After successfully registering your company remotely, you need to consider how to manage your Hong Kong company remotely. The Company Ordinance requires all limited companies to have a company secretary. The local company secretary is an important part of managing your venture in Hong Kong, as a foreign owner cannot hold the position of a company secretary here. Furthermore, this article will list out a few of the key items to not be missed in the upkeep of a Hong Kong-based company
A local limited liability company must deliver Annual Return (Form NAR1) to Companies Registry. Private companies must annually file and submit the form within 42 days of the incorporation date anniversary. A delayed submission can incur a substantially higher registration fee. Details of the company as at the anniversary date of incorporation, including registered office address, share capital, company secretary, director, shareholder and location of company record are reported in the return.
Audited Financial Statements
A company registered in Hong Kong must keep a full record of its accounting transactions. All financial transactions must be entered in the accounting records in accordance with the Hong Kong Financial Reporting Standards. It is important to have bookkeeping at the suitable time interval applicable to the company to ensure accurate and timely update of your ledger.
The financial statements should be audited by a Certified Public Accountant in Hong Kong. The audited financial statements must include a statement of financial position/balance sheet, auditor’s report, and a statement of comprehensive income/profit and loss account.
Annual tax return
Every limited company must complete the Profits Tax Return together with the supporting documents, including the audited financial statements, tax computation and others. Only small corporations as defined in the IRO and dormant companies are exempted from submitting audited financial statements.
Annual general meeting
Each Hong Kong company must hold an Annual General Meeting (AGM) in each financial year. A company is not required to hold AGM if it is a single-member company, or if everything is resolved by written resolution, or if the members of the company resolve unanimously to dispense with the holding of AGM.
The Business Registration Certificate (BRC) must be renewed before the anniversary date of incorporation. The renewed BRC has to be displayed at the place of business of the company.
The article is written by:
Marketing Manager for Sleek Hong Kong – A company enables entrepreneurs and investors to incorporate their company and manage their corporate, accounting and tax compliance online.