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Hong Kong

Accounting and Audit Arrangements for Hong Kong Limited Company

Audit Arrangement and Tax Return

Part of the annual maintenance of a limited company incorporated in Hong Kong is to prepare an Auditor’s Report and file a profit tax return. These are the 2 most important items for your limited company because they will determine how much profit tax you are required to pay, if any. Delaying in submitting the Auditor’s Report, profit tax return or paying your tax means you will be facing fines or other consequences.

The Auditor’s Report has to be produced by a Certified Public Accountant (CPA) in Hong Kong. Even if you are sure your company is at a loss, it is still required to have the Auditor’s Report to support calculations of the loss. The CPA has to follow Hong Kong’s accounting practices to come up with your net profit/loss, which in some cases, it turns out to be the opposite of what you think.

The Auditor’s Report and the Profit Tax Return are complicated and involved the whole year’s financial data, so it takes a relatively long time to complete. Besides, you are given just 1 month to file the Profit Tax Return to IRD, in which the data must come from the Auditor’s Report. If you have already received your Profit Tax Return form, we advise you to contact us and start the process right away.

Accounting/Book Keeping

Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business. Transactions include purchases, sales, receipts and payments by your company during the fiscal year. After you provide us the records of each transaction and bank statements, we will gather the information and put into standard formats and present to the Auditor to verify. Complexity and workload grows with more transactions, so our service fee various from case to case.

We can provide accounting/book keeping service on an annual, quarterly or monthly basis. If you have a lot of transactions, we suggest you to subscribe the service at least on quarterly basis so it is less of a rush to finish all the work.