Free consultation hotline
There are unlimited business opportunities in Hong Kong, which is the springboard to the global market. Tens of thousands of international enterprises have benefited from the establishment of Companies in Hong Kong. At present, there are more and more companies registered in Hong Kong, and the process of registering Hong Kong companies is relatively simple, but the maintenance of companies after registration is very important. What important maintenance needs to be done after the establishment of Hong Kong companies?
What important maintenance should be done after the establishment of Hong Kong company
1. Keep important controller register (SCR)
In order to cooperate with CRS review, fight against money laundering and terrorist fund raising, and improve the credibility of Hong Kong as a reliable and competitive business place, Hong Kong has promulgated the CRS global tax information automatic exchange, which has officially come into force in Hong Kong since July 1, 2017. According to the new ordinance, it is the responsibility of all Hong Kong companies to keep an important controller's register. Those who fail to fulfill the responsibility of keeping an important controller's register will face serious punishment. Hong Kong companies are required to obtain and maintain up-to-date information on beneficial ownership for the purpose of keeping a "register of key controllers" (SCR) for inspection by law enforcement officers.
2. Accounting and tax declaration of Hong Kong company
After the Hong Kong company has applied, it needs to make an account and file a tax return to maintain the normal operation of the Hong Kong company. Under the Hong Kong company law and the Tax Ordinance, Hong Kong Limited companies, whether or not they have profits, are required to make an annual audit (also known as auditor's report) to report to the shareholders, directors and the tax department on the company's financial position. New Hong Kong companies and non new Hong Kong companies have different accounting and tax reporting times. The first tax return of new Hong Kong companies will be issued 18 months after the registration date, and the new Hong Kong companies need to complete the tax return within 3 months after receiving the tax return. For non new Hong Kong companies, the corresponding tax return will be received every 12 months from the beginning of the first accounting and tax return Tax returns, Hong Kong companies need to complete the tax returns within one month of the tax returns.
If the company does not make the audit report, once it is investigated by the tax bureau, and the company is unable to account for the company's source of wealth, it is likely that the tax bureau suspects that the enterprise is doing "money laundering" illegal behavior, which will inevitably have adverse effects on the normal operation of the enterprise.
3. Annual review of Hong Kong companies
The annual review of Hong Kong companies is not the same as the accounting of Hong Kong companies. Although they are all handled in the same place, i.e. the tax bureau, the annual review is the process of replacing the business registration certificate, and the tax declaration is to report the financial status of the company in the previous year to the tax authorities. If the annual review is not carried out in time, the company's handling of Hong Kong bank accounts, Hong Kong companies and other businesses will be greatly affected. Hong Kong companies do not have annual review for a long time, which is likely to lead to the removal of Hong Kong companies, and the directors and shareholders of the company are blacklisted.
One to one service