1 Day Hong Kong Company Setup| Incorporation| $5280 - EasyCorp

An Overview of the Auditing and Accounting Services in Honk Kong

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Like all other regions, companies based in Honk Kong also have to conduct accounting services and audit services to submit their financial statements and file their profit tax return to the Inland Revenue Department (IRD).

The IRD issues notices to companies for filing their tax return on 1st April of every year, which the latter must submit within 1 month after its notice. However, companies can also request for an extension date with respect to other year ending dates.

Although the standard financial year ending dates are 31st March and 31st December, no compulsions are followed. Where the deadline for filing tax return for a year ending in March is 15th November, the one for December is 15th August.

The profit tax return filing deadline for public listed companies is 2 months from the year ending date.

Companies having a gross income less than or equal to HK$2,000,000 do not need to file for tax return.

Financial Reporting Standards:

For audit services, companies and individuals follow the Hong Kong Financial Reporting Standards (HKFRS) and Hong Kong Accounting Standards (HKAS) as laid out by the Hong Kong Institute of Certified Public Accountants.

The HKFRS, based on its Framework for the Preparation and Presentation of Financial Statements presents measurement, recognition, disclosure and presentation requirements centred on transactions required with all financial statements.

Other than HKFRS, companies have to conform to the Small and Medium-sized Entity Financial Reporting Framework (SME-FRF) and International Financial Reporting Standards (IFRS). In case, an organization is based in China, they have to follow China Accounting Standards for Business Enterprises (CASBE).

For filing profit tax return, limited companies have to comply with the Hong Kong Financial Reporting Standards (HKFRS) and no other.

Auditing Standards:

Firms for audit services need to prepare their financial statements following Honk Kong’s auditing standards and applicable laws.

The auditing standards conform to its Hong Kong Institute of Certified Public Accountants (HKICPA). The HKICPA follow guidelines laid down by the International Federation of Accountants, in their International Auditing and Assurance Standards Board of the International Standards on Auditing.

Appointment of Auditors:

Auditors for accounting services in Hong Kong can be selected or rejected at any time. Auditors usually stay in office until the next year’s general meeting of their client.

Honk Kong does not have any mandatory rules pertaining to the rotation of auditors. However, for the sake of public interest, it has guidelines for the rotation of auditing firms.

Joint audits for profit tax return also exist among companies although rare and not restricted by the Hong Kong government.

Governmental Overview:

All firms conducting audit services stay under the monitor of a Quality Assurance Department in the Hong Kong Institute of Certified Public Accountants (HKICPA).

The HKICPA’s Practice Review Team keeps in check that all accountants and auditions use all ethical standards; so as to maintain a professional work environment. The Practice Review Team conducts all quality assurance and reports back to the board in charge of all these matters in the HKICPA.

A Professional Monitoring Team from the HKICPA also keeps in check the professionalism of an auditing firm; it ensures they follow all guideline of accounting services.

Hong Kong Company Incorporation

Every year, there are over 150,000 companies to be incorporated in Hong Kong; As an international financial center, Hong Kong is regarded as one of the most popular location for business, attracting entrepreneurs and investors from all over the world.

Our Incorporation Services and Fee Schedules:

 

1 Day Express Incorporation

Standard Incorporation

Shelf Company

Incorporation Service Fee

HK$5500
(US$715)

HK$5280
(US$690)

HK$5800
(US$755)

Duration

1-2 working
days

6 working
days

2-3 working
days

Company Name Search

Company Registration Fee

(HK$1720)

(HK$1720)

(HK$1720)

Business Registration Fee

(HK$2250)

(HK$2250)

(HK$2250)

Certificate of Incorporation (CI)

Business Registration Certificate (BR)

Company Registration Documents

Article of Association

Round Stamp / Signature Stamp / Common Seal

Green Box / Statutory Book /  Share Certificate

Meeting Minutes

Bank account opening advisory and appointment

Note:
  1. all government fees have been included in the incorporation service fee; 
  2. all Hong Kong companies must provide a registered address and company secretary in Hong Kong;easyCorp can provide such services if needed.

Incorporation Procedures

  1. Complete new company order form 
  2. easyCorp will check the name availability and verify information provided by clients and prepare the documents for sign
  3. Clients sign the documents and settle the payment
  4. easyCorp will submit the signed documents to government
  5. easyCorp will notify clients after incorporation processes are completed
  6. Clients collect company kit and documents, and open bank account if needed

Transacting foreign businesses in Hong Kong: To register or not to register?

When you have a business that is thriving in your current location or market, there comes a time when you might look into venturing into business from across the state border. Before taking the leap however, you need to have the ins and outs for running your business in said country before making any final decisions.

There are a number of things you need to ask yourself or be aware of before crossing borders.

A look at some of them:

Find out whether or not you are actually doing business in another state

When you operate in another state, chances are pretty high that you are doing business with them. However, you need to look into the legal repercussions of the same. You need to find out the legal requirements of a company registration in the said state. Sometimes you might only be having customers in another state while your company is running in another. At such times, you may wish to recheck the company formation and determine if there is a need for company registration in the given state.

In such instances, a corporate lawyer or legal advisor can help you determine your best options. When you are looking to shift your business to Hong Kong, there is a need check out the Hong Kong company incorporation and all it entails.

What you need in order register the corporation

In order to ensure that you have the right documents for company registration Hong Kong by taking a look at the application process of the same. Much like any other country, there is a form that is needed to be filled. Some of the information that may be asked may include the company incorporation name, stock information, and the principle executive office address among others.

You also need a certificate of Good standing which typically indicates that the company setup in the domestic state is in an active status. This way, it is much easier to undertake your company formation in Hong Kong and register it as a Foreign Corporation.

Ways of filling a Foreign Corporation

When you realize that you need a Hong Kong company setup, then you need to know how to file for the same. A company formation in a foreign land has got to be registered. The company incorporation in the new state has to encompass the legal requirements of the new state. Depending on the type of company setup, you will most likely need a number of licenses covered before operating.

You may need to obtain the services of a corporate lawyer to help with the registration or a third-party filing service in case you have already made your consultations with a lawyer.

To use the same name or a different one

You may also look into utilizing a different name in the new state. This might be the case especially if the name you seek is already being utilized in the new state. In case the name you were using in the old sate is available in the new state, then you could be required to use the same.

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Do You Know?

Why go for Hong Kong companies?
 
  1. ​Simple tax system and Low tax rate, only levies a profits tax at the rate of 16.5%. No VAT, GST and all sorts of sales tax, no tax on non-Hong Kong business.
  2. Banks in Hong Kong offer multi-currency account with full Internet Banking system; no foreign exchange control.
  3. Best Path to China, based on CEPA agreement.
  4. RMB (CNY) business – Able to pay / receive RMB (CNY) with your company bank account to/from your China business partners; and convert RMB (CNY) into other currency.
  5. Ideal location for all business - International financial centre, Free tradeport, no restrictions on business scope​​.
  6. Sound legal system.
  7. World-class infrastructure and good supply of high quality human resources.