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What's News |
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[ 2025-1-17 ]
What is "annual review"? Does Hong Kong have an annual review?
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"Annual review" is a management system in mainland China and is the common name for "annual inspection". The company's annual inspection refers to the legal system in which the industrial and commercial administration authorities inspect the company on an annual basis in accordance with the law to confirm the company's qualification to continue operating. All companies that have obtained a company license must participate in annual inspections.
Is there any need for "annual review" in Hong Kong? Hong Kong operates under one country, two systems, and its laws are different from those in China. Of course, there is no "annual review" system.
A relatively similar system is that a limited company registered in Hong Kong must submit an annual return (NAR1) to the Companies Registry every year, reporting the company's corporate structure at a specific time each year, including: director list, shareholder list, share capital structure The information will be available for public inspection in the future.
Please note that the records in the Companies Registry are only the information reported by the company itself, and the content may not be accurate. The Companies Registry is not responsible for ensuring that the information is correct. Their job is simply to check whether the information is consistent with the information previously submitted and whether it has been updated. wait. The company itself must keep all valid company documents. This responsibility lies with the company directors and company secretary, not the Companies Registrar. Therefore, the term "annual review" does not exist in Hong Kong because the Hong Kong government (Companies Registry) has not conducted any "review" work. This is an misleading statement by some mainland intermediaries about Hong Kong government regulations, and is also a false statement made by some Hong Kong service agencies.The correct term should be to prepare an "annual return".
Our company holds a TCSP license issued by the Hong Kong government. Accountant Edward So is a chartered secretary and corporate governance professional licensed in Hong Kong. He has many years of experience in handling Hong Kong companies and offshore companies (such as: BVI, Cayman Island, etc.), can provide customers with comprehensive and effective corporate services and compliance services. If you have any questions about company structure or compliance, please feel free to inquire.
(Some pictures are taken from the public Internet. If there is any copyright, please notify us for deletion)
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[ 2025-1-9 ]
Hong Kong Polytechnic University (Poly U) - "So Kwok Wing Bursary"
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The most basic goal of a businessman is, of course, to make money. But while making money, it also provides products/services, employment opportunities, various consumer expenditures, etc., which are all contributions to society.
Edward So & Company, an accounting firm has certainly made the above contributions to society. However, in order to further give back to the society and train talents, Accountant Edward So recently cooperated with the Hong Kong Polytechnic University to establish the "So Kwok Wing Bursary". This program supports students with financial difficulties studying at the Polytechnic University, providing financial support so that they can continue their studies, so that students with financial difficulties can receive appropriate academic training and contribute to society in the future.
The bursary scheme supports two to three students from the Polytechnic University, including one student from the Department of Accounting. The goal is not only to support students with financial difficulties in general, but also to train new forces for our accounting profession and add new talent to the accounting industry in Hong Kong.
Last month, the Polytechnic University held a flag-raising ceremony to celebrate the 30th anniversary of the establishment of the university. Accountant Edward So is a member of the Polytechnic University Foundation and was invited to attend to witness the new milestone of the Polytechnic University. The Polytechnic University focuses on subject research and innovative inventions to solve real-life problems. I look forward to cooperating with the Polytechnic University to make a little contribution to Hong Kong.
Let's all work together to "grow together with Hong Kong and share the results."
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[ 2025-1-2 ]
Breaking down the "difficult to open a bank account" tips
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In recent years, there is one thing in Hong Kong that is famous all over the world. What do you think is the difficulty of opening a bank account for companies?
I believe that all of your friends who are doing business in Hong Kong have had the above experience, or have friends around them. Why is it difficult?
Example 1: Banks require customers to have proof of operation before they are willing to open an account, but customers need a bank account to start trading.
Example 2: The bank requires the shareholders/directors of the company to have experience in the claimed industry, but many friends are new start-ups or company transformation, and how have experience in the industry to prove?
Faced with these contradictions, how to resolve them?
Our company has many years of experience in assisting customers in opening bank accounts. We can provide the following tips. We hope they will be helpful to everyone.
Q1, the company needs to provide proof of operation
Tips: If the company does not have actual proof of operation, it can provide emails/communications about business discussions with suppliers/customers, plus a good and convincing business plan;
Q2, Domestic customers do not have proof of address
Tips: In fact, many domestic and foreign businesses have practice paperless. Some other government documents with addresses can be provided, such as driver's license, tax forms, etc.;
Q3. The customer is out of town and it is inconvenient to come to Hong Kong to open an account.
