Opening a Hong Kong Company – Mandatory Obligation You Need to Know

Opening a company in Hong Kong is quite simple, you are not requested to be physically present in Hong Kong to finish the paper work. All you have to do is to provide your desired company name and member’s certificate, your agent would glad to take care of the rest of it. Of course there is also plenty to think about. So here we will discuss the mandatory filing obligation for your Hong Kong limited company.

Your filing obligations basically break down into three categories, which including
1,Annual return
2,Accounting bookkeeping & Audited financial report
3,Tax returns filing

Annual Return
Annual returns means your Hong Kong company remain as a going-concern.

Any companies in Hong Kong should file annual returns to Company Registry and the Inland Revenue will issue a new Business Registration Certificate. A private company should submit its annual return once every calendar year within 42 days after the anniversary of its date of incorporation. Otherwise, higher costs are payable if the annual return is not submitted with the prescribed time limit.

Hong Kong company annual return including the following information.
1,Basic information – including the company name, CI number, and the registered address
2,Office information – Directors, Shareholders and secretary.
3,Share information – the shares each shareholders hold.

If you have a business address and secretary in Hong Kong, you can use e-filing service to make the process of filing simpler, of course we are glad to provide Hong Kong company annual return services to you.

Accounting bookkeeping & Audited financial report
Another consideration when it comes to filing requirement obligation is your audited annual account. As they sound, the details of your company’s financial account, to declare your financial report to Tax Bureau.

So, what does this audited report include exactly?
1, Balance sheet.
2, Profit & Loss statement.
3, Director report.
4, Opinion by CPA.

Well, some of your probably ask what about if my company is dormant for a while. If so, you need to file dormant company accounts to Tax Bureau and a resolution to CR.

Hong Kong company tax return
Some key points about company tax returns include:
1, Audited financial report.
2, Details tax computation information.
3, Profit tax turn.
4, Personal salary tax return.

Penalties can be quite stringent if overdue. For tax compliance, you can get an accountant representative to finish on behalf of yourself.

If you don’t fulfill these duties on time, you get a fine. Of course it’s also possible that your company will be struck off from the government. So the consequences of not filing are really quite substantial.

There are many company formation services agents in the Hong Kong offering tax & accounting services. Ace accounting is a professional company providing Corporate Services, supported by a professional service team of Accountant, Lawyer. For now we have more than 10,000 clients and we are trusted by China as well as overseas clients as a reliable and reputable service provider