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According to the laws of Hong Kong, Hong Kong company should conduct annual return with both the Hong Kong Companies Registry (company registration authority) and Inland Revenue Department (tax authority), so that to keep the company operates legally.
The annual review of a Hong Kong company refers to the process of applying for and obtaining a new year's business registration certificate from the Hong Kong Inland Revenue Department after the Hong Kong company has registered for one year, which is equivalent to the annual tax inspection of a Guangzhou company.
The annual return of a Hong Kong company means that after the Hong Kong company has registered for one year, the company must make a company annual declaration file to the Hong Kong Company Registry once a year based on the company's shareholders, directors, legal secretary, registered address and other information.
Note: The annual review of a Hong Kong company is not the same as the tax filing of a Hong Kong company. The annual review is a process of renewing the certificate. The tax reporting is the process of reporting the financial status of the previous financial year to the Hong Kong Inland Revenue Department after the annual review and deciding whether to pay taxes.
Documents required for annual review/ annual return:
1. Sign documents of confirmation for annual review in person
2. Sign the annual return documents in person
3. Valid identification documents (ID or passport) of all directors and shareholders
4. A set of company documents (eg: BR, CI, Articles of Association, D1, R1, NAR1, NC1, N1, etc.)
Hong Kong company annual review/ annual return services including
1. The latest original business registration certificate
2. The latest annual return
3. The latest annual important controller registration
4. Significant Controller Registration Renewal
5. Registered office address renewal
After the first anniversary of the company, within 42 days annually to the Companies Registry and the Inland Revenue reporting and renewal time, each company must file annual returns and replacement of business registration certificate. A company which fails to file Annual Returns with the prescribed time period is in breach of the Companies Ordinance and is liable to prosecution, the Registrar of companies may consider taking striking off action having regard to the circumstances of each case.
Once overdue the annual review, Fines 300 HKD to Hong Kong Inland Revenue Department.
Regarding the annual return, once overdue, fines listed as follows:
Overdue more than 42 days but lest than 3months Fines $870
Overdue more than 3 months but lest than 6 months Fines $1740
Overdue more than 6 months, but lest than 9 months Fines $2610
Overdue more than 9 months Fines $3480
More details about annual review or annual return of Hong Kong companies, please don't hesitate to contact us GZ-Timely. Tel: +86 18902250059.