Tips: Some banks allow customers to open accounts remotely in other places without having to visit Hong Kong under certain circumstances or when certain supporting documents can be provided.
For questions about company account opening or further inquiries, please feel free to contact us.
(Some pictures are taken from the public Internet. If there is any copyright, please notify us for deletion)
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[ 2024-12-27 ]
How to have a meaningful Christmas?
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Celebrating Christmas is inevitable in Hong Kong. Apart from a big meal and laughter, how can we have a meaningful Christmas?
On Christmas Eve, our employees in Hong Kong and Shenzhen gathered in the Hong Kong office and held a staff Christmas party. But this year’s party is quite special: we held elections for “Best Employee”, “Most Photogenic Employee” and “Friendliest Employee”. First, each colleague introduces himself and canvasses for votes, and then all colleagues vote on a one-person-one-vote basis. After a round of enthusiastic canvassing and counting of votes, three deserving "beauties" were finally selected. Can you guess who they are?
In addition, game sessions are also held, but with an element of teamwork included. The competition is divided into three groups. One employee in each group is blindfolded, and then other team members give instructions to guide the blindfolded employees to get the "artistic torch" and then hand the torch to Edward So to complete the task. During the process, the person giving the directions must issue clear and quantified instructions, and the person being directed must trust the person giving the order and execute the instructions accurately. Although there were many mistakes and laughter during the process, everyone learned that cooperation requires trust and clear instructions in order to complete the task in the shortest and most effective way.
The Christmas party also includes a big draw, with raffle prizes given out by several department leaders, pushing the party atmosphere to a peak. Finally, all the staff took a group photo, bringing a happy and perfect end to the Christmas party.
Who are the best, most photogenic, and friendliest employees in our company? Everyone is welcome to guess. You can leave a message on facebook or whatsapp to inquire
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[ 2024-12-20 ]
Edward So x Midland Group= Stronger Advantages
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Edward So x Midland Group= Stronger Advantages
Last week, Accountant Edward So was invited by Midland Group to shoot a short video congratulating Midland Group on its anniversary party and its 30th anniversary of listing. Midland Group production was very serious. They have sent a professional production team to the office for filming. The filming team is very professional. Several short films were shot several times before
they accepted. The short film will be played at Midland Group anniversary party and events celebrating its 30th anniversary next year.
In one of the short videos, Edward briefly described the cooperation with Midland Group, including real estate, immigration, training and other aspects. Because both parties have common customers and customers have many needs, the cooperation between the two parties can provide customers with comprehensive services and ultimately achieve a three-win situation. Therefore, every time we cooperate, we have very satisfactory results and both parties enjoy the cooperation.
Our company's business vision is to "grow together with customers and share results." We have many partners to serve our customers together. Our partners are strictly evaluated and screened to ensure high quality, reasonable costs, and the same goals as our company.
Our company welcomes friends who share the same vision with us to cooperate with us and become our partners. Together we can provide customers with comprehensive, valuable, tailor-made high-quality services and create stronger advantages together.
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[ 2024-12-13 ]
Hong Kong Government Funding Application Tips
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Applying for Hong Kong government funding has become a trend in Hong Kong’s business community.
At the end of last month, Mr. Edward So was invited by the Business School of Chu Hai College of Hong Kong to serve as a lecturer for students of the Master of Business Administration and Master of Applied Financial Management courses, the lecture title is "Hong Kong's Business Advantages and Government Subsidy". There were about 200 professors and students present that day.
Mr. So talked about Hong Kong’s current business advantages and how to seize the existing advantages to make enterprises bigger. One of the ways is to seek various corporate support from the Hong Kong government. Mr. So focused on explaining four types of funding that most companies can apply for, which is BUD, TVP, EMF and Patent Fund, including the funding purpose of each fund, the help it can provide to companies and application tips, etc. Mr. So specifically pointed out that the applicant company, the shareholders do not need to be Hong Kong residents. Domestic or foreign companies, as long as they meet the requirements of having substantial business, they are eligible to apply. After hearing this, the participants were very excited and wanted to try it.
Enterprise development must win at the starting line. Applying for government funding is a big boost and is expected to reach the goal faster.
Our company has many years of experience in handling various government funding applications and is familiar with the application process. We can assist customers in their applications, improve the success rate and speed up the application progress. If you are interested in applying for government funds or have application questions, please contact us.
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[ 2024-12-5 ]
The secret to staying away from the tiger (tax) mouth
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In the past two years, the accounting profession has felt that the tax bureau's standards have tightened, tax recovery efforts have intensified, and the tax bureau's attitude has become more aggressive. But these are just based on experience. Recently, numbers have shown that all of the above is true.
