According to the Hong Kong Inland Revenue Ordinance, every person carrying on a trade profession or business in Hong Kong is required to keep sufficient records to enable the assessable profits to be readily ascertained and shall retain such records for seven years from the transaction date.
Failure to comply with the requirements of the Ordinance without reasonable excuse may be liable to a maximum fine of $100,000 HKD.
Talent Fields will ensure that your company complies with the accounting standards and regulations by reviewing the financial performance as follows:
- Maintenance of Accounting Books & Records
- Management Accounting
- Preparation of Specific Financial Report/ Statutory Financial Statements
- Accounting Reviews & Consultancy Services
- Statutory Annual Audit Arrangement
In accordance with the requirements of the Hong Kong Companies Ordinance, every company incorporated in Hong Kong must audit their accounts by Certified Public Accounts (CPA) in Hong Kong and file the audited report with Profit Tax Returns to the Inland Revenue Department(IRD). The first financial statements shall cover a period not longer than 18 months from the incorporation date.
Talent Fields will work with our audit partners to perform a comprehensive and time efficient services.
The financial statements will consist of the following:
- Statement Comprehensive Income (i.e. Profit and Loss Account)
- Statement of Financial Position (i.e. Balance Sheet)
- Cash Flow Statement
- Statement of Changes in Equity
*The director(s) of the company are responsible and accountable for complying with the annual filling requirements. Failure to comply with the statutory compliance can lead to fines or prosecution.