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Xi Jinping’s vision of “New Era” includes Forex Industry to focus on china

*On Wednesday, 18th of October, the Communist Party of china held its Communist Party Congress in Beijing, which is the twice-a-decade event. The central focus of Chinese President Xi Jinping was on the assured vision for the nation’s prosperity and its presence in the world. The “New Era” includes building country determinately governed by the party, being open to the rest of the world and...

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How Brokers in china Feel After the Website Blocks

...ts contain different information. Even though the traders confirmed that the regulator is taking measures to restrict the access to some platforms, many of them still work normally. Regarding the fact that the government and financial authorities of china are very strict, sometimes entrepreneurs suffer from the new regulations and restrictions. Nevertheless, they already have the experience and ar...

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The great step towards china

...he stability of your business. Our turn-key business solutions also include accounting, audit and other financial services that may be required for client to sustain the business and stay compliant with local and international laws. Year by year, china keeps opening-up to the outside world and Offshorelicense Ltd keeps track of global trends observing the substantial moves of this important pla...

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SFC Forewarns Retail FX Brokers To Stay Away From Doing Business In china

Hong Kong brokers may target Mainland customers unlawfully. The Securities and Futures Commission (SFC) has recently published a statement warning brokers in relation to conducting business in mainland china. The SFC pointed out that the Chinese State Administration of Foreign Exchange (SAFE) not long ago has prohibited a Mainland's china entities to get traders to deposit funds with brokers ...

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Blockchain technology to be used for cross-border forex transfer in china

china’s foreign exchange reserve regulator, the State Administration of Foreign Exchange (SAFE), jointly with the Hangzhou Blockchain Research Institute, has developed a blockchain platform for cross-border financial trades. At present, a highly complex industry such as china's import and export financing system relies on manual, paper-based operation for processing. In order to resolve this...

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china's Central Bank is planning to ban crypto airdrops

**The People's Bank of china (PBoC), china's central bank, has its eyes on cryptocurrency companies that are conducting free airdrop campaigns in the country.** In its latest financial stability report for 2018, which was published on November 2, 2018 the **central bank stated that there has been a surge in the number of "disguised" Initial Coin Offerings (ICO)**, as well as free distribution ...

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china to become the first country to issue state-owned cryptocurrency

**china is about to become the first world’s country to issue domestic cryptocurrency.** The government plans to provide the digitized currency to commercial banks and other institutions, then those will transmit to the public. The President of china Xi Jinping has expressed his support for the blockchain technology and development of the first state-owned cryptocurrency. He revealed that th...

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How RootAnt Makes Brokerage in china Easier

Doing **brokerage business in china** can be a serious challenge for international companies. Due to the fact that the market is closed, it is hard to follow all legal requirements and at the same time earn traders’ trust. Trading platform **RootAnt** is now one of the best services that allows international financial institutions localize in china. It is a combination of services for broke...

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china Bans Popular FX Broker Services

We have already informed our audience regarding the newest **Chinese tax regulations**, legal limitations and other **business rules**. It is notably complicated to take into account every small detail while establishing company in china, therefore, we have prepared the latest news about **broker activities** in china. Chinese legal entities have rights to perform their activities on the web ...

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Bitcoin Mining Faces Rumors in china

Major Bitcoin mining companies in **china** were shocked by the news about power cancelation. Rumors claimed that the power companies are up to cutting off electrical supply of the mining rigs. However, soon after this report was promulgated, the information changed drastically. Sichuan Electric Power company published an article where **Bitcoin mining** was indicated as an illegal activity a...

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Go Tech! 15% Corporate Tax in china for Tech Companies

... a common fact that the more you go tech - the more you get. The innovation and information technology companies are everywhere and the development of the artificial intelligence, virtual reality and other novelties continues 24/7. Since 2014, china launched **tax privileges for the high-tech firms**. These benefits can be applied relevantly easy: the company only needs to file documents to ...

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china amends the FIE record-filing laws regulating foreign investments

In October 2016 came into effect revised Four Laws in china that were promulgated and amended by National People’s Congress (NPC)to attract and encourage inbound foreign investments. Year by year, china keeps opening-up to the outside world and OFFSHORELICENSE keeps track of global trends observing the substantial moves of this important player on the international stage. This time to attract...

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Bitcoin fortifying its positions: El Salvador, Paraguay and Beyond

...million potential users of Bitcoin. Whilst El Salvador, Paraguay, Tanzania and other developing countries fairly see Bitcoin as an opportunity to improve their economy, on the other side of the globe picture looks different – the government of china took steps to crack down on Bitcoin usage. In May, the Chinese government announced that it would be banning working relationships between t...

