CentreO Blog

Good Monday Everyone!

This week, we’ve decided to focus on efficiency, smart working and time and space management. So we will talks about everything from managing you working day to what happens if you run late on projects, payments or…registration of annual returns. Here goes our first post for the week!

Penalty for Late Registration of Annual Return

Over the past few weeks we have received a lot of inquiries about late registration of annual returns.  So even if you are behind on your paper work – know: “better late than never” (but better never “late”))

Registration of annual returns Local private companies having a share capital (Form NAR1)	HK$
If delivered
within 42 days after the company’s return date@	105
more than 42 days after but within 3 months after the company’s return date@	870
more than 3 months after but within 6 months after the company’s return date@	1,740
more than 6 months after but within 9 months after the company’s return date@	2,610
more than 9 months after the company’s return date@	3,480
@ the anniversary of the company’s date of incorporation

Within 30 days of obtaining the Approval Certificate, the foreign investor will need to register and apply for a business license for the WFOE from the local AIC.

What documents you will need to submit and when can I receive the business license?

For this purpose you will need to submit similar documentation to the approval documentation. This is just a procedure and the local AIC must issue the business license within 30 days. However, the AIC will usually issue the license within 5-10 days after receiving the necessary documentation.