IMPORTANT HIGHLIGHTS OF RULES & REGULATIONS

 

Maximum penalty for not keeping proper books & records HK$100,000

 

All accounting records must be retained for seven years from the transaction date

 

Auditor’s Report express whether financial accounts gives a TRUE & FAIR View

 

Qualified Audited Accounts means uncertainty or unable to express a clear opinion on a certain area of the financial report

 

Year end of company can be any date chosen by management, except first accounting year cannot more than 18 months from day of incorporation.

 

Tax returns should be filed within one month from date of issue

 

Extension is generally granted on apply to seven months from year end date if year end date is between 1st - 31st December and 1 Jan to 31 March

 

Holdover of tax must be logged with the Commissioner not later than 28 days before the date by which provisional tax is paid or 14 days after the date of the notice of payment, whichever is later

 

Annual Return has to filed within 42 days after anniversary of incorporation

 

Fail to compile with the Companies Ordinance is subjected to fine from HK$5,000 to HK$1,000,000 depending on the mode of prosecution