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Just like many international businessmen, Mr. R comes to visit China at intervals for business. He purchases kinds of products for his clients. As Mr. R is self-employed, Hong Kong Company is the best way for him to do business in the worldwide. And also, HSBC bank account can be convenient and reliable of both Mr. R and his clients. Until now, his Hong Kong Company and HSBC bank account have been in a normal use for four years.

Why the HSBC bank account can be in normal use for a long time?!

Some personals or enterprises told HiTouch Consulting that their HSBC bank accounts are in a healthy state. However, they received a letter from HSBC saying it intended to close their accounts. In recent year, HSBC was suspected to help their clients avoid paying tax. As a bank committed to controlling and managing risk to the highest international standards, HSBC indicated that they would decide to close a client's account where they do not feel that risk can be managed to those standards. Therefore,Accounting & Audit is very important for your Hong Kong Company and bank account.

Accounting & Audit of Hong Kong Company can be divided into three parts, Accounting, Audit and Tax Returns. According to the Hong Kong Government, you should submit the Annual Audit report and Tax Return in the limited period. If your company can't carry it out on time, the application of postpone in the available period is necessary. In case you ignore it for a long time, your company and your bank account would be possibly closed. What's worse, you may fall into the black list of the Hong Kong Government system. 

As the Accounting & Audit is quite important, many people will undoubtedly prepare for it. However, some of them chose the wrong mode for Tax Return. Here, HiTouch Consulting will show you two common modes for Tax Return in Hong Kong.

1. Zero Tax Return

If the company doesn't carry out business in the financial year, this company can directly carry out zero tax return. The new established company will received the profit tax return from the Hong Kong Inland Revenue Department after 18th months. And zero tax return must carry out in the following one month after receiving the profit tax return.

2. Actual Expense Tax Return

If the limited company has normal business operation, they should work up account, audit by the certified public accountant (CPA) and then tax return.

As the professional business solution provider, HiTouch Consulting always provide the reliable and effective business guidance for you. If there is any question about Accounting & Audit for Hong Kong Company, Please contact us at 8355 5515.