Accounting Information

Accounting Information

2024 Budget Taxation Highlights

On May 22, 2024, the government passed the Inland Revenue (Amendment) (Tax Concessions and Two-tiered Standard Rates) Bill 2024 by the Legislative Council today (May 22). The Bill gives effect to the Government’s proposals announced in the 2024-25 Budget and the 2023 Policy Address. This article will guide you through the tax relief and adjustment measures introduced. … Read More

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Do You need to Setup a Company to run an Online Store in Hong Kong? Can You Use Your Personal Account to Receive Payments?

In this digital age, running an online store has become a popular choice for many people seeking new business opportunities. However, setting up and operating an online store is not straightforward; you need to understand and follow many rules and regulations to ensure the legality and successful operation of your business. Many customers have consulted us about whether they need to setup a company to run an online store and whether they can use their personal accounts to receive payments. This article will answer these questions for you!
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【DTSPP】What Is The Digital Transformation Support Pilot Programme (DTSPP)? How To Apply?

In Hong Kong, small and medium enterprises (SMEs) now have a new opportunity to upgrade their businesses. The Digital Transformation Support Pilot Program (DTSPP) is a government-initiated initiative that provides funding support for the food and retail sectors, enabling them to more easily adopt digital technologies. … Read More

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[Hong Kong Company Registration] Can an Individual Open a Limited Company in Hong Kong? How to Do It?

On the global business stage, Hong Kong has consistently attracted many entrepreneurs and investors with its efficient market mechanisms and straightforward company registration processes. This article will delve into the question: Can an individual open a limited company in Hong Kong? The answer is yes! … Read More

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Establishing a Limited Company? Pay Attention to These Key Points to Avoid Pitfalls

Today, we’re sharing five accounting pitfalls to avoid when setting up a Hong Kong limited company to ensure your business doesn’t encounter unnecessary troubles. Here’s a summary and further explanation of the video content: … Read More

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[Labor Holidays] What Days Are the 2024 Labor Holidays? How Do They Differ from Public Holidays

As 2023 draws to a close, the arrival of 2024 brings forth new opportunities and holiday arrangements. Understanding the requirements outlined in the Employment Ordinance is crucial for both employers and employees. This article will provide the 2024 calendar for labor holidays and public holidays in Hong Kong, shedding light on their differences. … Read More

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CI Number to Be Discontinued? Get Updated on Hong Kong Registry’s Latest Policy in 2 Minutes!

Starting from December 27, 2023, the Hong Kong company documents will undergo the following changes:
1.Hong Kong’s specification of business nature will require compliance with designated form codes and will no longer accept customer self-editing. The selection of industry scope will be subject to controls.
2.Hong Kong company documentation will merge the CI Number, eliminating the registration number, and the Business Registration Certificate number will serve as the sole business identifier for companies. … Read More

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What is an Industry Scheme? Enhancing Employer Convenience and Reducing Burden

What is an Industry Scheme?The industry scheme is a Mandatory Provident Fund (MPF) plan designed for temporary employees in the construction and catering industries. It aims to ensure that these short-term workers, even if employed for just a day, are required by their employers to participate in the Mandatory Provident Fund Scheme and make contributions. … Read More

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Why Is Your Bank Account Frozen? Check If It’s Due to These Factors

When a bank account gets frozen, it can cause panic or inconvenience, especially when you need to withdraw or conduct transactions. However, banks don’t freeze accounts lightly; it’s often done to regulate and safeguard the flow of funds. Bank accounts are crucial for individuals and businesses, serving as the core of financial operations. Let’s delve into the reasons causing a bank account to freeze, helping you better understand this issue. … Read More

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Requirements for Registered Office Address in Hong Kong and Procedure for Changing registered office address

In Hong Kong, the registered office address is a vital step in the company registration process. The registered office address not only serves as the company’s operational location but also significantly impacts its business operations. … Read More

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Why is Auditing Essential for Companies in Hong Kong? The Significance of Auditing

Auditing is a highly crucial practice, especially for limited companies. It plays an indispensable role in enhancing financial planning, strengthening internal management, optimizing taxation, and elevating a company’s brand image. It is a pivotal aspect for the overall development of a company. … Read More

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How to Transfer Shares? What Documents Are Needed for Share Transfer, and What Should You Be Aware Of?

In Hong Kong, share transfers are common commercial transactions that can occur for various reasons, such as transferring a company’s business, changing the ownership structure, shareholder exits, or introducing new shareholders. This article aims to provide detailed information on share transfers, including important considerations, required documents, and the specific process to ensure a smooth share transfer. … Read More

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Amending Articles of Association: How to Modify Your Company’s Articles of Association?

