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What's News |
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[ 2022-9-9 ]
Happy Mid-Autumn Festival
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Happy Mid-Autumn Festival
The Mid-Autumn Festival should be a good day for people to reunite and gather with family. But Hong Kong hides a group of elders in the dark. For various reasons, they cannot enjoy the joy of Mid-Autumn Festival...
Mr. So Kwok Wing CPA is the President of "Hong Kong Central District Commerce and Industry Association Limited". In addition The Association is actively promoting Hong Kong's economy and business, also participates in regional affairs, bringing the power of the business community back to the grassroots and giving back to the society.
As everyone is looking forward to the Mid-Autumn Festival, The Association hopes to bring joy to the elderly in need in the society and bring joy to a group of people who have contributed to Hong Kong in the past. Therefore, the activity of "Mid-Autumn Festival Sending Blessings to Seniors" was held to distribute lucky bags.
The event has been held twice this week:
On this Tuesday, co-organized with the Neighborhood Welfare Association of the Central District to distribute lucky bags to the elderly living near the Central District on Gough Street in the Central District. Also this Thursday, co-organized with the HKYWCA Tsing Pine Center to distribute lucky bags to the elderly living alone or with limited mobility in Tsing Yi District. The members personally delivered the lucky bag to the home with limited mobility. After receiving the lucky bag, all the elders smiled and felt the warmth of Mid-Autumn Festival brought by us. We also deeply felt the sincere joy of the elders.
We look forward to the Hong Kong Central District Commerce and Industry Association Limited and all business circles in Hong Kong to work together to build a harmonious, happy and prosperous Hong Kong society, and to make Hong Kong shine again. Hong Kong is our pride.
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[ 2022-9-2 ]
"100% Guaranteed Concessional Loan"? How much can it borrow? Is it easy to borrow?
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The third round of the "100% Guaranteed Concessional Loan" scheme, guaranteed by the Hong Kong government, has gone through more than four months. The first batch of loan applications have been issued, but in many cases, the loan amount has not been satisfactory, and it has not been able to obtain "27 times the rent and staff wages" as stated in the plan. For the applicant, it can be said that "the throat can't reach the lungs", and it can only solve the short-term business pressure.
The government claims that a number of false application cases have been found recently, so the government and banks have become very cautious in the approval process. The processing is more stringent than the previous two rounds. The required supporting documents are more in detailed, if there are a few deviations from the requirements. The banks will not approved.
Due to the strict approval process, the time of approving the applications are longer. Furthermore, there are many new companies applying this time, which has caused the a backlog of applications, so the processing time is slow.
As for the actual loan amount, the latest information released by the Mortgage Corporation as of 8/12/22 (see picture), 53,851 applications have been approved, and the approved loan amount is 100.5 billion, which means, each application only gets a loan on average 1.87 million. Since the enterprise can apply for a maximum of 9 million, if applying in three times, an average should be 3 million each time. However, according to what the enterprise received, there is a huge gap, it has only received a bit more than half. It can be seen that the approved amount is actually not high, and there is a large distance from the loan amount expected by the enterprise.
Due to the backlog of applications, if you want to obtain a "100% Guaranteed Special Loan", you must apply as soon as possible; more importantly, you must prepare documents and other preparations before applying, which can not only speed up the approval time, but also receive the maximum loan amount.
If you need to apply, or want to know more about the program details, application methods and skills, please contact our company.
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[ 2022-8-25 ]
Banks, the mother of all industries?
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Banking, known as the mother of all industries, means:
1. Banks (mothers) come first before businesses (children);
2. Enterprises must rely on banks to survive and grow, especially in the early stage of business.
It is very difficult, or even impossible, to open a corporate bank account in Hong Kong nowadays. The bank requires the company to provide many detailed documents, including: the company's business documents, sources of funds, qualifications of relevant personnel, and company has a certain size (such as renting having its own office or numbers of employees, etc.), then the bank will consider it. Furthermore, you may required to purchase some investment products before opening an account.
