Full-range Hong Kong company secretarial and tax services to fulfill ongoing compliance
Annual Return – Renewal of Certificate of Incorporation and Business Registration Certificate
ICA Global Solutions services package:
- Early notice to customer before due date to avoid government penalty
- Provision of nominee local Company Secretary (1-year)
- Provision of local registered office address (1-year)
- Government fee included for Certificate of Incorporation and Business Registration Certificate (1-year)
Accounting, Statutory Audit and Tax Return
ICA Global Solutions services package:
- Quarterly / Annually accounting services: preparation of financial statements
- Statutory Audit are handled by independent Hong Kong CPA practicing
- Tax computation
- Filing of Profit Tax Return and Employer’s Return
Company secretarial services
Apart from being a nominee of your company, we can provide the on-demand comapny secretarial services for the matters as follows:
- Managing and keeping he company’s statutory book (register of shareholders and directors)
- Organization Annual General Meeting (AGM) and other meetings
- Alternation of directors or company secretary
- Allotment of shares / transfer of shares
- Change of company name, registered office address
What is the compliance of Hong Kong private limited company?
Every Hong Kong private limited company is responsible to comply with the annual filing requirements and the ongoing compliance requirements of 3 regulatory bodies which are:
- Companies Registry (to renew Certificate of Incorporation)
- Business Registration Office (to renew Business Registration Certificate)
- Inland Revenue Department (to complete Tax Returns)
It is noteworthy that statutory audit of company’s accounts is mandatory as required by CR, the auditor’s report are required to be submitted to IRD with Tax Return.
Ongoing compliance of a Hong Kong private limited company:
The company must maintain all particulars as follows:
- one local registered address (P.O. Box not allowed)
- one local resident company secretary (individual or body corporate)
- at least one director who must be a natural person (regardless of nationality; above 18 years of age)
- at least one shareholder (either natural person or body corporate; regardless of nationality/place of incorporation)
- all the accounting records, financial accounts, and company documents
Meanwhile, it must notify Companies Registry of any changes in the company’s particular within 15 days after the change is made, such as:
- change of registered office address
- change of secretary and director (Appointment/Cessation)
- change of particulars of secretary and director
- change of company name
- passing of a certain resolution
- any allotment or issue of new shares
It must hold meeting Annual General Meeting (AGM) accordingly:
- within 18 months from the date of incorporation for the first meeting
- subsequent AGMs must be held every calendar year, with the interval between each AGM not exceeding 15 months.
- The directors must table the company’s financial accounts (i.e Profit and Loss Account and Balance Sheet)
- A directors report must be prepared in conjunction with the annual accounts.
- There is no requirement of the meeting location and duration
Annual filing requirement of a Hong Kong private limited company:
The company must complete and timely return annual return and tax return to Companies Registry and Inland Revenue Department. Their requirements are as follows:
For renewal of “Certificate of Incorporation (C.I.)” of your Hong Kong company:
- An Annual Return is a return, in a specified form, containing the particulars of the company.
- The Annual Return must be filed once in every calendar year (except in the year of its incorporation) within 42 days of the anniversary of the company’s incorporation date.
- There is no requirement to file the financial accounts of the company with the Company Registry.
- Even if the information contained in the last return has not changed since, you still need to file an annual return before the due date.
Business Registration renewal:
For renewal of “Business Registration Certificate (B.R.)” of your Hong Kong company:
- A Demand Notice to request B.R. renewal is sent to the company’s registered business address 1 month before the current Business Registration Certificate expires
- Once the government fee is settle, the demand note will become a valid Business Registration Certificate accordingly.
Hong Kong government demands annual tax filing:
- Every company must file a Profits Tax Return (for short, Tax Return) along with its audited accounts in compliance with Hong Kong’s Financial Reporting Standards (FRS) framework on an annual basis with the Inland Revenue Department.
- IRD issues Tax Return filing notifications to companies on the 1st of April every year. For the newly incorporated companies, the notification is generally sent on the 18th month of the incorporation date. Companies must file their Tax Return within one month from the date of notification.
- In Hong Kong, each company needs to file tax return on annual basis. Companies are recommended to choose “31st March” as the closing date of financial reporting to align with the financial cut-off date of Hong Kong Government.
- Annual tax filing are required for both active and inactive companies.
- Tax demand is evaluated by Hong Kong Inland Revenue Department after submission of Tax Return.
A company’s business records must include the following:
- The books of accounts recording receipts and payments, or income and expenditure
- The underlying documentation necessary to verify the entries in the books of account; such as vouchers, bank statements, invoices, receipts and other relevant papers
- A record of the assets and liabilities of the business
- A daily record of all money received and expended by the business together with supporting details of the receipts or payments
It is mandatory that your Hong Kong limited company must prepare a set of annual audited accounts by hiring a Hong Kong Certified Public Accountant with Practising Certificate (CPA Practising) as an independent auditor to audited its accounts. The Auditor’s Report is provided by the auditor afterwards.
Supporting Documents with Tax Return:
When filing the Tax Return, the following supporting documents must also be attached:
- The company’s Balance Sheet, Auditor’s Report and Profit & Loss Account relating to the accounting period;
- A tax computation indicating how the amount of accessable of profits (or adjusted losses) has been arrived at.
Our team can speak English and Spanish, for enquiy or quotation, feel free to contact us.
This post is also available in Español.