Accounting – Case study
Read an explanation of how to gain offshore status for Hong Kong Limited company. We demonstrate the offshore principles on a Hong Kong Limited company which was registered on the 11th of October 2013.
– All sales invoices/ consulting service invoices;
– All purchases invoice/ subcontractor’s invoices;
– All expense receipts;
– All bank statements;
– General ledger and management account (i.e. Trial Balance, Balance Sheet and Income Statement). If for any reason you cannot provide the general ledger and management account, you may find useful to use our bookkeeping services to handle it for you.
If the business has not been commenced, you may report a “Nil” profits tax return (“PTR”) to Inland Revenue Department (“IRD”), Hong Kong Tax Authority, with a declaration that the business has not been commenced yet signed by the company director or company secretary of the company. However, please note that you are still required to perform first audit in accordance to the Hong Kong Companies Ordinance.
We hope the explanation above gives you a clear picture of HK audit and taxation system.