It seems that banks have forgotten their role: without a bank account (mother), how does the company conduct its business (handling sales revenue, purchasing expenses, employee payouts)? Today, banks have actually become the sons of all industries.
In order to help our clients and friends to start their business in Hong Kong efficiently, our company has contacted some friendly and suitable banks, which can assist clients to open corporate bank accounts. Our company can assist in providing company documents and review the business information before arrange bank account opening.
Since the current situation of difficult to entry and exit Hong Kong, we can assist clients who are not in Hong Kong to open a Hong Kong corporate bank account remotely.
If you need to open a corporate bank account, please contact our company.
Please note: Our company only assists with the arrangement and does not guarantee a successful account opening. Everything is subject to the bank's decision.
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[ 2022-8-19 ]
You need to know the Tax Return filing deadline, otherwise...
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You need to know the Tax Return filing deadline, otherwise...
The 2021/22 Tax Return filing period has begun. In recent years, the penalties imposed by the Inland Revenue Department on late filing of tax returns have become increasingly severe. Late filing of tax returns will result in penalty, tax assessment, or even court trial or tax investigation. it is waste money and waste time, so please pay attention to the following tax filing deadlines and complete your Tax Returns as soon as possible and before the deadlines.
Employers Return: Expired and a penalty notice has been issued by the IRD. If you have employed employees from April 21 to March 22, but have not yet reported employee salaries, please report as soon as possible, otherwise IRD will take further action.
Salaries tax: they are all overdue and should be filed as soon as possible.
Self-employed person (with unlimited company): If no tax representative is appointed, it will expire on September 1 of this year; if a tax representative is appointed, the deadline can be extended to November 1 of this year (our company can serve as the tax representative).
Profits Tax (Limited Company, Partnership):
Year ended date is before 12/31/21: long overdue, penalty or assessed tax notice can be received at any time and must be dealt with as soon as possible.
For companies whose year-ended date is December 31, 21, the deadline is September 15 this year;
For companies whose year-ended date is March 31, 2022, the deadline is November 15 this year;
If you receive a penalty notice, you will have the opportunity to be exempted only under very special reasons (such as illness or absence from Hong Kong, etc.).
Objections must be lodged within one month of receipt of the tax assessment notice, and tax returns and/or audited accounts must be submitted for the objection to be valid. Because the preparation of accounting and auditing are takes time, usually cannot be completed within a month, so it should be processed as soon as possible.
If you have any questions about the deadline of Tax Return and filing the Tax Return, or need any assistance, please contact our Miss Fan/Miss Cheung (Tel: 852 2543 3886)
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[ 2022-8-12 ]
Applying for a business registration certificate is a "professional" service
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Applying for a business registration certificate is a "professional" service
For renewal, change, or apply new registration certificate, our clients used to entrust our company to go to the tax bureau or they can choose to go there on their own at any time, and the process can be completed on the same day.
However, since June 2022, to register a new unlimited company, register a new branch or change the information in the business registration certificate, you need to make an appointment through the online system of the tax bureau,you can only go to the tax bureau on certain date and time, and only four applications are allow in one appointment.
Due to the need to make an appointment in advance and apply at the designated time, the procedures are complicated, and it may not be possible to obtain a new certificate immediately. Therefore, if ordinary people do it by themselves, it is very time-consuming or even impossible. Applying for a business registration certificate has become a "professional". The job requires the hiring of professional personnel.
Our company is a professional company secretarial service company and holds a TCSP license (trust and company service provider license) issued by the Hong Kong government. We can handle "professional" services for customers applying for business registration certificates, and other more complex companies Secretarial services, such as: opening a company in Hong Kong, China, Singapore, the Virgin Islands (BVI) or the Cayman Islands (Cayman Islands), or canceling a company, or changing company information, etc.
If you have various company service requirements, please feel free to contact our company.
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[ 2022-8-4 ]
How to distinguish real and fake accounting firm?
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Are there any fake accounting firm in Hong Kong? Of course there are. According to informal statistics, there may be more fake accounting firm than real ones in Hong Kong.