1. For the second consecutive year, Hong Kong’s fiscal losses exceeded $100 billion, and its reserve balance was only $733.2 billion. If this situation continues, Hong Kong's finances can only support it for another 7 years...
2. According to the 2023/24 annual report released by the tax bureau at the end of September 2024, the number of completed investigation cases in 23/24 was the same as the previous year, but the total amount of back taxes and fines collected increased by 76% compared with the previous year; review of tax avoidance cases The tax surcharges and fines have even been significantly doubled, which shows how "aggressive" it is.
Faced with the aggressive attitude of the tax bureau, is there any way to stay away from the tiger (tax) mouth and avoid being swallowed up? Yes, the method is as follows:
1. Submit tax returns on time to avoid expiration: Generally, the deadline for submission of profits tax returns is:
i) The year-end date is December 31, which can be extended to August 15 of the next year.
ii) The year-end date is March 31, which can be extended to November 15 of the same year.
Late submission of tax returns will affect the company's records and increase the chances of the tax bureau auditing the company's accounts.
2. Keep adequate and clear accounting records: Keep accounting records carefully. Normal and healthy accounts are easy for the tax bureau to accept; they are also easy to handle when audited.
3. Seek assistance from professional accountants: It is recommended to find an accountant with rich experience to assist with accounting, auditing and tax filing. When responding to questions from the tax bureau, professional accountants should also assist in handling the matter. Don't let non-professionals handle it (such as an "accounting firm", that is, one without an accountant), which will worsen the problem.
Our company has been operating in Hong Kong for many years and is familiar with Hong Kong's business customs and tax laws. We can provide customers with a full range of business services, including: accounting, auditing, tax consulting, tax planning, company establishment, etc. If you have any questions about business regulations or tax issues in Hong Kong, please feel free to contact us.
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[ 2024-11-28 ]
Metro Radio Interview
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Accountant So Kwok Wing was invited by his friend Mr. Edward Cheuk to be a guest on the Metro Radio program "Micee Tours" hosted by him. Another guest at the same venue was Ms. Kwok Ling-li, a member of the Legislative Council. The interview had broadcast on Metro News Channel at 1:00 noon on November 22.
In the interview, Accountant So Kwok Wing talked about the original intention and development process of the Hong Kong Central District Commerce and Industry Association (CDA); during the conversation with Councilor Li and the two hosts, he also put forward some views on the development of Hong Kong’s economy. In the 40 minutes discussion and conversation, many new concepts and experiences were exchanged.
The interview was conducted in four sections, lasting about 40 minutes in total. Friends can watch it through the following youtube link while riding in the car or eating, so that everyone can learn more about the Chamber of Commerce and the future direction of Hong Kong.
Please click the link below to watch:
(Scroll to the bottom)
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[ 2024-11-22 ]
British Virgin Islands (BVI) company mystery
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When it comes to BVI companies, many people feel that they are very mysterious and do not know how they actually operate. They think that they are tools/things for very wealthy people. But what is the real situation? Let us unveil the mystery of BVI companies.
In terms of corporate structure, a BVI company only needs at least 1 director and 1 shareholder (can be a company or an individual); it does not necessarily need a company secretary, but a Hong Kong company secretary company can be appointed as an administrator to assist with BVI registration and compliance matters.
BVI companies give people a mysterious feeling because the company's structure is confidential. Changes or inquiries regarding the company structure must be approved by the company's directors and can be handled through the administrator. Generally, outsiders cannot check the company's information, so it is mysterious.
Although the international trend in recent years is to make companies transparent. At present, the information of directors of BVI companies can also be searched through certain channels, but the identities of shareholders are still confidential. Therefore, the BVI company can continue its traditional role: confidentiality. The effect still exists.
The operations of BVI companies are becoming increasingly complex, and late reporting will also incur fines. However, if we are appointed as the administrator, the company structure and compliance management can become easier to handle.
If you have any questions about BVI companies or need to change company secretaries/management personnel, etc., please feel free to contact us.
(Some pictures are taken from the public Internet. If there is any copyright, please inform us to delete them)
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[ 2024-11-15 ]
Hong Kong, what’s left?
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Mr. Lin Yiming, a well-known financial commentator, recently wrote an article in Hong Kong Economic Times Monthly, discussing that due to "soil deterioration", Hong Kong has transformed from an "international financial center" to an "ordinary city in China", and most of its industry advantages have gradually disappeared. It pointed out the industries in which Hong Kong has lost its advantages and the industries in which it still has remaining advantages. We might as well refer to it to think about our future business direction:
Industries whose advantages have disappeared: finance, real estate, trade, tourism, retail, catering, and innovative technology.
