Annual Return Form/ Application Filing

Filing of Annual Return of Company is important and crucial

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Registration of a Hong Kong Company Process Image After you've started a business in Hong Kong and are running it for a while, then you would want to recollect the annual return form that needs to be filed at the assigned time. It is crucial for it to be prepared for the corporate annual return filing and to keep all the necessities ready before the government deadlines.

To file the annual return, the form NAR1 is filed with the specified information and delivered to the corporate Registry of Hong Kong SAR. This has to be done annually or within 42 days of the incorporation of the business. Our company makes sure that it's filled on time for our clients.

The particulars of the business like the address of the registered office, shareholders, directors, secretary, etc. are required to be filed in the form. This process is vital because it is required to supply the precise company information annually regardless of the fact that the company has been active or not.

Before a Hong Kong business can file the Annual Return form, there are some requirements that have got to be fulfilled. A personal business must have subsequent details before the corporate annual return filing is done:

  • Manage a registered address that's located in Hong Kong, and this residential address can't be a P.O. Box address.
  • The company should be managed by a company secretary, a Hong Kong resident, where the secretary is often a company corporate or an individual.
  • It is necessary to have an auditor appointed only unless the business has been considered as dormant as filed with the Corporate Registry. A dormant business is a business with no proper business transactions during a fiscal year.
  • It should have a minimum of one shareholder who is a body corporate or an individual (local or a foreigner) and is above the age of 18 years old.
  • Should have a minimum of one director who is often a foreigner or a local person above the age of 18 years.
  • The company is also required to inform the Companies Registry if there are any alterations within the registered particulars of the corporate. This includes the modifications in share capital, company secretary, directors, details of the shareholders, registered address, etc. the corporate has got to notify the government about the following:
    1. Any change in the registered address within 15 days after the change.
    2. If there's a replacement director or secretary or if any have ceased their position from the company within 15 days from the date of the action.
    3. If the minute details about the director or the company secretary are altered within 15 days from the date of alterations.
    4. The corporate name change within 15 days of the name has been confirmed by the government officials and altered by filling the form NNC2.
    5. If there's any particular resolution that has been passed by the company within 15 days of passing the judgment.
    6. If the statutory books of the company have been relocated to a different place from the registered office within 15 days from the change.
    7. About the issuance or allotment of the latest shares has got to be told in 1 month from the date of the activity.
  • Renew the registration of the business one month before it gets expired on an annual basis, as per the validation of the certificate. The corporate must display the Business Registration Certificate whenever in the central area of business.
  • Annual General Meeting (AGM) once every 18 months from the date of incorporation, with proceeding meetings being held once in every calendar year with intervals of not more than 15 months. The company’s financial accounts must be noted by the director as per the principles of the Hong Kong’s Financial Reporting Standards (FRS) framework, alongside the annual return.
  • Prepare essential business licenses required.
  • Keep a record of documents for the following: registers, share certificates, company seal, updated financial records, minutes of all meetings of members and directors, Articles of Association, Business
  • Registration Certificate, and Incorporation Certificate.
  • Obey the corporate annual return filing requirements and deadlines of the Hong Kong’s Tax Authority and Company Registry which is further explained in detail.
  • At least seven years of detailed accounting records need to be kept for a business. If the records of the accounting are kept out of Hong Kong, the returns need to be kept in Hong Kong.
 

At least seven years of detailed accounting records need to be kept for a business. If the records of the accounting are kept out of Hong Kong, the returns need to be kept in Hong Kong.

Additionally, the business records of the corporate must include:

  • A book of records for the income (receipts) and expenditure (payments).
  • Documentation as proof for the entries within the records books just like the bank statements, invoices, vouchers, etc.
  • Business liabilities and assets need to be recorded.
  • Everyday record of all the income and expenditure with the right receipts and invoice.

Foreign and native companies that are established in Hong Kong need to file the annual return and will have to abide by the conditions set by the Company Registry and therefore the Inland Revenue Department (IRD). Future Perfact Global can assist you within the Annual Return filings and be in compliance with the govt filings for the corporate.

The requirements for the annual return filing of the private limited Hong Kong Company are:

As per the Company Registry rules, a private limited business that has been incorporated under the Companies Ordinance in Hong Kong must submit the Annual Return that's signed by the authorized representative, manager, company secretary, or the director.

The company annual return filing is completed with a special form that has the small print of the company as mentioned above. With the Company Registry, it's not necessary to file the financial accounts of the business. This is often done separately through another agency in Hong Kong , namely the Inland Revenue Department (IRD).

The company annual return filing must be done within 42 days of the anniversary of the business’ incorporation date in each calendar year. If the annual return is not filed on time, it will lead to a high annual registration fee along with the fines and prosecutions for the officers of the company.

The annual return is usually confused with the Profit tax return (PTR) of a company. The annual return shows the particulars of the company, like the corporate secretary, company directors, and shareholders.

The PTR, on the other hand, is for filing the taxes of the company to the government. It is mandatory for any company that has been formed in Hong Kong to file the Profits income tax return alongside the annual audited accounts with the IRD of Hong Kong.

It is normal for the IRD to issue the notification for the income tax return to be filed annually by a corporation . For newly incorporated companies, the notice would be sent within the 18th month from the date of incorporation. The company is then required to file the return within a month from the time of the notice. Failure to file the return can lead to high prosecution and penalties.

For the corporate annual return filing, you are required to attach the subsequent documents along:

  • A tax computation displaying how the profits or adjusted losses were done.
  • The balance sheet of the company, the report of the auditor and therefore the profit and loss account for that period.

 

Depending on your company’s needs, our company can assist you with the government filings mentioned above. we will email the official forms that are necessary for this process to you at no charge. And if you would like us to finish the shape and file the shape for you, we will do this also with our fee of $105.

Any client that registers their company with our company customarily pre-pays for the annual return filing. Just in case you've got not opted for registering your business through our company but need the services of the annual filing, you can easily hire us for it. We would be happy to finish and file the return on time.

There are three methods you'll choose between for filing the annual return:

  • Hire us to finish and file the annual return for your company in Hong Kong .
  • You can file the annual return on your own via the web system of the Hong Kong Companies Registry.
  • You can also fill the text sorts of the annual return manually then send it to the Hong Kong Companies Registry. Their address is – 14 Floor, High Block, Queensway Government Offices, 66 Queensway, Hong Kong.

 

With all of these responsibilities in hand, the administrators of the business need to confirm that the initial and therefore the ongoing compliance obligations are fulfilled as per the principles and laws. It doesn't matter during which part of the planet they're on; it's to be taken care of since it's the administrators who are those that might have to bear the responsibility if they have not been fulfilled.

It is highly advised to require the help of a knowledgeable firm like ours since non-compliance can lead the organization to be subjected to fines and even prosecution, due to late or overdue filings.

We will look out of all the required filings, so you won’t need to worry about them. We'll remind you well beforehand when the company must file its annual return, and assist you with any changes within the company particulars of the administrators or shareholders. Our company ensures continued compliance with statutory rules and regulations of the corporate Ordinance in Hong Kong .


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