How to identify a real accounting firm? There are two ways,
First, a real accounting firm has Certified Practicing Accountant. There are many fake accountants on the market, named their company as "...accounting firms", "...accounting service companies" or "....tax reporting companies" and so on. Please note that if there is no Certified Practicing Accountant in charge. It is not a real accounting firm. The general public will be mislead if they don't understand the differences.
Another more direct way to distinguish a fake accounting firm is to see if the charges are unreasonably cheap. For example, if the charges are only two or three thousand dollars, then general public needs to be cautions.
The price of a real accounting firm will cost more, their cost reflect on their knowledge, training and experience. Since they have to undergo strict training and practice to obtain the qualification of an accountants, but the quality of their service is guaranteed.
As for the fake accounting firm, there are no requirements, anyone can do it. There is no supervision, and no guarantee of service quality provided, that's why the fees can be extremely low.
When filing tax returns, of course, you must rely on an Certified Practicing Accountant, who truly serving the best interest of the company. In recent complaints from the tax bureau, it can be seen that the tax bureau has become more strict enforcing the Tax law in Hong Kong, and there is a chance to go to jail for incorrectly filing tax returns.
Our company, Edward So, is a Certified Public Accountants. If you have any questions or inquiries about accounting, auditing, taxation, please feel free to contact us.
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[ 2022-7-29 ]
Strong Business Partner
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Edward So is the Chief Consultant of CCKT. The main work of CCKT is to provide China to Hong Kong business support, China to Hong Kong business consulting, and establishment of offshore family trusts for clients.
In order to better provide customers with a variety of services, CCKT has established the "Certified Partner" system, to certified individuals or corporate who have deep industry qualifications, are competent, flexible in handling matters, reasonable service fees and genuinely willing to serve the interests of customers. For those awarded the qualification of "Certified Partner", friends and customers can use their services with confidence. For the information of each "Certified Partner", please watch the video below and visit the CCKT website on www.cckt.com.hk
If you need the services of our "certified partners" or have related inquiries, you can contact them directly.
CCKT regularly organizes business gatherings, inviting new and old friends to attend, broadening the network and creating business opportunities. The next one is planned for September. If you are interested in participating, please pay attention to the announcement or contact us.
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[ 2022-7-21 ]
tax saving tips
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tax saving tips:
1. You must file tax returns in a legal and reasonable way;
2. Recognize that tax payment is the responsibility of the citizens and appropriate tax must be paid;
3. Find a qualified accountant to assist in tax filing;
4. Find an accountant who genuinely wants to help you as your long-term partner.
News reported last week that a socialite and insurance agent had been charged with tax violations. Although only HKD86,000 of tax was involved, but due to deliberate tax evasion and false reporting, the case was serious, so he had to be remanded to the prison to await judgment.
Everyone wants to save tax, but what should be done?
Of course, it is necessary to abide by the above four key points:
The first point is the big principle, which must be followed;
The second point is civic responsibility: We make money, through the tax system, give back to the society and support social public spending. It is a necessary concept for taxpayers to adjust their mentality and accept the payment of appropriate taxes;
Third, it's actually not difficult. To find a real, qualified accountant, not people who claim themselves as an accountant . Of course, the fees of professional and qualified accountanting services is higher, unlike those who advertised in extremely low fee.
The fourth point is the hardest. Find an experienced accountant who really wants to help you, who can suggest the most appropriate tax declaration and tax payment according to the different circumstances of the client; Instead of blindly filing tax returns and focusing on not paying taxes. Doing this will only hurt you for life, and you will end up paying more taxes and fines, or even going to jail. This example is already in front of everyone.
Our company is a licensed accounting firm in Hong Kong and has more than 30 years of experience in handling various taxes. Our aim is to "grow with customers and share results".
If you have any tax questions, please feel free to contact us.
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[ 2022-7-15 ]
Updates on Government 100% Guaranteed Loan
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The third round of the "100% Guaranteed Loan" scheme launched by the Hong Kong government, to help SMEs cope with the economic downturn under the epidemic has started since the beginning of April this year. So far, three months have passed. The first batch of loan applications have been issued one after another, and some friends have received or received loans in a short period of time, which can relieve the pressure on operations.
