Annual Compliance in Hong Kong
Feb 26, 2021 8:37 am
Can you share more about the annual compliance in Hong Kong?
Feb 26, 2021 8:45 am
The company must have a company secretary to facilitate the process. For Hong Kong, company secretary must be a Hong Kong resident.
There are some mandatory official accounting-related requirement in Hong Kong such as:
- Preparation of unaudited accounts such as cash flow statement, balance sheet, and income statement.
- Filling of profits tax return annually. Bulk annual tax return issuance takes place each year on the first working day of April.
- Maintaining accounting records for 7 or more years from the end of the financial year.
When you audit your accounts for the first time, the first people to present it to will be the shareholders of your newly incorporated company during the Annual General Meetings (AGMs).
You must do so within the first nine months from the Financial Year End (FYE) or six months if it is not a Private Limited Company.
After which you submit to the Statutory Board of the Inland Revenue Department. Thereafter the rest of the audited financial statements are submitted each year in not more than 15 months.