Major Government Reports - Hong Kong Corporation
Company Annual Report (Annual Return) | Business Registration Certificate Renewal (Business Registration) | Corporate Income Tax Report (Profit Tax Return) | Report of Employee Registration (Employer’s Return) | |
When | Within 42 days from the Anniversary date of every year | Every year start from incorporation date | 1st -Within 18 months after incorporation date Reported annually after the financial year ended | From 1st day of April every year Return report within 1 month |
Government Charges / Income tax rate | •Within 42 days-HKD 105 •42 days-3 months-HKD 870 •3-6 months-HKD 1,740 •6~9 months-HKD 2,610 •After 9 months-HKD 3,480 | •HKD250 (subject to Government) •HKD 300 for late penalty | •Initial HKD 2 million – 8.25%, and 16.5% for remaining •Offshore company possible to apply for a corporate tax exemption and a fee for applying for a corporate tax exemption for accounting firms | No government tax |
Documents required | Form NAR1 | Business Registration | Financial statements and supporting documents for the year CPA Audit Report | B.I.R 56A / I.R.56B |
Corresponding institution | Companies Registry (CR) | Inland Revenue Department (IRD) | Inland Revenue Department (IRD) | Inland Revenue Department (IRD) |
Notice | •Penalties for not reporting on time •Subsequent summons to court for further reporting •Fines up to HKD 50,000 | •Penalties for not reporting on time •Subsequent summons to court for further reporting | •If not reported within the deadline, an additional tax •Subsequent summons to court for further reporting •Subsequent court summons and bank assets freeze | •Penalties for not reporting on time •Subsequent summons to court for further reporting •Fines up to HKD 10,000 |
Significant Controllers Register (SCR)
New Updated on 1 March 2018 from Companies (Amendment) Ordinance
-Required Hong Kong companies to keep a SCR for inspection by law enforcement officers upon demand
Obligation of the company
-Identifying significant controllers
-Allowing inspection by law enforcement officer
-Giving notices to significant controller & others
-Updating information in the register
-Entering particulars in the register
Nature of Significant Controller
a)The person holds, directly or indirectly, more than 25% of the issued shares in the company or, if the company does not have a share capital, the person holds, directly or indirectly, a right to share in more than 25% of the capital or profits of the company.
b)The person holds, directly or indirectly, more than 25% of the voting rights of the company.
c)The person holds, directly or indirectly, the right to appoint or remove a majority of the board of directors of the company;
d)The person has the right to exercise, or actually exercises, significant influence or control over the company.
e)The person has the right to exercise, or actually exercises, significant influence or control over the activities
of a trust or a firm that is not a legal person, but whose trustees or members satisfy any of the first four conditions in relation to the company.
Content of SCR
-Must keep its in English or Chinese language
-The required particular, date of becoming a significant controller and nature of control over the company of every significant controller of the company
- Individual: Correspondence address, identify document number
- Corporate: legal form, registration number, place of incorporation and address of registered office
-The particular of any registrable change with respect to each significant controller of the company
-The name and contact details of at least one designated representative to provide assistance relating to
the company’s SCR to a law enforcement officer
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