When a corporation starts its operation in any country, that date is taken into account as its business commencement date. it's usually the date on which your company undergoes business-related activities.
Every newly incorporated Hong Kong company has to notify the Inland Revenue Department with their business particulars for the commencement of business within one month of the commencement date. The information must be provided including the character of the business, description, address, and therefore the date of commencement. All this information has got to be added in writing using Form IRBR200. Failure to submit the notification may cause prosecution. The utmost penalty is $5,000 HKD and imprisonment for one year.
This helps the IRD keep proper records of the business activities for every Hong Kong company. Also, the Company Business Registration Certificate will show the “nature of business” which has been declared.
If you're trying to find any good assistance in filing the Notification of Commencement of Business for your Hong Kong company our expert team members will assist you with the steps and procedures of filing the shape with no hesitation.