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What's News |
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[ 2024-10-4 ]
Business is tough, sending out money is easy
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It is an indisputable fact that the business environment in China and Hong Kong has been harsh this year, even worse than during the epidemic.
But on the other hand, the Chinese and Hong Kong governments are sending out a lot of money (to support small and medium-sized enterprises). How much does everyone get? Or do you know how to get it?
Accountant Edward So visited Qianhai, Shenzhen last week to learn about the support policies for Hong Kong people to start businesses in Qianhai with local officials. It turns out that there are really many policies and the conditions are not too difficult. It is an opportunity for Hong Kong people. This point will be discussed in detail in another article in the future.
Last week, Accountant Edward So was invited to participate in the "Hong Kong Government Funding to Empower Mainland Business Development Sharing Session" held at the Chinese University of Shenzhen Research Institute as the guest speaker. The theme is to explain the Hong Kong government's funding for small and medium-sized enterprises. Edward introduced three types of government funding that are suitable for most companies to apply for: BUD, a special fund for brand development, upgrading and transformation, and expanding the domestic market, Technology Voucher TVP, and Marketing Fund EMF. Domestic business friends are very interested in Hong Kong government subsidies. In addition to benefiting from the propaganda of "Xiaohongshu", it is also related to their habit of closely following national policies. It turns out that the Hong Kong government’s funding conditions are that companies established in Hong Kong with substantial business operations in Hong Kong are eligible to apply. There are no restrictions on the nationality/identity of shareholders.
Therefore, domestic business friends who establish companies and operate businesses in Hong Kong are also eligible to apply. In addition to explaining the relevant application requirements, Accountant Edward So also encouraged domestic business friends to set up business in Hong Kong and then apply for government subsidies. On the one hand, it can promote Hong Kong's economy and increase employment. On the other hand, it can also promote Hong Kong brands and enter the country or other regions. Achieve a win-win situation.
If you are interested in learning about or applying for Hong Kong government funding, please contact us.
(Some pictures are taken from the public Internet. If there is any copyright, please notify us for deletion)
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[ 2024-9-27 ]
Let numbers no longer be boring, let numbers speak for you!
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Accounting numbers, to many people, are a bunch of symbols, a bunch of annoying symbols. But you don't actually know that he is speaking to you and giving you a clear blueprint.
Of course, this pile of symbols needs to be decrypted. Su Guorong Accounting Firm not only helps you process numbers, we can also help you interpret these numbers and use data to tell you how your company is running? When should you speed up? When should you adjust? Help you grasp the direction of your business and make smart decisions.
Our service is not just accounting and taxation, it is to provide you with a business compass.
If you understand the numbers, tax is no longer a burden, but a strategy: we help you find the best way to save taxes; appropriate tax arrangements can help business expansion, making tax a help rather than a hindrance.
Bookkeeping is not just record keeping, but value-adding: we allow every piece of data to create value for you, provide insights beyond the surface, and serve as value-added indicators for business goals.
Financial advice is not just advice, it is a blueprint for the future: we plan for the future together with you to make your business more competitive and forward-looking.
Our professional financial team is at your service at any time, so that you will no longer worry about numbers and embark on the road to financial optimization!
(Some pictures are taken from the public Internet. If there is any copyright, please notify us for deletion)
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[ 2024-9-20 ]
Why accountant got scammed?
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According to newspaper, an accountant in his 70s was defrauded of 16 million dollars by a fraudster. Why an accountant will get scammed?
In this case, we can roughly understand three things:
1. In fact, accountants are ordinary people, but they have more knowledge in the accounting profession than ordinary people. When encountering some non-accounting major problems, they are basically no different from ordinary people;
2. Although professionals have basic professional training and experience requirements, these are only the most basic requirements. Personal experience, work experience, learning ability and attitude towards doing things, etc., all depend on the accumulation and experience of time. These cannot be read in books. Therefore, not all professionals are the same. There are also masters and inferiors. Customers should follow Make appropriate choices based on your own needs (such as case complexity, cost level, acceptable risk level, etc.);
3. In many cases of this type of fraud, the victim himself has something hiding and is easily taken advantage of by the scammer.
Therefore, when doing business, you must follow the rules and act in accordance with the law, such as company laws, tax laws, etc. If there is any violation of regulations and the law is violated, you may be fined at least, or you may be imprisoned at worst, making it easier for fraudsters to take advantage of you and fall into the scam.
Our company is an accounting firm with many years of business experience and can provide clients with business advice of different natures and types, and assist in complying with various business regulations (such as tax reporting, etc.). Our company's purpose is to "grow together with customers and share results."
If you have any questions about accounting, auditing, taxation and business compliance, please feel free to contact us.
