There are several obligations a company has to take care of after it is registered.
Keeping Proper Books and Records
A company has to maintain and update statutory books and records. A company has to keep the records of all business transactions for 7 years. Business records include bank records, records of income, purchases, expenses and assets.
Business Registration Renewal
It is mandatory for all companies to have a valid business registration. A company will receive a demand note for the next year business registration fee about one month before the registration expiry date. A surcharge will be imposed if the business registration fee is not paid by the due date.
Annual Return Filing
All incorporated companies have to complete and file an annual return annually with the Companies Registry within 42 days from the date of incorporation.
Non-Hong Kong companies may have to file audited accounts together with the annual return within 42 days from the date of registration.
Profits Tax Return Filing
A company or a non-Hong Kong company carrying on business in Hong Kong is chargeable to tax on all profits arising in or derived from Hong Kong. A Profits Tax Return together with audited accounts of the company has to be submitted to the Inland Revenue Department by the due date. The company will be prosecuted and penalties payable if it fails to do so. Learn more
Salaries Tax Return Filing
A company which has hire employees should report the commencement of employment and cessation on termination of employment. A company should complete and lodge an Employer’s Return reporting the remuneration paid to employees within one month from the date of receipt of the Return. The company will be prosecuted and penalties payable if it fails to do so.
If you require further information and assistance with complying with the obligations, please contact our 24-hour online support at enquiry@budgetaccounts.com.hk
