Company renewal steps in 2024

• Healy Consultants Group will send a renewal reminder to our Clients together with the renewal invoice and bank account details;
• Acknowledge Client’s fund transfer and send an email with a paid invoice and re-engagement letter and engagement details;
• Immediately Healy Consultants Group will pay the Government renewal fee;

Independent statutory annual audit

• As per the Hong Kong Companies Ordinance, all incorporated companies in Hong Kong are required to have an annual audit of their financial statements performed by a Hong Kong practicing Certified Public Accounts (CPA);
• Healy Consultants Group will assist you on preparing the audited financial statement compliance with all the regulations and requirement in Hong Kong;
• As per the new Hong Kong Companies Ordinance, all incorporated companies in Hong Kong are required to have an annual audit of their financial statements performed by a Hong Kong practising Certified Public Accounts (CPA), except dormant companies (section 447). A dormant company is a legal term referring to a Hong Kong limited company that conducts “no significant accounting transactions” throughout a given timeframe. In simple terms, a dormant company in Hong Kong is approved, legally by law and mutually by its members, to cease activity for a temporary period.

Fees

• Healy Consultants Group fees as follows;

  Type of Entity	Fees (US$)
  Active Company	4,950
  Dormant Company	950

Accounting and Tax Considerations

• Hong Kong requires that all businesses file an annual tax return on their profits with the HK Inland Revenue and undergo an annual accounts audit performed by an independent CPA;
• Profits tax is payable by every company carrying on a trade, profession or business in Hong Kong on profits arising in or derived from Hong Kong from that trade, profession or business. Profits which have a foreign source (often termed “offshore profits”) are thus generally beyond the territorial scope of Hong Kong’s taxation system, including those derived by locally incorporated companies;
• Even when no tax return has been issued, however, the company has an obligation to notify the tax authority if assessable profits have arisen;

Legal and Compliance

• Apart from in certain narrow sectors (for example, broadcasting), 100% foreign ownership of a company is generally permitted, and there is no requirement as regards the nationality (or place of incorporation for corporations) of the shareholder;
• There are no restrictions on foreign shareholders (for example, there is no requirement that a shareholder be resident in Hong Kong) except in certain narrow circumstances;
• Hong Kong gives effect to various United Nations sanctions. Dealings with the following countries / organizations are subject to regulations issued under the United Nations Sanctions Ordinance;