable to companies which lodge Form NC1 - Incorporation Form (Company Limited by Shares), Form SC4 - Notification of Increase in Nominal Share Capital and Form SC1 - Return of Allotments (where shares are allotted at a premium) with the Registrar of Companies on or after 1 June 2012.

BMS provides professional services in company formation, restructuring and liquidation. Please do not hesitate to contact us if any of our services is required.

Recent Updates on Corporate Governance under the Hong Kong Listing Rules (taking effect from 1 April 2012)
The Stock Exchange of Hong Kong Limited (the "Exchange") has recently updated the corporate governance provisions under the Listing Rules taking effect from 1 April 2012. The updates focus on the following areas:
Directors' Duties and Time Commitments
Independent Non-executive Directors
Directors' Training
4. Board Committees
5. Remuneration of Directors, Chief Executive and Senior Management
6. Directors' Attendance at Board Meetings  
7. Monthly Management Updates  
8. Next Day Disclosure Return  
9. Shareholders' Approval to Appoint and Remove Auditors
10. Auditors' Attendance at Annual General Meeting  
11. Communications with Shareholders  
12. Company Secretary  

Please click here for more details on the above updates.

BMS provides professional services in directors' continuous training, continuous disclosure obligations and acting as the named company secretary of listed companies. Please do not hesitate to contact us if any of our services is required.

Amendment of Minimum and Maximum Relevant Income Levels for MPF Contributions
The Hong Kong Legislative Council has passed amendments of both the minimum and maximum relevant income levels for Mandatory Provident Fund (MPF) contributions.

The monthly minimum relevant income has been raised from $5,000 to $6,500, effective 1 November 2011. This means that employees with a monthly relevant income less than $6,500 are not required to make contribution themselves, although their employers have to make contributions for them. This allows the lower-income group who may have earned more due to Statutory Minimum Wage to continue to be spared the burden of making mandatory MPF contributions.

Besides, the monthly maximum relevant income will be raised from $20,000 to $25,000, effective 1 June 2012. Accordingly, the monthly maximum mandatory contributions will be adjusted from $1,000 to $1,250. Employers should take steps to update their payroll systems to reflect this change.

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

Hope Lee Director (852) 3151 1611 HLee@bmshk.com.hk
Ivan Ng Director (852) 3151 1688 Ivan.Ng@bmshk.com.hk
Zoe Pak Senior Manager
(Company Secretarial Services)
(852) 3151 1210 Zoe.Pak@bmshk.com.hk
Irene Lau Manager
(Company Secretarial Services)

(852) 3151 1211 Irene.Lau@bmshk.com.hk
James Lai Senior Manager
(Trade Services)
(852) 3151 1213 James.Lai@bmshk.com.hk
Emily Liu Manager
(Trade Services - Banking)
(852) 3151 1228 ELiu@bmshk.com.hk
Gloria Ng Manager
(Trade Services - Accounting)
(852) 3151 1212 GNg@bmshk.com.hk

© BMS Corporate Services Limited 2012. 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.