Annual renewal of our Clients’ companies in 2024

The information below aims to detail the purpose of the company annual renewal process, and the way Healy Consultants Group project manages it.

• Why do I do an annual company renewal?

  In all countries, Governments require businesses to complete annual accounting and tax filing obligations. These commonly include:

  1. An annual general meeting (AGM), during which the directors report to the shareholders the financial results of the business and supply annual financial statements.
  2. Timely filing of annual financial statements and the corporation tax return to the government.
  3. Settling the annual government fees due to renew and maintain the registration of the business with the local registrar.
  4. The company secretary must update the government registrar regarding any change of corporate structure. In many jurisdictions, for example in Singapore, Australia or Hong Kong, this information is available online for public viewing.

  If required, Healy Consultants Group can secure a legal waiver for some of the above obligations. For example, most smaller businesses whose business owners are also a directors choose to waive the AGM requirement;

  Failure to timely complete the above results in government penalties including i) late filing fees and ii) tax penalties. In most serious cases, not completing annual accounting and tax filing obligations for a business can lead to i) directors’ disqualification ii) criminal prosecution iii) travel bans and iv) de-registration of the entity.

Video

What are the steps to do business renewal for a company in various jurisdictions?

• What is involved?

  • Payment of annual government business licence fees.
  • Submission of a legal annual return;
  • Preparation and filing of annual financial statements along with an audit report (in cases where this is a statutory requirement).
  • Submission and filing of a corporation tax return.
  • Payment of personal and corporate taxes;
  • Extracting and analysing bank statements and supporting documents for transactions (e g invoices and receipts).
  • Renewal of the appointments of i) a company secretary ii) directors and iii) designation of a registered office.

• How does Healy Consultants Group help?

  1. Minimising inconvenience to our Clients.
  2. Timely paying government license fees.
  3. Timely submitting the legal annual return.
  4. Timely preparing annual financial statements from the trial balance received from our Clients.
  5. Securing an exemption from independent statutory audit.
  6. Timely submitting the legal annual return.
  7. Legally minimising international tax.
  8. Timely submitting tax returns.
  9. Skilfully negotiating with government departments.
  10. Helping with monthly book-keeping.
  11. Renewing special regulatory licences.
  12. Assisting our Clients to settle their personal and corporate taxes.
  13. Appointing a company secretary who is resident in the country and supplying a local registered office address and, if required, a virtual office.
  14. Securing an extension for tax filing to avoid any legal and litigation risks such as i) late filing penalties and ii) court summons.

• If our Client fails to timely complete the above

  1. The reputation of our Client and Healy Consultants Group are damaged.
  2. It is a criminal offence, resulting in fines or imprisonment.
  3. It is a breach of Healy Consultants Group’s engagement letter.
  4. Our Client cannot act as a director or shareholder in that country again.
  5. Healy Consultants Group must report the matter to the government.
  6. The company corporate bank account is closed by the bank.
  7. The government strikes the company off.
  8. Healy Consultants Group appoints a debt collector to secure outstanding fees.

• Conclusion

  I would be grateful if you co-operate with Healy Consultants Group; to timely discharge your annual legal, accounting and tax obligations. Thank you.