The loan amount of this round has increased significantly to 27 times the total monthly salary and rent of the company's employees, which is of great help to small and medium-sized enterprises. However, the government's approval process is more strict compare to the previous two rounds, requiring more supporting document and details. Therefore, the progress has slow down. The backlog of applications has begun to increase, and the processing and approval take longer. Dear SMEs friends, if you want to obtain a 100% government-guaranteed loan, you must apply sooner so that you can get funding quicker. More importantly, it is necessary to prepare documents and other preparations before applying, which can speed up the approval time and make the process smoother.
If you need to apply for the plan, or want to know more details about the plan, application methods and practical skills, please contact our company.
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[ 2022-7-8 ]
The 25th anniversary of Hong Kong's return to China
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The 25th anniversary of Hong Kong's return to China marks an important milestone for Hong Kong.
Edward So, as the president of "Central District Federation of Industry and Commerce Association", is actively participates in various celebration activities.
Celebrating with comsumer coupons
It is a large-scale event jointly organized by the Federation of Hong Kong, Kowloon and New Territories Traders Associations and the Hong Kong Island Federation of Industry and Commerce (Central Federation of Industry and Commerce is a member association) to celebrate the return of the country and to stimulate local consumption in Hong Kong and promote economic recovery by distributing consumer coupons. Two trams were rented for this event, and with the promotional materials and slogans of the event, they walked on Hong Kong Island in July to promote the event. Heads of various supporting organisations attended the tram photo shoot and promotional activities this week.
Important speech from President Xi
President Xi is in Hong Kong this time, giving guidance on the future direction of Hong Kong, which is worth learning from. Edward listened to this important speech and expressed his learning opinion: we must study President Xi's guiding ideology, plan the details of the work, and then implement it. Take a new direction with Hong Kong: a society with a prosperous economy, social stability and people's well-being. People in the business community should make positive contributions to the economy to help Hong Kong's economy fly high again. The key is to give full play to the characteristics of Hong Kong: backed by the huge market of the motherland, facing the world, drawing on the economic advantages and development of the international community, bringing it into the motherland, making the Going to Hong Kong will make a positive contribution to the development of the Greater Bay Area economically, and even develop to the whole of China, benefiting the country and playing the role of Hong Kong as the strongest window.
It is hoped that through the efforts of all sectors of society, Hong Kong's economy will recover as soon as possible, and Hong Kong will regain its glory.
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[ 2022-6-30 ]
New Companies Ordinance
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Under the New Companies Ordinance, will the transparency of the Hong Kong companies increase or decrease their privacy?
The second phase of the company search arrangements on the Companies Register under the Companies Ordinance (Cap. 622) will come into effect on 24 October 2022.
Starting from that date, the protected information contained in the Director's Index in the Companies Register (including the director's residential address, identity card and passport number, etc.) will no longer be available for public search. For the public to check company registration documents, if the content is related to protected information, correspondence address will be used instead, or only part of the identity card number will be displayed. Protected data can only be obtained by a "specified person" lodged with the Companies Registry.
Our company has applied to the Companies Registry as a "specified person". If you need assistance, please contact our company.
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[ 2022-6-27 ]
Happy Together, Create Business Opportunities (Part 2)
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Last week, at the business meeting of CCKT, "We-Media" Instructor Annmarie was invited to explain the tips of using "We-Media", and filmed a short video on the spot, made simple editing and configuration, to show everyone the power of We-Media. (see below link)
How are you feeling?
It doesn't really matter how you feel. The most important thing is that consumers in the Greater Bay Area and even all over China like this style and accept the message brought by this way. To break into the Greater Bay Area market, one cannot break into the market with bare hands, but with good weapons and targeted measures, it can achieve twice the result with half the effort.
Annmarie will start a course on We-Media next month. In addition to the 66% government subsidy for tuition fees, an additional HK$1,000 subsidy from the International Asset and Risk Management Association will be provided. A "We-media" course which worth $7,500, will only cost $1,500 to participate. If you are interested. Please contact our company for details.
