REGISTER EMPLOYMENT LICENSE VIA MOBILE APP IN HONG KONG

From 2022 onwards, registering for an employment license will be much easier. As announced in the Chief Executive’s 2020 Policy Address, the Employment Agencies Administration of the Labour Department will launches e-EAS in the first quarter of 2022. The e-EAS allows Employment Agencies to submit license applications. Also, check their application status easily and conveniently. How …

WHAT TO BE AWARE OF WHEN SIGNING A BANK CONFIRMATION?

What is a bank confirmation? Bank confirmation is the audit procedure. It allows to test the existence, accuracy and the ownership of banks account and bank balance of entity.  When needing a bank confirmation? Entrepreneurs need the confirmation during the interim audit rather than at the completion stage. The auditors review the bank balance and select some …

HOW TO CHECK MY COMPANY FINANCIAL STATUS FROM XERO?

Company Financial Status is similar to physical health of a person. Your physical health is crucial to living a happy and successful life. So applies the same concept to your company. Company Financial Status refers to the state and condition of your company finances. There are four main financial statements to look at when evaluating your company’s …

CAN I CLAIM OVERSEAS INSURANCE FOR A HONG KONG EMPLOYEE?

QUESTION 1: My company in the UK paid a medical plan for a Hong Kong Employee, does it help to claim deductions on tax purpose under a Hong Kong Limited Company? ANSWER 1: No, insurance plan in the UK is not a deductible expense under Hong Kong Profit Tax. Firstly, the expense is not paying …

HOW TO CALCULATE SALARY TAX IN HONG KONG

In order to attract global investment and expat genius to Hong Kong. Hong Kong not only offers an attractive tax regime for corporation and entrepreneurs.  Moreover, it also has a competitive low taxation scheme for personal income tax on Hong Kong Salary tax. Correspondingly, salaries Tax referred to Personal Income Tax as well. Firstly, what …

HOW TO DEAL WITH YOUR FIRST AUDIT IN HONG KONG?

No matter what stage of your business is currently at, tax filing, account and auditing are the major aspects you have to pay attention. You can’t underestimate the outcome if you fail to report on time. Therefore, it is very important to decide when is your financial year end as your first audit. When do …

HOW TO GET PAYPAL STATEMENT FOR ACCOUNTING RECORDS

PayPal offers a faster, more secure way to pay online. It serves as an electronic alternative to traditional banks. Many e-commerce providers uses Paypal as one of the payment solutions.  In order to ensure each transaction details are booked properly for your accounting and auditing, you are also required to download the Paypal statement each month. …

HOW TO ISSUE INVOICE FROM YOUR MOBILE PHONE

Xero accounting software helps make your sales and invoice process easy to manage. Even to issue invoice to your clients from your mobile phone and getting paid is a fast and seamless process. We are going to show you how to issue an invoice to your client from your mobile phone 1.Download “XERO” from App …

CHINA INVOICING SYSTEM WITH ELECTRONIC FAPIAO

What is Fapiao? Other than invoice, fapiao is a legal receipt that serves as proof of purchase for goods and services. Nevertheless, it is an essential component of China’s tax law, and compliance for businesses.  Development of Digitalized Fapiao  July 2019 The State Administration of Taxation announced the preparation of Digitalised platform October 2019 Launched online …

HONG KONG ENTREPRENEURS’ TAX REPORTING DURING PANDEMIC

The Organisation for Economic Co-Operation and Development (OECD) published an analysis entitled “OECD” Secretariat Analysis of Tax Treaty and the Impact of the COVID-19 Crisis”. (OECD Analysis). The OECD Analysis provides guidance on cross-border tax issues arising from the COVID-19 pandemic. The analysis mentioned the lead to creation of PERMANENT ESTABLISHMENT or change in the …