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Hong Kong Accounting Matters You Must Be Aware Of
This includes the Profit and Loss Account, Balance Sheet, and Cash Flow Statement.
Each Hong Kong limited company is required to be audited by a third party certified public accountant and submit the audit report to IRD.
This is the amount of tax your company is liable to pay (after all applicable expenses, tax deductions, etc.).
Frequently Asked Questions
Lafont's professional team brings you an in-depth understanding of Hong Kong company registration and business FAQs.
Common types of Hong Kong companies are: sole proprietorship, partnership (general partnership and limited partnership), limited company, public company, representative office and branch office. Limited company is the most commonly chosen type of company. Its most important feature is limited liability, i.e. the liability of the shareholders is limited to the amount of their capital contribution, and the personal property is separated from the company's property, so that they will not bear unlimited liability for the company's debts.
To set up a Hong Kong limited company, the necessary requirement is that the shareholders and directors must be at least 18 years old. Hong Kong locals, Chinese residents or overseas persons are eligible, and they only need to provide valid passports or identity cards.
With all the documents in place, we were able toMinimum one working dayThe registration process will be completed within the same timeframe. However, the actual registration timeframe will depend on how quickly the customer prepares the information and may be affected by the opening hours of the corresponding government units.
When registering a company name in Hong Kong, the name must be in traditional Chinese or English. Simplified Chinese characters are not allowed. The name can contain numbers, but not a mixture of Chinese and English.
The company name can be in both Chinese and English, or both, with "Limited" at the end of the Chinese name and "Limited" at the end of the English name.
* As the banking system in Hong Kong is predominantly in English, it is recommended that companies should be required to register their names in English.
Address of Registered CompanyMust be located in Hong KongHowever, whether it is a shop, an office building or even your home, it can be used as your company's registered address. However, we suggest that you consider the fact that using your home as your company address may cause you undue distress in the event of any disputes with your company. If you want to avoid the hassle of using your home address as your company's registered address, you can consider renting a business registered address. This is a very affordable option, costing as little as HK$1,000 a year, and can save you a lot of unnecessary hassle.
Hong Kong law requires that every companyA local company secretary must be appointedThe Secretary is responsible for ensuring the integrity of all company documents. The Secretary's responsibilities include ensuring the integrity of all company documents and ensuring that all changes to the company are completed on time and correctly in accordance with local law. The position can be filled by an individual or a business (corporate body).
We at Longford can also provide you with company secretarial services from as low as HK$$50 per month.
When forming a Hong Kong company, you can choose to register your share capital in either US Dollars or Hong Kong Dollars.
*The Hong Kong capitalisation isRecognition systemInstead, it is a pay-as-you-go system.
In addition, there is no minimum amount of registered capital in Hong Kong (even $1 is acceptable).HK$10,000and issue at least one ordinary share on incorporation.
