Renewal of Hong Kong company

[FilipinoLawyer]

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).

 

[intlman]

Have you been actively using the company in that time?

There are so many accountants in Hong Kong that you'll easily be able to find a service for your needs and budget. And yes, you do need to keep accurate records.

 

[FilipinoLawyer]

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)?

 

[daniels27]

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.

 

[FilipinoLawyer]

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
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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?

 

[intlman]

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.

 

[FilipinoLawyer]

So I still have time, I just started processing payments last April. I appreciate it. thanks

 

[daniels27]

FilipinoLawyer said:
So I still have time, I just started processing payments last April. I appreciate it. thanks
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When have you incorporated the company?

 

[FilipinoLawyer]

March 2025.

 

[daniels27]

What? You have not yet incorporated? If you mean March 2024, your financial year cannot be more than 18 months. So yes, you still have plenty of time.

 

[FilipinoLawyer]

I am sorry for the confusion. I just incorporated last march 2024. Sorry for the mistake

 

[daniels27]

FilipinoLawyer said:
I am sorry for the confusion. I just incorporated last march 2024. Sorry for the mistake
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If you chose a fiscal year of 18 months, your annual accounts will be due 2 May 2026
https://www.gov.hk/en/residents/taxes/taxfiling/filing/types/profitstax.htm

 

[turmpy]

Can I renew my HK company with some other service which not registered the company?

 

[daniels27]

turmpy said:
Can I renew my HK company with some other service which not registered the company?
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Yes, you can. You can even do yourself.

 

[turmpy]

daniels27 said:
Yes, you can. You can even do yourself.
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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?

 

[Legal]

Does anyone has a suggestion of any CPA in HK? (Cost effective and professional)

 

[daniels27]

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?

 

[pesto]

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.

 

[brianK]

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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Winners never quit and quitters never win....

 

[daniels27]

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.