Once a Hong Kong company has started, the company filings do not end there. Aside from the annual return that must be filed per annum, there are other company renewals and requirements for the company that has to be fulfilled on a yearly basis or within a period of time.
There are several varieties of Hong Kong renewals and obligations that the company is obligated to follow. These are shared below:
As per the principles within the Companies Ordinance, each of the Hong Kong companies has to file the Annual Return regularly per annum within the prescribed form NAR1. The contents of this type include the particulars of the issued share capital, registered capital, registered office, secretary(s), director(s), shareholder(s), etc.
The annual return has to be filed within 42 days from one year of the date of incorporation per annum, as it is a compulsory obligation. just in case an individual forgets to file the annual return, they might be susceptible to pay the late fines counting on how late the filing has been done. the acceptable late fees charged are as follows:
If there's an application given by the company for the discontinuance of business in Hong Kong, then such would be exempted from the filing process and other HK renewals. and therefore the failure to comply with the principles of the Companies Ordinances may ultimately lead the company and its head to the court.
This is one sort of the Hong Kong renewals where the Inland Revenue Department, also called the IRD would issue the demand notice about one month before the expiry date of the Business Registration Certificate for the business. As soon as the payments are available, the demand notice would be the valid renewed Business Registration Certificate.
In case the company doesn't receive a requirement notice within one month from the expiry date, the company has to notify this example to the commissioner of the IRD. just in case there isn’t any settlement after the expiry date, the penalty fee of HKD 300 would be charged to the client. Moreover, there isn’t any relief policy during this where the primary renewal fee is HKD 2,250 per annum.
A company also can prefer to get the registration certificate with a validity of 1 year or three years, that they might need to renew it accordingly also.
For the registered business, the business registration renewal demand notice would be sent to the address of the company’s registered office approximately one month before the present Business Registration Certificate expires.
After this business registration renewal note has been paid, this note will become the valid business registration certificate, which might display the date of payment, receipt number and amount paid. The certificate would also show the valid “date of expiry” and other current company particulars. This business certificate would require to be displayed at the address for the company.
If the company has commenced business or changed it’s company particulars from the time of the last Business Registration Certificate, the corporation would wish to notify the IRD with regard to the update information. This might be for the commencement of business, address, business name, company directors and members and business nature.
It is compulsory for every company to carry a minimum of one general meeting, which is additionally called the Annual General Meeting annually as per the Companies Ordinance. Though this is often not one among the company renewal filings, it's an obligation that has to be fulfilled on a yearly basis.
It is normal for a company to urge its first profit tax return within the 18 months since the commencement date of the business. then, subsequent income tax return forms would usually be issued on the 1st of April annually (or the first working day of April per annum.)
For the companies that cease to exist, are yet to commence the business, gain no chargeable profit, or are yet to recommence the business, the IRD wouldn't request them to submit the income tax return form annually. the first profit tax return would need to be filed with the IRD in 3 months since the issuance date.
Along with this, an audit report has to be attached. within the next few years, just in case there is no tax representative to act on its behalf for submitting the form for an extension, the company has to file the profit tax return within a month.
As per the Companies Ordinances, each business has to appoint an auditor to audit its account annually. The appointed auditor must be a Hong Kong CPA (Certified Public Accountant).
The role of the CPA would be to verify the accounts of the company and determine the assessable profits and taxes payable if any. Normally they might also fill out the Profits tax return, and submit them alongside the Audit report back to the government.
The directors would appoint the auditor for the company, and that they would remain the auditor unless another auditor is appointed.
This is another sort of the Hong Kong renewals where the IRD takes records of returns of the employers in each tax year for the company’s employees. This also includes the remuneration of the directors that are paid for the private tax for an individual’s taxation.
Therefore, when the company receives the employer’s return (Form BIR56A and 56B), it has within one month to finish and return and the same form to the IRD, even if:
The Business Registration Certificate is due for one of the HK renewals around one month of its expiration date. The business registration fee for business currently is HKD 2250 per annum, and therefore the late renewal penalty fee is about HDK 300 and may increase with time and a court prosecution.
For a Hong Kong company, the quantity that has got to be purchased the primary registration certificate is predicated on the delivery date of the associated incorporation submission to the Companies Registry, and therefore the date of incorporation is that the same as the initiation date of the registration certificate.
To renew the certificate, the payable amount is set to support the commencement date of the applicable registration certificate.
Our company offers an entire package for the renewal of all the services. The renewal of the corporate Secretary package is $795.00 USD, and it holds the subsequent services:
If you hire us for our services, we would look out of the renewal of the company secretary and therefore the business registered address package alongside the business registration certificate. We will notify you when your company must be renewed, and confirm to tell you of all the government filings you would like so as to possess the corporate in good standing. We make all the paperwork easy and allow you to specialize in running your business!
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Firstly, we help to estimate whether the company strategy is meeting with the statutory requirements of the Hong Kong jurisdiction. After assessing all the requirements, we also provide information about the latest and relevant corporate laws, regulations and analyze the impacts facing the company.
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