There are Annual Compliance Requirements established by the Hong Kong Companies Ordinance and Company Registry:
The Company Registry (“CR”) is the government registry to keep track of your company, its director(s), and its shareholder(s), company is required to file its Annual Return every year.
The Inland Revenue Department (“IRD”) is the government tax department – IRD requires annual updates of your corporate and employees’ taxes, and renewal of your company’s Business Registration Certificate.
- AUDITED FINANCIAL STATEMENTS
The Audited Financial Statements (“AFS”) have to be prepared covering the period from date of incorporation to its anniversary date. The AFS can cover up to a maximum of 18 months of period from date of incorporation. The AFS should then be adopted and approved during the Annual General Meeting (“AGM”) (refer below).
Link-Pro offers auditing service for your company accounts, we also have network of in-house accountants to help prepare your company financial statements.
- ANNUAL GENERAL MEETING (“AGM”)
The company is required to hold its AGM within nine months after its incorporation date anniversary. The Audited Financial Statements have to be presented, adopted, and approved in the meeting.As appointed Company Secretary, Link-Pro will assist in preparing the AGM documents upon receipt of the Audited Financial Statements. It is important to be on schedule with the preparation of Audited Financial Statements.
- ANNUAL RETURN
The Annual Return is a document used to update to the government regarding the company’s shareholder(s), directors(s), and company secretary. The company is required to file Annual Return with CR within 42 days after the incorporation date anniversary.
Link-Pro has standard service which includes completing the required NAR1 form (Annual Return) and submit it to CR for you as client. CR will send notice when Annual Return is due, which we will forward to respective client.
- BUSINESS REGISTRATION CERTIFICATE (“BRC”) RENEWALThe BRC is annual fee imposed by the government which requires every company to pay and renew. IRD will send renewal demand note within one month before current BRC expiration date.
Link-Pro will send the renewal invoice to client for settlement. Upon payment receipt, Link-Pro will then process the renewal of the BRC.
- PROFIT TAX RETURN
The Profit Tax Return requires company to disclose its earning and any tax payable to IRD. You will receive this notice at different time, according to your company incorporation date.
- If the incorporation date is between 01 January and 31 March, the standard deadline is 15 November of the same year.
- If the incorporation date is between 01 April and 30 November, the standard deadline is 02 May of the next year.
- If the incorporation date is between 01 December and 31 December, the standard deadline is 15 August of the next year.
It is your responsibility to complete this form and submit it to IRD. Except that your company has Small Company exemption, you will need to attach audited financial statements (refer above) with this Profit Tax Return.
With our taxation service, Link-Pro CPA can assist with the filing.
- EMPLOYER’S RETURN
IRD will send notice of Employer’s Return. The purpose is to update to IRD about employees and their salaries, which IRD will refer to calculate the Income Tax. Company needs to submit this for each employee employed, and the return is required to be completed within one month even if there is no employee or operation.
Link-Pro has payroll service to offer, which can assist the preparation and the filing of this return.