PwC Free Legal Seminar on Be Planned & Prepared: “How to Avoid FBA Non-compliance from Day-to-Day Business Operations”

Details:

Last year, thousands of majority foreign-owned companies were investigated in their day-to-day business operations. This investigation was a part of the MoC’s annual practice. Other non-compliance cases also tend to increase and become an eye-catching incident for the authority’s investigations.

One of the authorities’ investigation tools to detect common non-compliance like nominee arrangements and operating a business without permission is examination of those documents you routinely submit to them over-the-counter and online, e.g. audited financial statements and corporate income tax returns. These documents usually contain important information that your professional accountants or admin supervisors are familiar with but may overlook. FBA non-compliance is punishable by a fine and/or an order to cease business, as well as being a potential tax risk.

This Seminar will provide you with relevant legal issues and useful information like the MoC’s interpretations, to help you manage your day-to-day operations to stay away from the authority’s investigation and checking up on business operation.

Main topics:

1. The MoC’s FBA investigation methodology
2. Enforcement of the minimum capital requirement
3. The MoC’s interpretation updates, and
4. Business operation health check to identify FBA non-compliance and general guidelines to deal with non-compliance matters.