Starting up your company is a long-term responsibility. Once your company is established, it doesn’t mean you can relax and have a chill day. We don’t mean to dampen your mood. However, many entrepreneurs make this mistake. On the contrary, the entrepreneurs need to work even harder to strive for success. Meanwhile, the entrepreneurs should make sure their company meets the legal requirements from both Company Ordnance and Inland Revenue Ordnance.
What are the business maintenance requirements in Hong Kong?
There are 3 areas of maintenance: Meet the legal requirements, Accounting & Audit as well as Profit Tax Return & Employer’s Tax Return.
First and foremost a Hong Kong company must maintain proper records. That is, any change made to company such as change of name, address, director particulars, transfer of share or appointment of director. You must report any of these changes to Company Registry. Nevertheless, there is no change. You still mandatory to submit your Business Registration Renewal and filing of Annual Return yearly compulsory.
Accounting & Audit
Hong Kong company must update its books of accounts, prepare financial statements and arrange audit of its annual financial statements. It means you need to have audited account to file the Profit Tax Return.
Profit Tax Return & Employer’s Tax Return
Regardless of whether you have profit or employees, you must file a Profits Tax Return and Employer’s Tax Return respectively. They are necessary declarations that must be made to the Inland Revenue Department.
You are the genius in your business field. But Centre O is the expertise on secretarial and administrative things. As we have a professional team to assist you at your back. Then you can focus on your business and let the hassle aside.
For further information, please contact us.
You may want to read: HONG KONG LIMITED COMPANY MAINTAIN AND UPKEEP