1. INTRODUCTION

1.1 Companies Ordinance, Chapter 622 of the Laws of Hong Kong (“Companies Ordinance”), commences operation from 3 March 2014 and replacing existing regulation with respect to the formation and operation of companies. The Companies Ordinance does not affect liquidation and winding up provisions that are currently in effect.

1.2 We highlight the key changes as they will impact on most companies.

Due to the global economic downturn and its possible impact on Singapore  indigenous companies, particularly on Small Medium Enterprises (SME), the Inland revenue authority of Singapore(IRAS) and info-communications Development Authority of Singapore(IDA) have announced the following enhancements and grants for all businesses benefit, especially SMEs, to offset the high costs which may persist in the business slowdown.

Just last Friday in Singapore, the Government announced the seventh round of property cooling measures in the past three years, targeted to prevent possibilities of property price bubbles, discourage speculative activity and strengthen the policy intent of public housing and executive condominiums. Also, it introduced a Seller’s Stamp Duty on industrial properties for the first time, to avoid short-term speculative activity that could distort prices and raise costs of businesses.