Reporting Requirements of a Limited Company
There are three reporting requirements for a Hong Kong limited company :
An annual return for reporting the details of directors, shareholders, registered address, etc. is required to be submitted to the Companies Registry within 42 days from the anniversary date of incorporation every year. This return is not for reporting financial statement nor taxes, and is usually prepared by a company secretary.
A company secretary is required to do the following
- preparing minutes of a board meeting convening an annual general meeting;
- preparing a notice of an annual general meeting;
- preparing minutes of an annual general meeting;
- preparing an annual return and submitting the same to the Companies Registry: and
- ensuring that the requirements of the Companies Ordinance are properly complied with based on the information provided by the directors.
The company secretary (charges for provision of company secretary) must be a Hong Kong resident or company and we can provide this service.
The Inland Revenue Department will issue an employer's return (more information on Employer's Return) to a company for reporting salaries paid to staff subject to HK taxes in April every year. The return is required to be completed and filed to the Department within one month from the date of issue whether there are such salaries paid or not.
Profits Tax Return
A Hong Kong company is required to submit a Profits Tax Return (detailed information on Profits Tax) Return and audited accounts to the Inland Revenue Department every year. Its first financial year end date can be fixed at any date within 18 months from the date of incorporation and the same financial year end date needs to be followed in subsequent years. The first profits tax return normally will be issued at 18 months from the incorporation date and then subsequent profits tax returns will be issued in April every year. The commonly used year end dates in Hong Kong are 31 March and 31 December. The deadline for submitting a profits tax return depends on the year end date chosen, but in general a company is allowed for several months to prepare its return and audited accounts after its financial year end date.