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Hong Kong Audit

shizui04421

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Jan 27, 2023
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I own a marketplace but i would like to sell in my own marketplace too, but i am afraid that if i sell in my own marketplace since my profits are taking from a % of the sales, if i would sell in my own marketplace in some seller accounts i would take the 100% and the final audit wouldnt match the % i take.
 
You will need to explain your auditors the scope of your business and how you make money. They can reflect that your revenue will constitute only of the real take rate you have, however you do need to have a proper customer agreements and payment flows. Ideally you can use a ready-to-go solutions for marketplaces (Paypal has one, Adyen etc - they safeguard all the payments and release payouts when the deal is complete), however there are not so many available for HK.
 
You will need to explain your auditors the scope of your business and how you make money. They can reflect that your revenue will constitute only of the real take rate you have, however you do need to have a proper customer agreements and payment flows. Ideally you can use a ready-to-go solutions for marketplaces (Paypal has one, Adyen etc - they safeguard all the payments and release payouts when the deal is complete), however there are not so many available for HK.
i will use airwallex, send money to my bank and then send the money to the vendors

You will need to explain your auditors the scope of your business and how you make money. They can reflect that your revenue will constitute only of the real take rate you have, however you do need to have a proper customer agreements and payment flows. Ideally you can use a ready-to-go solutions for marketplaces (Paypal has one, Adyen etc - they safeguard all the payments and release payouts when the deal is complete), however there are not so many available for HK.
so i cannot sell on my own marketplace because after when they will ask me why did you take 100% from those vendor i will not be able to explain
 
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Just keep the paperwork clean - like put clearly what you are selling in the invoice. You can either be an agent for a buyer and charge the buyer for your services or be an agent for a seller (it's sometimes better - you don't need to show you take rate to the buyer).
Also look for a professional advice - there might be some caveats when working in heavily regulated markets like US or EU.
 
Just keep the paperwork clean - like put clearly what you are selling in the invoice. You can either be an agent for a buyer and charge the buyer for your services or be an agent for a seller (it's sometimes better - you don't need to show you take rate to the buyer).
Also look for a professional advice - there might be some caveats when working in heavily regulated markets like US or EU.
so i can just simply save all the payments i received and the ones i sent out and then the difference is my profits
 

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