Hong Kong Personal Tax Allowance for 2020/2021

Personal Tax Personal tax is often referring as salary tax in Hong Kong. A person’s income from employment, less allowable deductions and charitable donations is therefore chargeable as personal tax.  This tax is calculated at progressive rates on your net chargeable income or at standard rate on your net income( before any deductions of the allowances), …

CONVERTING TO XERO FROM ANOTHER ACCOUNTING SYSTEM

Running your own business is always exciting. However, if your accounting book doesn’t work well. The transactions are not recorded completely. We are sure it must be a nightmare for you. Therefore, Centre O suggest our clients to use a cloud accounting system to help with their daily operation. What is Xero? Centre O is …

HOW TO DECIDE ON THE BUSINESS SCOPE IN CHINA?

What is the business scope? The business scope is a list of business activities that the Foreign Investment Enterprise will carry out in China. The business activities list should state clearly during the registration. For the classification purpose, the major business activities will define the overall nature of the Foreign Investment Enterprise. In fact, the …

2 YEARS WAIVER OF REGISTRATION FEES FOR ANNUAL RETURNS

Starting from 1st October 2020,  the Annual Returns Registration fees at Company Registry will be waived for 2 years. The waiver programme is responding to the 2020-2021 Hong Kong Financial Budget.  Details of the Waivers The waiver of registration fees will apply to annual delivered to Registry on time and within the concession period from 1st …

Third round of $24 billion Anti-Epidemic Fund measures

Paul Chan, Financial Secretary of Hong Kong, announced the third round of Anti-Epidemic Fund details on 15 September 2020. In order to alleviate the impact of the epidemic on various industries. The government continues to provide rent concessions and fee exemptions, and further reduces rates for non-residential properties. Above all, the new round of anti-epidemic …

WHAT IS THE REQUIREMENT TO NAME A BUSINESS IN CHINA?

China is an exciting prospect for many foreign business owners and investors. When set up a business, the company name reflects everything you stand for when you go to market. Therefore, a proper business name is so important. However, the company name registration process requires that names adhere to certain naming stipulations. How to pick …

China Simplified its Incorporation Process since 2016

When setting up a business in Hong Kong, you need to apply for a Certificate of Incorporation from the Company Registry. Apart from the Certificate of incorporation, you will need to apply for Business Registration in Inland Revenue Department.  Similarly, if you want to setup a company in China, you have to obtain a business license in …

Differences between Local Enterprise & Foreign Enterprise in China

When we are setting up a business in Hong Kong, there isn’t any difference for a local person or an overseas expat setting up a Hong Kong Limited. However, when you setup an entity in China as a foreigner, there are differences between a local and a foreign investment enterprise.   Local Enterprise First of …

WHAT IS THE REQUIREMENT FOR A WFOE REGISTERED OFFICE?

What is a WFOE? WFOE stands for Wholly Foreign Owned Enterprise – a China registered company which is wholly owned by foreign investors for either individual or corporate. WFOE is a common business setup by which non-Chinese nationals or non-Chinese corporate entities incorporate a foreign-owned limited liability company in Mainland China. A WFOE is a …