We are group of accountants with CPA qualification, tax consultants, Chartered Secretary, business consultants.  Our group provides the comprehensive services of Company Formation, Accounting, Financial Strategy, Tax Planning, Tax Filing, Full Corporate Services, Provision of Registered Office, Virtual Office, Trade Service (includes LC submission, CO application, Shipment etc.), Management Service, Human Resources & Administration (includes payroll, recruitment etc.).

Q&A

What are the basic requirement of company formation?
  • At least ONE shareholder
  • At least ONE director
  • At least ONE company secretary
  • The registered office must be situated in Hong Kong.
  • The shareholder can be an individual of any nationality or a corporation of any jurisdiction, With effective from 3 March 2014, the director must be a natural person if the company has only one director. The shareholder and director can be the same person or corporation. The company secretary must be a Hong Kong resident or a local Hong Kong company.
What are the costs involved for initial set up, 1st year maintenance fees and 2nd year ongoing fees?
Our initial set up will include the 1st year maintenance fee:
  • Certificate of incorporation (one off)
  • Business Registration Certificate (1st year)
  • Company Kit (company chop, minute book, common seal, share certificate, article of association etc—one off)
  • Provision of company secretary (1st year)
  • Provision of registered or virtual office (1st year)
  • Bank account opening (option—one off)
The 2nd year maintenance will include:
  1. Provision of Company Secretary
  2. Provision of registered or virtual office
  3. Government fee (Business Registration Certificate and annual return filing fee)
  4. Accounting fee (if any)
  5. Audit fee (if any)
  6. Employer’s Return (if any)
What are work flow of accounting, auditing and submission of profits tax return?
The work flow of Accounting, Auditing and Submission of Profits Tax Return

When the company is well incorporated -company formation and post incorporation, then the company is able to conduct any business activities through the Hong Kong Company.  All the trading activities within the Company will be recorded by a systematic ways – Accounting. The accounting records with the Financial Statements will be audited by an independent auditor – Auditing. The auditor will prepare and submit the auditors’ report, tax computation, audited financial statements together with the supporting schedules to Inland Revenue Department – Submission of Profits Tax Return.

 

What are the annual statutory requirement of a Hong Kong Limited Company?
Annual Statutory Requirement

In accordance to Companies Ordinance and Inland Revenue Ordinance, every limited company will require to submit the following Returns to Companies Registry and Inland Revenue Department every year.  The director and/or Principal Officer are responsible to submit the said Returns on time.

Annual Return

Every company must make an annual return which should be filed with the Registrar of Companies once every year.

The information in this return should be made up to the anniversary of the date of incorporation.

The contents of the Return will include the particulars of each shareholder, director, company secretary of the Company.  The share structure of the Company, the location of the Registered Office etc.  All the information will be published at the Companies Registry and open to public for company searching.

Employer’s Return of Remuneration and Pensions

The Inland Revenue Department will request the Company to submit the employer’s return every year.

The director or the principal officer of the Company must complete the form even though the company has not employed any staff since incorporation

The contents of the Return will include the number of staff to be employed, the particulars of each staff and the total remuneration of each staff during the said period.  Based on those information, the Inland Revenue Department will access the tax liabilities of the local staff.

Profits Tax Return

In general, the 1st profits tax return will be issued to the Company on the 18th month since incorporation. The Inland Revenue Department will allow the Company to submit the 1st profits tax return within 3 months from date of issue.

In general. the ongoing profits tax return will be issued on 1st April every year.

A certified copy of the balance sheet, auditor’s report, profits and loss account, tax computation with supporting schedules showing how the amount of Assessable Profits (or Adjusted Loss) has been arrived at to be submitted to Inland Revenue Department on time.

The fiscal year ended of the Hong Kong Government is from 1st April to 31st March of the following year.  However the fiscal year ended of the Company will depend on the client.  We will adjust the date of submission of profits tax return based on the actual fiscal year ended of the Hong Kong Government.

What are the function and definition of a registered office and virtual office?

The function and definition of a Registered Office and a Virtual Office

Registered Office

It is a legal requirement of a limited Hong Kong Company.  Its function is to receive the incoming letters and notices from all government departments.

Virtual Office (includes package A, B, C)

Besides the function of a registered office, the function of virtual office are:

Package A (for local resident, not suitable for overseas clients)

  1. License to use our address for business registration and other government-related usage.
  2. License to use our address for public communication, e.g. name card, letterhead. (without telephone and fax number line)
  3. Mail handling including parcels with immediate notification.

Package B

Include item (1) to (3)

  1. Mail re-direct service periodically (courier charge at clients’ account)
  2. Share our fax number and telephone
  3. Message taking
  4. Fax re-direct to client’s destination. (in PDF format)

Package C

Include item (1) to (7)

  1. Dedicated telephone line
  1. Dedicated fax line
  1. Answering service
What is company secretary?

It is a legal requirement of every limited Hong Kong Company.  The company secretary is responsible to prepare the statutory documents and filed at Hong Kong Companies Registry on time. The company secretary must be a local resident or a local Hong Kong company.

Company Secretary (Package A,B,C)

Duty

Package A (basic)

  1. Acting as company secretary in comply with Companies Ordinance
  2. Filing the annual return
  3. Up-dated the lists of member, director, company secretary and share transfer

Package B (daily operation)

Include item (1) to (3)

  1. Appointment and Resignation of director,
  2. Change of Registered Office
  3. Change of Particulars of director
  4. Return of Allotment
  5. Annual General Meeting

Package C (professional)

Include item (1) to (8)

  1. Change of company name
  2. Share Transfer
  3. Share re-structure
  4. Increase of share capital
What are trade service?

Our business consultants will  assist our clients to prepare and submit the Letter of Credit, Bill of Exchange to the bank. We further provide the services of CO application, Free Sales Certificate, apply the Certificate of Origin etc.

How can we assist our SME clients to start business in Hong Kong?
Our group can provide the variety of services to meet the requirement of our clients:
  • Management Service – Recruitment & HR Services—Accounting and Payroll for our overseas clients
  • Tax Planning—Professional advices on company structure—tax saving
  • Trade mark Registration— Hong Kong, China, EU, USA etc
  • Notarization and Apostil—to be provided by our associated legal partners.

In short, our SME clients need not worry about all the administrate works, accounting, tax filing, statutory audit since our group can provide ONE Stop comprehensive services to  our clients.  Our clients only need to focus their core business, we handle the rest of works.

Enquiry Form

Email: info@magroup.com.hk
Telephone no.+852 2341 0168

Please tick the services the you required

 Hong Kong Company Formation Offshore Company Formation Accounting Service Tax Filling & Tax Planning Registered Office Virtual Office Payroll & Management Service Trade Service

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