William Choong, FCPA(Aust.)

Prepare your tax filings early to stay compliant and avoid unnecessary risks.

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PwC's recent event on the future of banking highlighted a critical focus on enhancing operational resilience amid cyber threats and regulatory shifts. Banking institutions are urged to adopt integrated resilience frameworks to navigate complex risks, ensuring robust protection and regulatory compliance. The strategic integration of scam management and ethical AI deployment could help foster innovation and customer trust in an increasingly digital era. #Banking #AI

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This is a data-heavy report (Singapore Cancer Registry Annual Report 2022) but very relevant to a lot of us in Singapore and the region. Key highlights: In Singapore, the percentage of deaths caused by infective and  parasitic diseases had fallen from 6.6% in 1969-1973 to 2.6% in 2018-2022. In contrast, the percentage of deaths caused by cancer had increased almost twofold from 15.2% in 1969-1973 to 27.1% in 2018-2022.  In 2018-2022, on average, 24 males and 24 females were diagnosed with cancer, and 9 males and 7 females died from cancer everyday. Key highlights from the report: - For males, prostate cancer was the most common cancer, while lung cancer was the leading cause of cancer deaths. - For females, breast cancer remained both the most common cancer and the top cause of cancer mortality. - Cancer incidence increased most rapidly in individuals under 50 years old since 2008-2012, with the 30-39 age group showing the most significant rise. However, older individuals still comprised the majority of cancer patients. Those who wish to get a copy - please DM me. #scssingapore #sgcancerregistry2022

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Looking forward to a strategic focus on startups in nature inspired, data driven life sciences

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Proposed Company Re-domiciliation Regime in Hong Kong Recently the Hong Kong Financial Services & the Treasury Bureau published the public consultation conclusion and latest legislative proposals for the company re-domiciliation regime (https://lnkd.in/epVp8AiG). The regime is to be welcomed – it will give overseas companies a simple and straightforward route to migrate their place of incorporation to Hong Kong. Background There is currently a re-domiciliation regime in Hong Kong for overseas funds, but no options for overseas companies to re-domicile to Hong Kong. Hong Kong launched the consultation in March 2023, aimed to facilitate business domiciled overseas to relocate their place of business to Hong Kong and strengthening Hong Kong position as a global business and financial hub. Key points - The proposed regime allows companies re-domiciling to Hong Kong to preserve their legal identities without the need to create a new legal entity - The application process will be handled by the Hong Kong Companies Registry - There will be no economic substance requirements imposed on the applicants - As at the date of application for re-domiciliation, the company’s first financial year end since its incorporation must have passed - A registered non-Hong Kong company will be allowed to retain its company name and business registration number after re-domiciliation - The regime applies to four types of companies, namely (a) private companies limited by shares; (b) public companies limited by shares; (c) private unlimited companies with a share capital; and (d) public unlimited companies with a share capital, or their comparable types in the company’s original domicile. Other types (such as companies limited by guarantee without a share capital) would not be able to re-domicile to Hong Kong There is currently no plan to permit Hong Kong companies to re-domicile out of Hong Kong - The applicant should obtain consent passed by at least 75% of its eligible members under the law of its original domicile - The applicant must prove its solvency by providing the financial statements and a legal opinion. The financial statements are required to be audited only if it is so required under the law of its original domicile - Upon receipt of all required documents, an application will generally be approved within 2 weeks - A company should deregister from its original domicile within 120 days. Extension will be allowed if necessary - The proposed regime would not affect the re-domiciled company's chargeability to Hong Kong profits tax or its tax obligations in its original domicile Legislative timeline The government is in the process of drafting the amendment Bill but no specific timeline is provided at this stage.