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El Salvador: Bitcoin will become legal tender, alongside the US dollar

...ition, the country will accept taxes in Bitcoin, and the US dollar will be the ‘reference currency’ when denominating prices. Also, Bukele is considering promoting Bitcoin mining at a time when the major mining industry is facing hostility in china. The El Salvadoran government officials will discuss its crypto plans further at a meeting with the International Monetary Fund in the coming we...

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Covid-19 Effect on Growing Number of Crypto Related Scams

...thefts over 2018, when 1.7 billion USD was stolen through the year. CipherTrace’s Q2 report from 2019 shows that 4.26 billion USD had been taken in the first six months of the year and most of the stolen funds in 2019 were taken in connection with china based Ponzi scheme called PlusToken that made off with some 3 billion USD in crypto coins. Criminals this year has taken lot less than in 201...

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Possible Effects of Bitcoin Halving

...ntion to BTC. This has been demonstrated by data from Google Analytics which shows that the number of searches for the word “Bitcoin” has increased considerably within the last several weeks. BTC also got quite a positive piece of press from china Central Television, a state-owned television network in china. The article spoke of the skyrocketing price of Bitcoin ahead of the halving, w...

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Pros and cons of Central Bank Digital Currency in the view of the IMF

...dvantages for cross border transactions, CBDC nevertheless might endanger economies with high inflation and volatile exchange ranges due to the risk of dollarization. A number of countries are seriously considering the adoption of CBDC. This week china is one step closer to issuing its official digital currency. The country has finalized the development of the basic functions of its CBDC and is...

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Japan and South Africa are to set new crypto regulations

... the most significant moves to date by a regulator amid a global crackdown, Binance Markets Ltd. was banned from doing any regulated business in the UK by governmental financial watchdog. Also, Huobi, one the most popular cryptocurrency platforms in china, prohibited users from the country to trade derivatives. Earlier this month, the Basel Committee on Banking Supervision proposed that a 1,250...

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Is Macao prepping to become an alternative to Hong Kong?

...ing Macao this week with a number of economic incentives and plans aimed at diversification of the region. Macao is a semi-autonomous region best known for its gaming sector. However, a number of new financial incentives give rise to rumors that china has plans for transforming Macao from a casino-dependent economy into a financial sector and technology incubator. New policies are designed...

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Hungary is on its way to become an offshore heaven

... to foreign corporate owners, which makes it very beneficial for multinational companies, which can transfer their profit abroad without any reduction**. Also, Hungary has more than 80 double taxation treaties, including all of EU countries, Canada, china, Hong Kong, Singapore, Switzerland and the US. After the government decreased corporate tax in the last few years, its current rate is only ...

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Hong Kong Audit Services

Hong Kong is a free economy that is situated in the fastest growing nation in the world, People’s Republic of china. As an international commercial logistics and financial centre, Hong Kong also has one of the most favourable tax regimes in the world.Description All companies incorporated in Hong Kong are required to appoint qualified and independent auditors to perform annual statu...

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The BRICS countries discuss the launch of the new cryptocurrency and unified payment system

The theme of the 11th annual BRICS summit which was held in Brazil this November was strengthening economic growth. As reported by Russian news outlet RBC, five growing economies including Brazil, Russia, India, china, and South Africa, were discussing the launch of the “BRICS cryptocurrency” and unified payment system. The idea of creating a new cryptocurrency and a single payment transac...

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The evolution of Forex in the 21st century

...t? Apparently, Forex market will be contingent on the policy regulations and technology developments. Today, several countries have banned Forex trading closing the path to trading opportunities. For example, FX trading is generally barred in china with the rare exception of personal exchanges. Imagine how Forex market would soar if china was to regulate and formalize the market. And of...

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SWIFT facilitates instant cross-border payments

... in 13 seconds. Participants of this trial, including 17 banks located in seven different countries, were able to settle payments between all continents within 25 seconds. The New Payments Platform in Australia settled payments between Australia and china in just 18 seconds. As part of the testing, a payment coming from Singapore, processed via Germany, and credited to the end beneficiary account,...

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Is Accepting Bitcoin a Reasonable Choice for Banks?

...ble businessmen in the world, claims that some governments are ready to create their own currencies to meet the demands of evolving innovations. Not only the Citigroup speaks positively about the Bitcoin, but also other major banks in countries like china, Russia, Japan and others. They already suppose that blockchain technology and cryptocurrencies can solve many problems with trans-border transa...

