Filing of Profit tax return

An Hongkong company is required to file PTR every year.

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Filing of Profit tax return

Accounting and tax collections are important in every country, and this is often no exception in Hong Kong. Each Hong Kong company will get to file the Profit tax return (PTR) for every respective year when conducting business, and this is often issued by the Hong Kong Inland Revenue Department (IRD).

The company would wish to arrange the company accounts and prepare them to be submitted to a licensed Public Accountant to be audited and filed to the government. After the accounts are prepared and audited, the audit report and tax computation are going to be submitted with the PTR to the Inland Revenue Department.

If you're thinking of sole proprietorship Hong Kong registration, then here are some key features that you simply have to know.

  • In order to include sole proprietorship in Hong Kong, you would like to register with the Inland Revenue Department’s Business Registration Office.
  • In the sole proprietorships, both the corporate and therefore the owner is considered because of the one unity. Therefore, the owner is legally liable for all the liabilities and debts. there's no shelter of private assets just in case of any debts incurred.
  • The rate for this business structure is 15% on the assessable profits, and it must be filed with the Inland Revenue Department on an annual basis.
  • If you would like to work on more than one business, then you would like to use it for a Business Registration Certificate for each business. Each company may have its own business name.
  • Before the expiry date of the business on an annual basis or once every three years, the business registration certificate should be renewed, counting on whether your Certificate is valid for one year or three years.
  • If somehow you've changed the particulars of your company, then you want to inform the Inland Revenue Department in writing within one month of the change.

To register the only proprietorship in Hong Kong, all the entrepreneurs required to submit all the subsequent documents.

  • Copy of national card or driver’s license
  • Copy of international passport
  • Copy of proof of address in English issued within the last 3 months
  • A photo of holding his/her passport which may clearly see the face and passport
  • Proof of address is often one among the subsequent issued within the last three (3) months:
    a) Credit card statement
    b) Rates and government rent note
    c) Utility bills (Water bill, Electricity bill, Phone bill)
    d) Bank statement

As a matter of fact, the sole proprietorship is inseparable from its owners; thus the foremost significant particularity of this business structure is that the owner is fully responsible for all the losses/ profits, liabilities, and debts. If you would like to include this business entity, then you would like to follow a registration procedure for that.

Well, the registration procedure involves
The most important part of sole proprietorship Hong Kong registration is to pick an appropriate business name. Below are a number of the facts that you simply need to follow while selecting the business name in Hong Kong.

  • The name of the sole proprietorship could also be registered with an English name, a Chinese name, or an English and a Chinese name.
  • If you're electing a Chinese name, you'll include English alphabets, but not English words.
  • The name should neither infringe on trademarks nor be offensive or otherwise contrary to the general public interest.
  • Make sure that the company name shouldn't imply that the business is incorporated with indebtedness.
  • The business name shouldn’t be offensive, nor it should convey a link with the govt or any public body.

Once you're through with the choice of the business name, you want to complete the registration of the business with the Inland Revenue Department’s Business Registration Office.

Now that you simply have all the critical information about fixing the only proprietorship in Hong Kong. So, whether you're hunting to include or renew your Sole Proprietorship Company, you would like to possess professionals on your side. We are here for you.

We offer services for forming the only proprietorship company with its numerous benefits and availability in incorporation for any nationality. In fact, our back office system is what sets us aside from others. Our updated back office system won't only help to register your business but also to manage all the business activities.

So, if you would like to line up a replacement sole proprietorship in Hong Kong, then you furthermore may get to pay a complete of $1284 USD for the registration process done by us.

On the contrary, the Renewal price of Sole proprietorship is simply $1010 USD. Therefore make your mind and hire us to form your dream come true!

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