As businesses grow and change, there may be a need to amend these articles to accommodate new requirements. This article will outline how to modify the articles of association in accordance with the Hong Kong Companies Ordinance, along with important considerations. … Read More

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What Is a Dormant Company? How to Make a Company Dormant, and What Are the Benefits?

In simple terms, a dormant company is a company that has not engaged in any accounting transactions during a financial year and has no outstanding debts. In such a situation, a company can apply to become dormant with the consent of all members, thus retaining the company at minimal costs. … Read More

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Moved? Don’t Forget to Update Your Address to Avoid Tax Issues!

Moving can keep you busy for a while, but when you have some free time, don’t forget to update your mailing address, especially when it comes to taxes. … Read More

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Changing Directors in a Limited Company: How to Change Directors in a Hong Kong Limited Company and What to Do When a Director Resigns?

Operating a limited company, changes in directors are common. Whether you are the company owner or a director, it’s important to understand the procedures and processes involved in changing directors in a limited company to ensure the company continues to operate legally. … Read More

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Do Limited Companies Need an Audit for Zero Tax Return? Is Audit Required for Zero Tax Return?

Every tax season, many business owners inquire whether their company can file a “zero tax return” without the need for an audit if the company hasn’t conducted any business activities during the fiscal year. In this article, we will provide updated insights into the concept of a “zero tax return.” … Read More

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[Annual Expenses for Limited Companies] What are the Annual Costs for Establishing a Limited Company in Hong Kong?

In Hong Kong, many aspiring entrepreneurs have questions about the annual fees associated with maintaining a limited company. This article aims to provide a breakdown of the annual expenses associated with operating a limited company in Hong Kong, helping individuals plan their budgets effectively. … Read More

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What Is a Company Green Box? What’s Inside the Company Green Box?

In Hong Kong, corporate service providers often provide their clients with such green box sets. This green box is, in fact, a green document box that contains a series of legal documents and seals necessary for the establishment and operation of a company. It is created upon the registration of your company and plays a crucial role in ensuring the lawful operation of your company. … Read More

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Opening a Corporate Bank Account: Is it Difficult? How to Proceed?

For those who are just starting out and considering entrepreneurship, opening a company bank account can indeed pose as the first major challenge you encounter. … Read More

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【Incorporation Process of Limited Companies】 How to Register a Limited Company? Is the Process Complex?

In Hong Kong, the process of incorporating a limited company is relatively more complex compared to an unlimited company. … Read More

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What Are the Main Duties of a Company Secretary? Why is a Legal Secretary Necessary for Company Incorporation?

For new entrepreneurs, having limited understanding of limited companies is quite common. … Read More

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The Difference Between Limited Company and Unlimited Company – How to Decide Which One to Start? A Video and Table Guide for Analysis!

A Limited company refers to a company with Limited liability, which means that, in general, the company’s debts are primarily borne by the company itself, and the personal assets of shareholders are protected in most cases unless shareholders have signed specific guarantees. … Read More

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When does a limited company need to file a tax return? What is the process of filing a tax return?

Many entrepreneurs who have just opened a company do not know much about the time and process of filing tax returns for Hong Kong Limited companies. This topic will shares with you the basic knowledge and concept of filing tax returns for Hong Kong companies! … Read More

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【Change of Inland Revenue Department’s address】Relocation of the Inland Revenue Department to the Inland Revenue Centre, Kai Tak,Kowloon.

Starting from 15 May 2023, all Inland Revenue Department (IRD) offices will be relocated to the Inland Revenue Centre at 5 Concorde Road, Kai Tak, Kowloon. … Read More

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What is Auditing? What is the difference between auditing and accounting? What documents do I need to provide for auditing?

What is Auditing? What is the difference between auditing and accounting? What documents do I need to provide for auditing? … Read More

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What is Provisional Tax? How is Provisional Tax calculated?

What is Provisional Tax? How is Provisional Tax calculated? … Read More

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2 videos to show you how much profits tax and salaries tax will be reduced and child allowance will be increased in 23-24 Budget by the HK Government !

The 2023-24 Budget has been released and compares unfavourably with previous years. In particular, The Financial Secretary proposed a one-off reduction of profits tax, salaries tax and tax under personal assessment for the year of assessment 2022/23 by 100%, subject to a ceiling of $6,000 per case. … Read More

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