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“To trade or not to trade?” or How Chinese Exchanges Overcome the Bitcoin Ban?

*It is a wide-known fact that china had banned Bitcoin exchanges. The reason for this ban is the government’s statement that frauds and money laundering took place on the exchanges.* Before these bans, china had a trustworthy role as one of the biggest **cryptocurrency** trading markets. At the same time, this country is ahead with the mining business and became, actually, one of the cente...

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Marshall islands introduces its own cryptocurrency

...yments to buying groceries. Potential ideas for possible sovereign cryptocurrencies have grew in strength in past few months. A much like attitude with regard to digital currencies has been developing not long ago with central banks in Russia and china. The aforesaid countries already announced trial starts of prototypical cryptocurrencies. This progress partly was achieved due to the fact t...

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Chinese Giants: Which Payment System to Choose?

When **moving your business overseas**, it is very important to consider local rules, technical requirements and work facilities. For business in china, these features also include choosing a **payment system** suitable exactly for you. AliPay, WeChatPay and UnionPay are the biggest and the most popular payment solutions for the Chinese companies. Their technical features and scope of work a...

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The Shanghai Free-Trade Zone: Development Plans

The Establishment of the **free-trade zone (FTZ)** in Shanghai, china, in 2013 was a result of the Chinese government plan. The main goal of this process was to implement **economic and social reforms** with the maximum efficiency. **The Shanghai FTZ has many advantages** for both - domestic companies and foreign businesses. In early November 2017, the FTZ released its development plan for th...

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Hong Kong Accounting Services

Hong Kong is a free economy that is situated in the fastest growing nation in the world, People’s Republic of china. As an international commercial logistics and financial centre, Hong Kong also has one of the most favourable tax regimes in the world.Description The law requires Hong Kong-incorporated companies to prepare audited financial statements. Although there is no requiremen...

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Shanghai Free Trade Zone: the updates

We have already notified our clients about the pilot project of the **Free Trade Zone (FTZ)** in china. Its development plan was released in November 2017. The main idea is to create a unique space in Shanghai where international and Chinese companies will be able to function according to the international standards. The Chinese government claims that the FTZ will be mostly governed by the Eu...

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Bitmain's IPO: looming threats and insights from a Bear market

...in revenue generators is the production of cryptocurrency mining chips and its fleet of Antminer hardware** that allows customers to mine Bitcoin and other cryptocurrencies at semi-competitive rates. With over 80,000 customers and just under half in china and the rest overseas, Bitmain became the world’s leading mining hardware manufacturer. **Choppy Waters Ahead, Cap’n** However, at a t...

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Top 5 crypto-friendly jurisdictions

...nificantly increased the level of attractiveness of this jurisdiction among other related projects. **HONG KONG** Hong Kong, even though it is not a separate state, but a region that has the status of SPA (Special Administrative Region) within china, we are still placing it here since Hong Kong is permitted to form its own fate in financial and economic policy. Among other things, in its rol...

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Chinese court: bitcoin is a property with "economic value" and must be protected by law

... the defendant rejected to return the claimant’s crypto-actives post a determined term. Analyzing the case with all the evidence and using different theoretical approaches the court came to conclusion that **bitcoin should be legally covered by china’s Contract Law**, despite of its status as illegal object in the country: *“Bitcoin has the nature of a property, which can be owned and ...

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Chinese financial services opening up to foreigners

The President of the People’s Republic of china and the People's Bank of china announced their intentions to open up china’s financial markets to promote foreign competition. For now, foreign ownership is limited for banks and asset management companies. Within a few months **the foreign ownership cap will be removed**. These changes will open the market to foreign investors and banks, givin...

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CIMB Bank Account Opening

...d award winning deals which showcase an ability to innovate and help the clients achieve their goals. CIMB also has an extensive retail banking network of branches serving more than 12 million customers. Beyond ASEAN, the Bank also has a presence in china & Hong Kong, India, Sri Lanka, Korea, the US and the UK. CIMB is ranked among the top banks in ASEAN, garnering numerous awards ...

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Hong Kong Type 9 (Asset Management) License

...Canada, Czech Republic, France, Hungary, Indonesia, Ireland, Japan, Jersey, Kuwait, Liechtenstein, Luxembourg, Malaysia, Malta, Mexico, Netherlands, New Zealand, Portugal, Switzerland, Spain, Thailand, United Kingdom, Vietnam, Qatar and the Mainland china respectively to relieve taxation on income, for instance, dividends, interest income and royalties Other benefits Hong Kong imposes n...

