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 KongSAR. 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:
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:
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:
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:
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 .