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MAXIMISE YOUR PROFITS

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Lessons on managing joint ventures, investors, and co-founder gleaned from a shareholders dispute involving a Peranakan food doyenne (Part 2 of 2) Continuing from part 1 of this post yesterday: <3 Deadlock resolution> Especially where factions of shareholders hold 50-50 shareholding, or wield significant veto rights, a sensible deadlock mechanism should be considered. It could be put/call options, Russian roulette (buy out or force sale), Texas shootout (sealed bid to buy out the other, highest bid buys out), Dutch auction (sealed bids with minimum price to buyout, highest bid buys out others), mediation and failing which, winding up. In Singapore, market practice seems to eschew these. <4 Clarifying personal rights and value as distinct from the corporate’s>    In certain cases, the main value of the business is in the goodwill and other forms of capital inextricably bound up in an individual founder or key executive. In this case Violet Oon herself. The Court noted that the shareholders agreement did not specify whether and on what terms the company could use Oon’s name. It would be optimal for #investors and #founders to clarify contributions, interests, rights & terms of use. This is especially in scenarios concerning often intangible value which does not fall into neatly defined #intellectualproperty #IP categories. Personal name, image rights, likeness, and goodwill, for example. On the flip side, the Court found that the investor had “exaggerated” his “contributions … in absolute and relative terms”. And the family shareholders represented by Oon’s son was unable to question this; he was confused, fearful and had his will subjected to compulsion and duress. Eg the investor claimed his introducing bankers to the company amounted to $100,000 in value. No basis was put forth for the figure. He bore no liability for the banking facilities when the family shareholders had to personally guarantee the loans. <5 Investors and majority shareholders must be cautious about their conduct> In this case, the Court considered the conduct of the investor, what he said, how he said it, and the overall pattern of conduct, in finding that although there was no unlawful means of pressure, the conduct amounted to bullying, bad faith, possibly exploitative, duress, and undue influence. This is despite there being a shareholders agreement in place and then a new shareholders agreement validly executed by all parties. Indeed the latter agreement was invalidated. What this could mean is that while parties are free of course to negotiate their agreements, they may nonetheless find the conduct of their negotiations under scrutiny and contracts becoming adjusted or even nullified. This case gives much food for thought as to negotiating and drafting agreements for #jointventures and investor shareholders. #Legalcounsel and decision makers should rethink certain practices. #singaporelaw #disputes #litigation #conflictresolution #disputeresolution

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As AI reshapes finance, which governance challenge do you believe is most critical to address: data privacy, explainability, accountability, or ethical outcomes? Ravi Menon, Ambassador for Climate Action and Senior Adviser to the National Climate Change Secretariat, Singapore outlined these 4 key governance issues in his plenary address at the Point Zero Forum. Playback this session on our Forum App. Register for a digital pass to unlock access: https://hubs.ly/Q02GH3C30

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Where to start developing your ESG strategy? Various approaches and the fact that most ESG frameworks are still voluntary only add to the confusion. ESG is increasingly being integrated into the core business operations of some leading organisation, while some others are yet to start. Joyce Lau, our Head of Financial Accounting & Tax and ESG in Greater China, recommends the Vistra ESG checklist for companies to get started. It’s a summary of important steps when developing an ESG strategy, no matter what your industry or countries of operation, and provides a rational, easy-to-grasp starting point. Download the checklist now: https://hubs.li/Q02-GWRQ0 And don’t forget - stay tuned with us to witness the best at 2024 Hong Kong Corporate Governance and Environmental, Social, and Governance (ESG) Excellence Awards next Thursday! #progresswithoutfriction #ESG #corporategovernance #growth

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As we move into 2024, resilience and transformation are more important than ever. Our team at PwC Singapore is here to help organisations adapt and thrive in this ever-changing landscape. Our recent PwC Global Investor Survey shows that investors are looking for more transparency and clear roadmaps from companies. Additionally, Generative AI is making waves in financial reporting by enhancing accuracy and reducing manual effort, which is key to staying competitive. I'm excited to share that we've just launched our 2024 Illustrative Annual Report. This guide is packed with practical insights to help organisations navigate changes in tax regulations, sustainability expectations, and technological advancements. Let's embrace a future of innovation and resilience together! https://lnkd.in/gUPjS43F   #PwCSingapore #Sustainability #GenerativeAI #FinancialReporting #InvestorSurvey #AnnualReport #Innovation #Resilience PwC Singapore Debra Ann Ker Voon Hoe Chen Zen Yun Yong Moi Lre KOK Lay Hsiah Lim Julia Chan Jun Jie See Ying Jie Tan Qi Yu Tsang Alvin Au

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The rise in family offices across Asia is transforming wealth management. EY's analysis shows Asia-Pacific private capital grew at a remarkable 13% CAGR between 2013-2023. The strategic support from Singapore and Hong Kong through favorable policies and tax incentives is accelerating this trend. Families are focusing on wealth preservation and embracing sustainable investing and philanthropy, aligning their investments with societal impact. This evolution signifies a profound shift towards more structured and impactful wealth management in the region. https://lnkd.in/eUUvcEPx #WealthManagement #Asia #Sustainability #FamilyOffices

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Is Thailand’s technology adoption keeping pace with its ASEAN counterparts?    Read the details in Grant Thornton Thailand's press release on the Q2 2024 International Business Report findings for Thailand.

