5 Essential Elements For business registration HK

5 Essential Elements For business registration HK

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However our concentration has been on the files necessary for compliant business registration, don’t neglect that you would possibly need to have further business licenses, permits, certificates, or approvals to run your business in Hong Kong.

Companies which are required to comply (“reporting organizations”) have to file their First studies by the next deadlines:

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After you have received your BRN from the Business Registration Business office, verifying it for various reasons may well turn out to be needed. The verification system may be carried out on line using the eTAX support presented over the Hong Kong authorities Internet site.

Punishments aren't by any implies, the only hazards that accompany resistance. Your business will probably imagine that It truly is not easy to report assessment sorts, which could even indicate a more about challenge with IRD.

Additionally, With all the implementation from the Producing Tax Digital regulations in 2023, it really is more important you preserve precise digital records of your respective transactions. You should be able to comply with the legislation if you have our support.

Like a tax identification range, the BRN is utilised for submitting different tax types and for conducting tax audits by scrutinising a business’s fiscal data.

Usually, statutory accounts include a stability sheet, a income and loss account, along with notes pertaining for the accounts. A stability sheet suggests every little thing that the business owes, is owed, and owns. A earnings and decline account suggests the functioning charges, gross sales, and any earnings or reduction obtained by your business in excess of a certain financial period of time.

Failure to file business accounts on time can result in unwelcome late submitting penalties. Late filing penalties were being released to stimulate directors to file their accounts and experiences by the due date as this data is required for the general public report.

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You should apply for a business registration certificate in 30 days of initiating functions in Hong Kong, regardless of your business mother nature.