Hong Kong Compliance

The Secretary of a Hong Kong registered company receives a Notification for the submission of the company’s Income Tax Form about 27 months (2 years + 3 months) from the Incorporation date of the company. Once the Notification is received, the company has 1 month to prepare its book keeping, audit the accounts and submit the Income Tax Form. It is recommended that all Hong Kong registered companies prepare their audited accounts within 3 months from the end of their financial year, every year.

The submission of a company’s Income Tax Form is a compulsory requirement by HK’s Inland Revenue Authorities and if the audited accounts together with the tax form are not submitted on time, the company has to pay penalties and receives a court summon.

Fees for the Accounting Department:

Documents Needed from Clients for Book Keeping:

Part A

Applicable for all Jurisdictions for Newly Incorporated Companies:

1. Detailed description of the company’s activities
2. Bank Statements for the financial year for all accounts that are under the company’s name
3. Sales Invoices issued from the company during the financial year
4. Purchases Invoices received from the suppliers of the company during the financial year
5. Any expense receipts issued under the company’s name
6. Any agreements and contracts signed by the company during the financial year

 Part B

Documents needed from companies that were transferred from another agent:

Hong Kong Jurisdiction:

1. All documents that are mentioned above in Part A
2. A set of the submitted financial statement of the previous financial year that were submitted to Hong Kong’s Company House
3. A copy of the submitted Inland Revenue Notification – Tax Form