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[ 2022-6-24 ]
Happy Together, Create Business Opportunities (Part 1)
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Happy Together, Create Business Opportunities (Part 1)
As the epidemic subsided, CCKT held a business gathering in few days ago, with the theme of "Breaking into the Greater Bay Area".After the number of registrations was exceeded, the number of participants was full again, more than 60 friends participated.
During the gathering, in addition to introducing the business of CCKT, it also introduced promotion in the Greater Bay Area (social media- Douyin), and invited Davey Lee, the former president of LUA, to come to introduce the development opportunities of the Greater Bay Area and share experience. The participating friends actively introduced their work, exchanged experiences enthusiastically, and the atmosphere was lively. I believe that many business opportunities have been created for the participants.
CCKT was founded by Accountant Mr. Edward So and Mr. Rocky Chu, a senior Chinese business consultant.The main business is China-Hong Kong business support (incorporation of China, Hong Kong companies, China and Hong Kong taxation, accounting, auditing, legal support, trademark registration, etc.) and the establishment of offshore family trusts.
The next business meeting will be in September. If you all want to create business opportunities in a happy gathering, please pay attention to the announcement in this column 😘
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[ 2022-6-9 ]
why increasing tax in bad economy?
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The Hong Kong Inland Revenue Department released the 2021/22 tax revenue information on June 1, and the overall tax revenue for the whole year has increased by 14% compared with the previous year. The increase was mainly due to profits tax and gaming tax, which has increased by 23% and 22% respectively, Yet, these figures are the exact opposite of what the general public expected. Why does this situation occur?
The increase in gambling tax makes it easier for everyone to understand: the epidemic is related to social distancing measures, since everyone has less time to go out to play and more time at home. Gambling has become the easiest entertainment to participate in.
The increase in profits tax may be due to the following reasons:
1. Due to social distancing measures, many social gatherings and entertainment activities have been stopped, expenses in activities has reduced; in addition, business travel activities have also stopped, which also reduced the expenses;
2. Everyone may think that the income in 21/22 will be lesser, so there is no need to have tax plan prepared. When the final figures come out, it is greater than expected, since there are lack of preparation, you have to pay larger tax bill.
Therefore, no matter the market situation is good or bad, it is necessary to prepare a tax plan every year. when the market conditions are good, the tax burden can of course be legally reduced; if the market conditions are not good, the losses can also be carried forward to future years to offset future profits. Therefore, a good tax plan is necessary for any market conditions.
Of course, tax planning or tax reduction must be done in a legal way, otherwise it will lead to additional taxes, fines or imprisonment, which will ultimately outweigh the gains.
If you have any questions about tax, or want to make a tax plan, please feel free to contact us.
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[ 2022-5-27 ]
Prepare yourself for the best era
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The 100% government-guaranteed loan in 2022 have started since early April, however, many guidelines are incompleted, so applications have not been accepted or the approval process has been slow.
Two months after, guidelines are more clear and complete. The bank started to accept new loan applications, or those who have applied in previous years can continue to apply. Since it is just the beginning, there are not many cases to be processed by the bank, and the approval time is faster, so it is an appropriate time to start applying now.
The differences of this loan funding from the previous are:
1. The loan amount has increased to 27 times the employee's monthly salary and monthly rent, or 9 million yuan (deducting the previous loan amount), whichever is lower;
2. Newly identified enterprises (before December 31, 2021) can also apply;
3. The application deadline is extended to June 30, 2023;
4. The longest loan term is 10 years.
Please note: Applicants must meet specific conditions and requirements, please contact our company for details.
The epidemic has slow down, social distancing control begins to relax, the market atmosphere and economic activities have rebounded rapidly. These are what we all happy to see. To catch up with the economic recovery, it is necessary to reserve and invest the appropriate resources and funds. The 100% guaranteed loan provided by the Hong Kong government will be a good help.
For details and methods of applying for a loan, welcome to consult with our company, we can assist you to apply for a 100% guaranteed loan as soon as possible and obtain the maximum loan amount.
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