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Renewal of Hong Kong company

FilipinoLawyer

FilipinoLawyer

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Jul 26, 2019
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#1
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I set up a Hong Kong company last March 2024 thru BBCincorp. I tried to ask what are their requirements should I decide to renew next year. They offered their accounting and bookkeeping services
I want to know if there are options for me to be able to renew my company in HK without having to avail of their bookkeeping and accounting services?
Below is their offer:
For your information, normally the IRD will issue the 1st Profits Tax Return (PTR) to Hong Kong companies 18 months after the incorporation date. Then PTR submission must be completed within 3 months from the date of notice.

Therefore, beside our yearly accounting package as previous email, we would like to introduce our Bookkeeping package herewith to complete them soon, including:
  • Issuing invoices/receipts to your customers.
  • Recording your company's transactions (bank, sales, purchase, PPEs, other expenses,...).
  • Sending monthly Management accounts for the Director's review.
  • Systematic organizing & storage of the company's economic documents.
This 12-month package costs USD 1,440 for your reference(for a company with around 10 transactions per month).
 
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#3
Thank you for this. I understand that I need to keep accurate records. I use Airwallex and Stripe. I use both for invoicing my clients. But they are not integrated to Xero. It seems BBCIncorp prefers they are integrated to Xero. I dont like Xero. its hard to understand. Can I just use the current reporting generated by these gateways (Stripe and Airwallex)?
 
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#4
FilipinoLawyer said:
Thank you for this. I understand that I need to keep accurate records. I use Airwallex and Stripe. I use both for invoicing my clients. But they are not integrated to Xero. It seems BBCIncorp prefers they are integrated to Xero. I dont like Xero. its hard to understand. Can I just use the current reporting generated by these gateways (Stripe and Airwallex)?
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There are separate processes. You will need to:
  • Renew the business licence after one year. You can use BBCI or whoever you used to incorporate.
  • Maintain good accounting
  • Get the accounting audited
The reports of Stripe certainly won't do as you need to have proper bookkeeping. Fees for accounting and audit vary depending on the amount of transactions and turnover. If you have not done bookkeeping, I would recommend to look for somebody that can do it in Hong Kong.
 
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#5
daniels27 said:
There are separate processes. You will need to:
  • Renew the business licence after one year. You can use BBCI or whoever you used to incorporate.
  • Maintain good accounting
  • Get the accounting audited
The reports of Stripe certainly won't do as you need to have proper bookkeeping. Fees for accounting and audit vary depending on the amount of transactions and turnover. If you have not done bookkeeping, I would recommend to look for somebody that can do it in Hong Kon
Click to expand...

Is there a timeline for me to start to get someone to do the bookkeeping or I can do it anytime / several months before I start the process of renewal?
 
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#6
FilipinoLawyer said:
Is there a timeline for me to start to get someone to do the bookkeeping or I can do it anytime / several months before I start the process of renewal?
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That's up to you, but I prefer to have my bookkeeping performed every month. Then it makes things a lot easier when it comes time to preparing the filing/audit for IRD.
 
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#17
turmpy said:
how complicated if you don't speak chinese is the process of renewing the company ?

and where do you do it, have a link for authority?
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Hong Kong is bilingual English and Chinese. If you cannot speak English, you can use one of the many translator apps.

https://www.ird.gov.hk/eng/tax/bre_rbr.htm
Not sure when your renewal is due. Most likely the documents were sent there.

Please note that you need a company secretary in Hong Kong and an address. I personally always use cheapincorp.com and can recommend them.

Where are you based?
 
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#18
FilipinoLawyer said:
I am sorry for the confusion. I just incorporated last march 2024. Sorry for the mistake
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You want to find one of the hundreds of accounting services in HK that will be able to help you with maintaining your company. Best is if you can get your transactions from your EMI out in CSV to transfer them directly into an accounting system.
 
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#20
brianK said:
What agent are you using to maintain your company in Hong Kong? In the past NEAT was discussed at OCT a lot.
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www.cheapincorp.com by far the best in HK.
 
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