BNA BUSINESS CONSULTANTS LIMITED
FAQ
Company Formation·FAQ
Membership rules
Directors and shareholders only need to be over 18 years old, regardless of nationality, and those who hold identity certificates are acceptable.
Company name guidelines
The name of a Hong Kong company is free, as long as it ends with a limited company, there is no repetition in the name search, and the name does not involve sensitive words such as government agencies.
Whether the information of directors and shareholders of offshore companies will be inspected by other people
The information of directors and shareholders of offshore companies is kept confidential, and will not be registered with the government of the place of registration. Therefore, it will not be provided for public inspection.
Unlimited company vs limited company, comparison of advantages
Company
A limited company refers to limited liability and has an independent legal person status. In the event of litigation or debt liability, it will not affect the private property of company holders and shareholders.The Hong Kong company registration regulations stipulate that every limited company must have a company secretary, and must submit annual returns, update company register information, and financial statements audited by auditors every year.
Limited
Unlimited company refers to unlimited liability. The company has no independent legal person status. If there is a lawsuit or insolvency in the business process, the company holders and partners need to bear all responsibilities, including their personal property.The process of setting up an unlimited company is simpler than opening a limited company. You only need to complete the business registration form and submit it to the Business Registration Office together with a copy of the company holder's ID card to obtain a business registration certificate.
Corporate Accounting·FAQ
Annual closing time of limited company
Free choice of year-end time; more often, March 31 or December 31 is used as the tax base period;
Provide documentation for accounting or auditing
Last year's audit report, bank statement, sales or income invoice, purchase and processing fee invoice or receipt, expense invoice or receipt, and invoice or receipt for purchase or sale of fixed assets, etc.
Conditions for Hong Kong companies to be exempted from paying profits tax
If the income is not sourced in Hong Kong, and the company has not established an office in Hong Kong and recruited Hong Kong employees, the profits it earns can be exempted from paying profits tax. However, it is necessary to apply to the Hong Kong Inland Revenue Department for tax exemption on offshore income.
Hong Kong companies follow or use the currency in which their accounts are presented
No, there is no restriction on the reporting currency used for financial statements; however, when accounting for transactions denominated in foreign currencies, the company must follow the Hong Kong accounting regulations.
Employer's tax responsibilities (keeping employee pay records)
From the time of hiring the first employee, it is necessary to fulfill the tax responsibility of the employer
When you hire an employee you must keep employee records for him/her
Employee data must be provided to the Inland Revenue Department
Business operators are required to keep business records (including records of payment of staff salaries) for at least 7 years
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