Hong Kongs Profit Accounting: A Reliable Accounting Firm for Offshore Companies

[Spinat]

The rising popularity of offshore companies has indicated the need for reliable accounting firms. Finding someone who could provide quick and reliable work in that particular field, however, can be tough. With the rather complex rules and regulations implemented in starting an offshore company, you will need experts in this field. Luckily, Profit Accounting is a very reliable accounting firm.

Profit Accounting is a Certified Public Accountants (CPA) firm registered to both the HKICPA (Hong Kong Institute of Certified Public Accountants) and the ICAEW (Institute of Chartered Accountants in England & Wales). They aim to provide professional services to beginners, and veterans alike, in starting up an offshore company. They handle small and medium sized enterprises with the mission of providing dependable work.

They provide various services that cover the needs of a new offshore company. These services include the following:

• Hong Kong Company Registry and Formation
• Hong Kong Company Registration
• Shelf Company Set Up
• BVI (British Virgin Islands) Company Registry
• Offshore Company Registry for places including, but not limited to:
o Seychelles
o Samoa
o Anguilla
o Cayman Islands
• Booking
• Accounting
o Auditing
o Taxation Services

Profit Accounting is aiming to provide all of these services to their clients in a quick, reliable and consistent manner. They never resort to cutting corners; their goal is to maintain their company’s integrity and credibility.

Throughout the years, they have maintained their great work and have garnered the recognition of the Accounting world. They have won numerous awards throughout their tenure proving their credibility.

They provide these quality services in a very affordable price range. They aim to help their client’s business not cripple it with high accounting fees. They always put their client’s business’ well-being above everything else.

Profit Accounting is a great accounting firm to get a hold of if you are looking into putting up an offshore company. Good quality service which you can trust is a bit hard to come by these days. Profit Accounting has established their reliability in the accounting world and its time you took notice.

Hong Kong Company Registration, BVI Company Formation, HK Company Set up, Hong Kong Company Formation, Hong Kong Company Registry, BVI Company Registry_PROFIT ACCOUNTING

 

[Jack Dui]

I don't know the reason but many people don't prefer oppening a offshore company in HK.
But good thing is Profit Accounting , HK, also offer setting up offshore company in other countries as well.

 

[Sam anderson]

The main problem with me is that I cannot understand Chinese.. But I'm interested in opening an account so have to consult with a local Chinese who is bilingual

 

[busdriver]

@sam-anderson : Chinese is not the issue in HK. It's all English.

But the issue with HK is, that they have no dedicated offshore company (like IBC). It's just a limited. Any LTD has to file taxes and pay them. ONLY if a company applies for exempts it can have tax-free income from overseas. BUT getting the exemption is "a pain in the a*s" and can make a lot of work.
HK requires auditing buy a accountant if tax will be paid on all profit. But as soon as a company wants any exemption the tax authorities will check it and will make live difficult.
That's why HK is not a real offshore jurisdiction. No set up agent will tell you that of course

 

[allan]

But the issue with HK is, that they have no dedicated offshore company (like IBC). It's just a limited. Any LTD has to file taxes and pay them. ONLY if a company applies for exempts it can have tax-free income from overseas. BUT getting the exemption is "a pain in the a*s" and can make a lot of work.

Thank you for this information. I'm reading lots and lots about HK Company formation at the moment because I consider this country to be good for my NeXT business venture which is Internet biz.

 

[busdriver]

HK is generally a good location, I'd say. But it might not cover all one can wish for.
And it's not the cheapest. BUt also not the most expensive one.

 

[allan]

Okay clear seems it is better to find an alternative jurisdiction unless I want to enter the Chinese markets.

 

[JohnLocke]

A Hong Kong company can be great if you want to enter the Chinese marked! However I highly recommend you to find an agent that you can trust to help you get established there with company and banking. You may also note that you will have to travel to Hong Kong in order to open any bank account there!

 

[busdriver]

Hi Allan,
It really changed. Opening a LTD is still easy. But getting a HK bank account for it became difficult and time consuming. I don't want to say I know it 100% for sure, but it seems having a director with HK ID would be a requirement in order to get a bank account. Maybe a nominee director would work, if you find one. Also taking over the director position from a HK ID holder seems to be working.
But I can not say there is a straight quick way as it was in the past.
A different jurisdiction might be a better choice now.
Do you need a PayPal account? This makes it even more difficult...

 

[myhand]

Profit Accounting is a Certified Public Accountants (CPA) firm registered to both the HKICPA (Hong Kong Institute of Certified Public Accountants) and the ICAEW (Institute of Chartered Accountants in England & Wales).

This seems to be the right consultant for people in the UK that want to open a HK company!

 

[myhand]

It really changed. Opening a LTD is still easy. But getting a HK bank account for it became difficult and time consuming. I don't want to say I know it 100% for sure, but it seems having a director with HK ID would be a requirement in order to get a bank account. Maybe a nominee director would work, if you find one. Also taking over the director position from a HK ID holder seems to be working.

Did your setup still work for you in HK? I was just wondering if it makes sense to find people that may sell hong kong companies that already have opened accounts and if so if it will work long term or if they will close the account at the bank if they find out what just happened.

 

[busdriver]

My HK sources say (and it has been my personal experience some time ago too) that a HK bank would most likely not close a bank account because of a change of director(s).
But finding a service or local who would create a HK Ltd with bank seems not to be a easy. In fact HK ID holders (usually HK citizens) are very afraid to do that. But I did not look very much for it, just asked a few providers I know from the past.

 

[negon]

Thanks for your post @busdriver so that may be a business opportunity for us. Finding people willing to register HK corps and open accounts there just to sell once established. This must be something that already exists?!

 

[busdriver]

yes, that would now be a business. Before one could also purchase an existing LTD in HK but without bank account.
But I'd think a different jurisdiction might be a better option.
Bank just don't want to make risky business. So they might start weeding out those entities.

 

[negon]

Yeah you are properly right. Just thought about it since many are looking for a HK corp. it seems,

 

[busdriver]

Well, they can have a HK LTD, that's easy. I am not sure, but I think a HK LTD would be a good partner for a S(cottish) LP, because documents would be in English.

 

[myhand]

S(cottish) LP, because documents would be in English

You know of a good agent for registering a scottish LLP ? someone you have tried maybe?

 

[busdriver]

no, sorry.

 

[negon]

You know of a good agent for registering a scottish LLP ? someone you have tried maybe?

Follow this thread http://www.offshorecorptalk.com/threads/scottish-llp-need-more-information-and-fees-please.19456 it seems to develop into something useful

 

[Rod1]

Profitaccounting.hk is very good. Very responsive, very professional. I have used them. Their English is good.