June 2023
Welcome to our June 2023 issue of Vistra North Asia Perspectives!
The latest data shows that China’s actual application of foreign investment in the first quarter of 2023 reached RMB408.45 billion, with a year-on-year increase of 4.9%. Despite the high base for prior year, the continued growth during 2023 exemplifies that China remains one of the most attractive destinations for global investment. Long-term growth of the Chinese economy will offer both opportunities, as well as diversified development options for foreign investors.
On 31 March, global management consulting firm Kearney released its?2023 Foreign Direct Investment?(FDI) Confidence Index. Relying on survey data collated from the ranks of senior executives in the world’s leading enterprises, the index shows a marked jump in China’s ranking from 10th place in 2022, to 7th in 2023. Indeed, China is the only developing country in the Top 10 list, reflecting the optimistic attitude of investors amidst a swift rebound of the Chinese economy.
Similarly, the UK tabloid?The Telegraph?published an article entitled “Why China may be investors’ best bet in 2023” earlier this year. According to the article, China was initially falling from favour with investors, but with the subsequent faster-than-expected reopening of the economy, coupled with attractive valuations, China once again sparks investment interest. Adding to this,?Goldman Sachs?has recently forecast that China’s economy will eclipse that of America’s in the coming 12 years.
In Hong Kong, the latest policies for Family Offices became effective on 19 May, driving more high-net-worth (HNW) families to customise their wealth planning and succession objectives. Vistra initiated an insight series focusing on “Hong Kong Family Offices” on our official WeChat account “VistraChina”. This highlights the advantages of setting-up a family office in Hong Kong, policy analysis on tax reduction and related updates. Read the first article which appears in this issue. Moreover, we have observed that a recent initiative of the HKSAR government to enhance the talent pool is yielding positive results, as we have recently received numerous related enquiries. In this regard, we identify and compile policy highlights, based on our extensive professional experience, for your easy reading.
At Vistra, we aim to help our clients act with confidence and speed to seize opportunities, whenever they arise. To help you stay updated on market dynamics, we have compiled this newsletter which covers the latest key policy updates in the Greater China market. Hope that you find our newsletter informative.
Happy reading!
Vistra North Asia Team
视界 | 区域客户尊享的每月精选资讯
欢迎来到《瑞致达北亚区 | 视界》2023年6月期！
最新数据显示，2023年一季度中国全国实际使用外资金额4084.5亿元人民币，同比增长4.9%。在去年高基数的基础上，中国实际使用外资继续保持增长态势充分说明，中国仍然是全球最具吸引力的投资目的地之一，中国经济长期向好将为外资企业提供发展机遇和广阔空间。
全球管理咨询公司科尔尼3月31日发布了2023年外商直接投资信心指数（以下简称FDI信心指数）报告。该报告基于2023年1月份面向全球领先企业高级管理人员的调查数据。结果显示，中国在FDI信心指数的排名从2022年的第10位上升至2023年的第7位，前10名中，除中国之外，都是发达经济体，反映出投资者对中国经济迅速反弹的乐观态度。
无独有偶，今年初，英国《每日电讯报》网站就已刊登题为《为何中国可能是2023年投资者的最佳投资机会》的文章。文章表示，虽然过去几年，中国一度似乎失去了投资者的青睐，但是目前超过预期的经济重启以及具有吸引力的估值，意味着中国再次引人关注。高盛公司亦预测，中国经济将在12年之内超过美国。
香港方面，其家族办公室的最新政策于5月19日正式生效，带动更多高净值（HNW）家庭在港寻求个性化的财富规划和传承方案。瑞致达团队已开始陆续在我们的官微（VistraChina）上分享“香港家办”主题系列洞察，涵盖在香港设立家族办公室的优势、税务宽减等政策分析及相关资讯，您可从本期中阅读到第一篇。同时，港府“吸引人才”的各项举措亦在市场上引起积极反响，这从我们近期收到客户的咨询及委托办理中可见一斑。为此，我们也将一手经验进行了总结分享，您也可在本期中深入阅读。
本期视界，我们依旧为您汇总了近期香港及内地市场的重点政策更新或公告，衷心期待本期内容对您有所帮助。 Vistra将始终为您密切关注市场动态，帮助您自信而快速地把握一切机遇！
祝 阅读愉快！
瑞致达北亚区团队
LEGAL AND COMPLIANCE UPDATES
IMPORTANT: Draft Companies (Amendment) Bill, 2023
The Cayman Islands has proceeded to consultation stage with a Companies (Amendment) Bill, 2023 (the “Amendment Bill”) which is intended to further enhance the Companies Act (2022 Revision) (the “Act”). Vistra summarizes the proposed amendments,?under consultation,?that are?relevant to North Asia clients for your reference.
CIMA publishes new rules and statements of guidance
The Cayman Islands Monetary Authority (CIMA) recently issued the?"Internal Control Rules and Guidance Statement for Regulated Entities"?and the?"Regulated Entity Corporate Governance Guidance Statement". Vistra summarizes the key points of the relevant rules and guidance, along with our professional insights, for ready reference.
领英推荐
8 reasons to set up a family office in Hong Kong
In Hong Kong, family offices have increased in popularity in recent years, as more and more HNW families seek personalized wealth planning and succession solutions. Hong Kong's favourable tax systems, connectivity with China, relocation options, stable political environment and global finance hub status, make it an attractive location for family offices.?This article looks at Hong Kong’s compelling family office proposition. We examine 8 reasons to set up a family office in the city.??
TAX EXPRESS
REMINDER | Approaching deadline for 2022 Annual Declaration of Individual Income Tax
Vistra reminds clients that the 2022 annual declaration deadline for individual income tax is 30 June, 2023. While the annual declaration period is from 1 March to 30 June, taxpayers need to consider that the tax bureau will "refund the excess and make up for the deficiency" on the amount of tax paid.
HUMAN RESOURCE TRENDS
Things to consider when applying for the?Top Talent Pass Scheme (TTPS)?and the?Admission Scheme for Mainland Talents and Professionals (ASMTP)
We have observed that the HKSAR government’s initiative to enhance the talent pool has yielded positive results, as we are in receipt of numerous enquiries on the two talent schemes, being the “TTPS” and the “ASMTP”. Drawing from extensive experience in addressing clients’ diverse needs, we have identified the differences and advantages between the schemes, as well as share recommendations to help enhance the success rate of your applications, and thereby seize opportunities in cross-border development.
SOLUTION HIGHLIGHTS
Chinese investors doing business in the Middle East – Saudi Arabia
The Chinese and Saudi Arabia economies are highly complementary, with an enormous potential for shared co-operation and development. Aside from the nexus created by the "Belt and Road" initiative and Saudi Arabia's "Vision 2030" which strategically links the two countries, partnership is enhanced in the economic, trade, production capacity, finance and infrastructure construction spheres. This insight highlights why Saudi Arabia might be considered as the next business go-to destination for expansion, and things to be aware of in the investment decision-making process.
Read More?(Chinese version only)
Note. please reach out to our professionals for an English version by completing the?form.?
Total Solutions for Global Business Expansion
Vistra offers companies a range of services designed to help get their overseas operations up and running as quickly as possible and in full compliance with all regulations.
We approach every expansion project on a case-by-case basis, tailoring our solutions to cover nearly everything our clients might run into. From entity formation to local and regional regulations, our experts are fully prepared to act as global advisers. We are your eyes and ears for navigating the complexities of new jurisdictions.