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Labuan Money Broking License

...M500,000 (unimpaired by losses) or its equivalent in any foreign currency (we recommend to have approx. USD 130 000, 00 as a paid-up capital) Overview Labuan is an island and a Federal territory of Malaysia. It is located in the South china Sea at the northwest coast of Borneo, north of Brunei and south of Kota Kinabalu, the capital of the state of Sabah. For various financial se...

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HSBC Hong Kong Bank Account Opening

...cluding Hong Kong’s Hang Seng Bank in 1965. Responding to the Chinese government’s ‘Open Door’ policy in 1979, the bank opened a representative office in Guangzhou as many of its customers began to relocate their operations from Hong Kong to china. HSBC continued to invest and grow in Hong Kong and the surrounding region into the 21st century. Hong Kong remains the headquarters...

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Public Bank Berhad Account Opening

...ing, corporate advisory, merger and acquisition, stock-broking, and debt restructuring advisory services. It operates through a network of 259 branches and 2,000 self-service terminals in Malaysia, 83 branches in Hong Kong, 3 branches in china, 28 branches in Cambodia, 7 branches in Vietnam, 4 branches in Laos, and 3 branches in Sri Lanka.Payment processing options MasterCard, Visa ...

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Public Bank Berhad Account Opening

...ing, corporate advisory, merger and acquisition, stock-broking, and debt restructuring advisory services. It operates through a network of 259 branches and 2,000 self-service terminals in Malaysia, 83 branches in Hong Kong, 3 branches in china, 28 branches in Cambodia, 7 branches in Vietnam, 4 branches in Laos, and 3 branches in Sri Lanka.Payment processing options MasterCard, Visa ...

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HSBC Hong Kong Bank Account Opening

...cluding Hong Kong’s Hang Seng Bank in 1965. Responding to the Chinese government’s ‘Open Door’ policy in 1979, the bank opened a representative office in Guangzhou as many of its customers began to relocate their operations from Hong Kong to china. HSBC continued to invest and grow in Hong Kong and the surrounding region into the 21st century. Hong Kong remains the headquarters...

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CIMB Bank Account Opening

...d award winning deals which showcase an ability to innovate and help the clients achieve their goals. CIMB also has an extensive retail banking network of branches serving more than 12 million customers. Beyond ASEAN, the Bank also has a presence in china & Hong Kong, India, Sri Lanka, Korea, the US and the UK. CIMB is ranked among the top banks in ASEAN, garnering numerous awards ...

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Account Opening in Bank of Cyprus

...private banking, life and general insurance. The Bank has 129 branches, of which 123 are in Cyprus, 1 in Romania, 4 in the United Kingdom and 1 in the Channel Islands. Bank of Cyprus also has representative offices in Russia, Ukraine and china.  The central role of the Bank in the Cyprus economy was also recognized by the Award Best Bank in Cyprus 2015, by the global p...

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Account Opening in Bank of Cyprus

...private banking, life and general insurance. The Bank has 129 branches, of which 123 are in Cyprus, 1 in Romania, 4 in the United Kingdom and 1 in the Channel Islands. Bank of Cyprus also has representative offices in Russia, Ukraine and china. The central role of the Bank in the Cyprus economy was also recognized by the Award Best Bank in Cyprus 2015, by the global prestig...

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Cyprus Limited Liability Company Formation

...nual levy of €350 in order to be considered in good standing and for their name to be retained on the register maintained by the Companies registry. Double taxation agreements concluded with: Austria, Armenia, Bulgaria, Belarus, Belgium, Canada, china, the Czech Republic, Denmark, Egypt, France, Germany, Greece, Hungary, India, Ireland, Italy, Kuwait, Kyrgyzstan, Lebanon, Malta, Mauritius, Mol...

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Hong Kong Limited Company Formation

...ot only for investment.Incorporation: 3 working days+ delivery time for the courier Minimum paid up capital: No minimum capital requirement Overview Positioned at the mouth of the Pearl River Delta on the coast of southern china, Hong Kong’s geographical position as a gateway between the East and West has made it an attractive centre for international trade. Hong Ko...

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Macau Offshore Commercial Company (OCC) Formation

...r other local companies No capital gains tax, sales tax, stamp duty, inheritance tax, or gift tax Other benefits Stable financial system Satisfactory trading environment Platform for economic and trading cooperation between mainland china and Portuguese-speaking countries Accounting requirements Every company must file annual financial statements Registered Agent Req...

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