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I will be a speaker next week at #panel discussing the balance of #Growth with #CostEfficiency. This is a pretty core and (frankly) evergreen topic for company #management / #directors, especially in the #scaleup #startup #technology space. Pls say hello if also attending this #event!

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🌱 Thrilled to share my recent interview with the The Straits Times, expertly penned by Sue-Ann Tan, on the increasingly crucial topic of sustainability in business. As companies recognize the direct impact of sustainability on their bottom lines—through aspects like reputational damage and limited access to capital—it's clear that integrating eco-friendly practices isn't just good for the planet, it's essential for business success. Excerpt: Just a few years ago, some companies were under the impression that employing sustainable practices would come at a cost to business. But more firms are now realising that the lack of sustainability is actually hitting them where it hurts the most – their bottom lines.   Mr Brian Ho, Sustainability and Climate Leader at Deloitte Southeast Asia, noted that investors in Singapore and the region are also increasingly focusing on sector-specific ESG issues, especially in sectors vulnerable to climate risks such as agriculture and palm oil.   “European investors, in particular, are known for actively engaging with companies on their ESG practices, with a significant emphasis on transparency within the supply chain,” he said.   Energy companies are also under investor scrutiny, as investors evaluate whether these companies are conducting thorough training and scanning of all suppliers and contractors to ensure ethical practices are upheld, Mr Ho added. A big thank you for the opportunity to discuss how companies can thrive by aligning their strategies with sustainable development goals. Read the full article for deeper insights into how sustainability is shaping the future of business: https://lnkd.in/g4Be3zY2 #Deloitte #Sustainability #BusinessLeadership #ClimateAction #ESG

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Harvey Koenig, Partner, Energy & Natural Resources, Telecommunications, Media & Technology, Tax, KPMG in Singapore, highlights the surge in corporate tax collections signals strong confidence in the Republic’s economic growth, as the #tax is collected in the preceding year. Deeper analysis and predictions on tax revenue collection: https://lnkd.in/g8CM8Z5n #CorporateTax #SingaporeTax #EconomicGrowth 

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In building an estate planning practice, it is important to be relevant to the Singapore's demographic trend. Close to one third of the Singapore population are not Singapore citizens. Therefore, one can expect the client to have assets and liabilities outside of Singapore. There are no easy answers to the estate distribution and preservation plan on such matter. And the adviser who craft the solution will have to hold the duty of care that the plan will work out when the client actually dies and the estate settlement process is executed according to plan, and be held accountable when the plan does not work. To be held accountable when the plan does not work is the price a professional has to pay. Most of the time, the client is faced with excuses justifying the outcome. And if collectively such behavior prevail, the industry will not be viewed as a professional. It is merely an efficient transaction platform of products and services. The banking, insurance, and the financial planning industry face this problem. I hope professional estate planning practice does not suffer such outcome. On the other hand, the client has to be held accountable for his or her dealing with professionals as well. Because of the complexity of today's demographic and financial situations, it is unfair to push a professional for a fast outcome and deliver it at the cheapest rate. Examples of irresponsible client (I use he as an example but can also be her) behavior: 1. Next week he is scheduled for surgical operation, he wants his will, LPA , and insurance nominations to be done comprehensively in 2 days, with the entire estate planning team attending to him. 2. After getting the adviser to do all the analysis and recommendation, he decides to execute the estate plan with another adviser because of cheaper cost (and show the other adviser the work which were done by the first adviser). 3. Asking adviser to review his estate plan randomly and insist the adviser to pay for the lunch. 4. Ask adviser to service him at home during weekend because he said most other advisers pride themselves in doing likewise hardworking work and post on LinkedIn. As much as there are unethical advisers, there are also unethical clients taking advantages on advisers. As president of Asia Estate Planning Association (AEPA), I hope to see a cluster of privately run professional estate planning advisers emerge in Singapore, and educate the clients to treat estate planning work seriously and respectfully. Allen

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