Industries with remaining advantages: medical industry, education industry, asset management.
To sum up the above points, it is true that Hong Kong’s environment has changed, but the main reasons that make it difficult for the economy to perform are still two-fold:
1. Real estate and labor costs remain high;
2. Citizens have a flat mentality and lack the spirit of struggle.
In fact, every industry has its ups and downs. Declining industries do not mean they will disappear (for example, radio stations, newspapers, etc., still exist today). Industries with advantages must also cooperate with their own abilities and know how to seize opportunities in order to develop. The key point is: use more thought, innovate and seek change, work hard to persevere, and cater to social changes. No matter whether it is high or low, sunrise or sunset, you can remain invincible. This is the "Lion Rock spirit" on which Hong Kong thrived in the 1980s and 1990s.
Our company's goal is to become our customers' business partners and provide strong and practical support for our customers' business development. Friends who are interested in expanding their business are welcome to grow with our company and share the results.
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[ 2024-11-7 ]
Gifts convey affection
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What gift would you like to receive? We will fulfill your wish.
"Gift" symbolizes "things that cause joy" and also symbolizes the closeness of our relationship. Use gifts to take your relationship to the next level and show that you appreciate others. It is an expression of one's heart. What matters is the "love", not the "price".
Thoughtful and specially made gifts, gifts engraved with the name of the giver or recipient, carry a deep and unique meaning of friendship.
Our company regards every friend and customer as a partner, so we often receive precious gifts from partners. These gifts are not only material gifts, but also spiritual support, reflecting customers' recognition of our company's work purpose and sincerity for long-term cooperation.
Our company also has the same wishes for its customers. Our company makes small gifts to express our cherishment and care for our customers: a ball pen with our name and logo printed on it. The value is not high, but it is very practical. Customers can keep it by their side every day to assist in business development. When the pistil is used up, it is also a beautiful souvenir. Dear friends, the next time you come to our company, remember to pick up a gift and accept our company's heart.
Our company's mission is to "grow with customers and share results." Through mutual cooperation and care, we can expand our business and realize all our wishes.
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[ 2024-10-31 ]
HK Central District Commerce and Industry Association celebrates National Day and the inauguration ceremony of the second session of the Board of Directors
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HK Central District Commerce and Industry Association celebrates National Day and the inauguration ceremony of the second session of the Board of Directors.
"HK Central District Commerce and Industry Association is three years old!" One of the purposes of this inauguration ceremony is to loudly announce this message to friends from all walks of life in Hong Kong.
HK Central District Commerce and Industry Association held a party to celebrate the National Day and the inauguration of the second board of directors on October 22, 2024. Zheng Bin, director of the Coordination Office of the Hong Kong Island Work Department Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region, and Members of the Legislative Council Shiu Ka Fai, Eunice Yung Hoi Yan, Dennis Leung Tsz Wing, Wendy Hong Wen, representatives of the ICAC, representatives of the Hong Kong Police Force, Yang Xuedong, chairman of the Jiangmen Youth Federation of Overseas Chinese, Mo Shupei, executive deputy director of the United Front Work Department of Wuyi University, and other guests officiated at the ceremony. The scene was solemn and lively.
President SO Kwok Wing said in his speech that the original intention of the establishment of the association was to promote industry and business, establish an effective and useful business platform for members, and contribute to society. Over the past three years, we have gathered a group of like-minded members. And a Shenzhen branch was opened, which is gradually seeing results. In the future, we will continue to unite all walks of life to build a greater industrial and commercial platform for Hong Kong and our members.
During the banquet, President So Kwok Wing, together with female members and young members, formed a lion dance team to express their gratitude to the members of the Central District Federation of Industry and Commerce, whether male, female, old or young, to work together and use creative ways to jointly promote the affairs of the association. Push the atmosphere of the ceremony to its peak.
Accountant SO Kwok Wing is the president of the Central District Industrial and Commercial Association and was re-elected as the second president.
HK Central District Commerce and Industry Association welcomes friends who intend to expand business and develop together to join us and work hard with us. For information about the Central District Federation of Industry and Commerce or membership information, please visit our website:
https://www.hkcdcnia.org
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[ 2024-10-25 ]
A better business strategy than government support
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The "Chief Executive Policy Address" released on October 16 focused on the following two points in terms of policies to assist small and medium-sized enterprises:
1. Reintroduction of "interest repayment without principal repayment": Borrowing companies under the "Small and Medium Enterprise Financing Guarantee Scheme" are allowed to apply for "interest repayment without principal repayment" for up to 12 months, and the maximum loan guarantee period of 80% and 90% of the credit guarantee will be Extended to ten and eight years.
Note: This is not an automatic arrangement. Borrowing companies need to apply to banks individually. The bank's terms are not yet known, and the application takes time.
2. Inject 1 billion dollars into the "BUD Special Fund": Use the BUD Fund to assist small and medium-sized enterprises to upgrade, transform and expand new markets; expand the geographical funding scope of "E-Commerce Easy" to the ten ASEAN countries.
Note: The application procedures have not changed and are still complicated. It still takes a long time from application to receipt of the first tranche of funds.
In the 1980s and 1990s, the British Hong Kong government pursued a "positive non-intervention policy" and provided virtually zero support to small and medium-sized enterprises. However, Hong Kong entrepreneurs have created an economic miracle with their "entrepreneurial spirit", or "Lion Rock Spirit" and their hard work and flexibility. In the new millennium, these entrepreneurial spirits gradually faded. Facing a difficult environment, they will only ask the government to send money and policy support instead of self-regulation and flexible business strategies, causing the economy to become flat.
In fact, no matter how the government provides support, it is only short-term and auxiliary in nature. Constant self-improvement and flexibility are the way to do business.
Our company has more than 30 years of practical business experience and can provide comprehensive business support services to friends with entrepreneurial spirit. To achieve sustainable development and find reliable partners, please feel free to contact us.
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[ 2024-10-18 ]
'Leaf picking" accountant
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As a certified public accountant, do you practice leaf-picking in the park every day? After retirement, you may be able to, but before retirement, you should not have this leisure time, because you have to continue to "perform business" every day.
The so-called "practice" means that you must first become a certified public accountant. After additional professional training and recognized experience, you must be recognized by the Accounting and Financial Reporting Council and be issued a practicing qualification certificate in accordance with the Accounting and Financial Reporting Council Ordinance (Chapter 588). (practicing certificate).
After obtaining the "practicing" qualification, he is called a "certified public accountant (practicing)" and may be appointed as the auditor of a company within the meaning of the Companies Ordinance (Chapter 622), or for the purposes of any other Ordinance The auditor appointed as the accountant issues audit reports (such as BUD, TVP), or performs other document certification work.
Accountants without "practicing" qualifications can only be called certified public accountants (certified public accountants) and cannot issue audit reports. They generally only perform accounting and financial management work within the enterprise, or perform auditing work under the supervision of a certified public accountant ( The audit report cannot be issued).
Our company is a licensed accounting firm with professional qualifications that can conduct audits and issue audit reports for clients. We can also provide general accountant work and provide clients with accounting, financial management and other services and consultations.
Our company's service tenet is to "grow together with customers and share results", so we don't have time to go to the park to "pick leaves" for the time being.
If you have any accounting, auditing or taxation needs, please feel free to contact us.
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[ 2024-10-9 ]
Buy a company with a bank account
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Many friends have asked: I want to buy a company with a company bank account. I need it urgently!
In fact, there is no such market.
When a new shareholder buy the company, the old shareholder exits the board of directors normally, and the bank's authorized signatory also needs to go to the bank to change to the new shareholder. But the bank's procedure is to re-examine the background of new shareholders/directors and conduct due diligence. The procedure is the same as opening a new account, it may take longer, so the conclusion is: it can't be rush.
Some people also say that banks now handle transactions online, and with electronic passwords, new shareholders can operate their bank accounts. This is true. But without notifying the bank to change the authorizer, and using the old shareholder's account and password to conduct transactions, the bank still treats the transaction as the old shareholder. Once problems arise in these transactions, such as serious crimes like money laundering, the old shareholders will be subject to serious criminal liability. So the conclusion is: absolutely don’t do it.
Some people even say that some shares could be transferred to new shareholders first, and then the old shareholders can withdraw after the new shareholders are added as authorized signatories. In fact, the situation is even worse, because it takes longer, and the new and old shareholders are also responsible for the actions of the other party. The conclusion is: more chaos
It is normal and necessary to need a bank account to do business and help handle funds. It may take some time to open a bank account through normal channels, but it is actually the shortest time and the safest way.
Our company has business cooperation with most banks in Hong Kong and can assist customers in handling banking relationships. If you have any banking needs, please feel free to contact us.
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