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[ 2024-9-13 ]
Knowledge for middle-aged to silver-haired people
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The lecture "The Three Treasures of Peace and inheritance in China: Knowledge for Middle-aged to Silver-haired People" jointly organized by iARMA Charity and Sai Kung District Councilor Mr. CHEUNG Mei-hung, Chris, was held on September 7, 2024. The lecture was held in Hong Shing District, Tseung Kwan O, Sai Kung, a community with the highest density of middle-class people.
For many middle-aged people or seniors, the three treasures of safety (safety paper, advance medical directive, and durable power of attorney) are essential portable treasures. As Hong Kong society becomes more affluent, asset inheritance is also an important issue. Therefore, the questions this time can be considered very practical and meet the needs of the average middle-class or above friends.
Due to the overwhelming number of registrations, the lectures were fully booked. First, Lawyer Li explained the Three Treasures of Peace, and then Chairman Chu explained how to handle inheritance in China . Both of these are very relevant issues. Many participants have had "painful" experiences, so they asked questions very enthusiastically. Follow the explanation of the concept of trust by accountant Edward So. It turns out that many of my friends have heard of trusts, but they only got the information from entertainment pages. They generally have many misunderstandings. They think that it is expensive and requires a lot of assets, and it is only a thing for rich people. Accountant So explained the various uses of trusts and the protection they can provide, and explained common people’s misunderstandings about trusts: they are not expensive and are needed by friends with assets. Friends present had a new understanding of trust services and were very interested.
IARMA is a charitable organization (holding 88 license issued by the Hong Kong Inland Revenue Department), which aims to promote the public's understanding of financial management and risk management. Accountant Edward So is the president of this organisation.
If you have any questions about asset inheritance, family trust or risk management, please feel free to contact us.
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[ 2024-9-5 ]
"Company accounts" and "private accounts", can they be mixed?
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Recently, there is a popular saying in the mainland business community: "If you don't go overseas, you will be out of business." When it comes to going to sea, Hong Kong is of course the port of choice. However, many business habits in the Mainland and Hong Kong are different. Many friends from the Mainland feel confused when it comes to business operations when they come to Hong Kong, a sea port. Recently, our company has also received many inquiries from mainland friends. The most popular question is about "Comapany accounts" and "private accounts".
The general situation in the Mainland is that bank accounts are separated into "company accounts" and "private accounts". Money can only be transferred from company to company accounts, or from private to private accounts. There is no mixture between the two. When the money is transferred into a bank account, there may also be tax issues.
The following are two questions frequently asked by mainland friends and our answers:
Question 1: Can Hong Kong company account be transferred to the private account of shareholders/directors?
Answer: In terms of operation, there is no difference between the company accounts and private accounts of Hong Kong banks. Funds can be freely transferred from any account to any other account, and there is no distinction between "company account" and "private account".
Question 2: If you transfer or deposit money into a bank account, do you need to pay tax? According to Hong Kong tax laws, profits tax is calculated based on operating profits, not on income. Therefore, whether funds deposited into a bank account are subject to tax depends on the nature of the transaction (whether it is a business) and whether there is a profit in the end.
In fact, the business culture, customs and tax laws between the Mainland and Hong Kong are quite different. But this may be part of Hong Kong’s business advantages.
Our company has been operating in Hong Kong for many years and is familiar with Hong Kong's business practices and tax laws. Our company can provide customers with a full range of business services, including: accounting, auditing, tax consulting, tax planning, company establishment, applying for government funding, etc. If you have any inquiries about Hong Kong's business regulations and practices, or if you want to go overseas through Hong Kong, please feel free to contact us.
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[ 2024-8-30 ]
Tips for applying Section 88
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Applying for a charity license (commonly known as the "Section 88") has never been an easy task. It requires detailed planning in advance. Our company's fastest record is to successfully obtain section 88 in four months. What’s the secret? Let’s reveal it today.
The documents that the Hong Kong Inland Revenue Department relies on for approval are mainly the company's articles of association. The tax bureau has specific requirements in the articles of association, such as the use of funds, the use of profits, the purpose of the company's establishment, management structure, and arrangements for the winding up of the company, etc. Therefore, the company's articles of incorporation need to be tailor-made to ensure that the articles of association can not only meet the tax bureau's requirements for charitable organizations, but also meet the company's financial needs.
Therefore, the establishment of the company will take longer and the fees will be more expensive. Our company will provide professional consulting services, meet with customers, understand the company's purpose, service scope, expected company structure, etc., and then write appropriate articles of association.
I have seen some cases where some friends used old companies that had been established or wrote their own company articles. When applying for the section 88, they were challenged by the tax bureau many times and took a long time, but failed to apply successfully. Later, they asked our company for help. Because the charter does not meet the requirements for applying for a license, it needs to be rewritten and reapplied, which wastes a lot of time and energy.
Our company has a lot of experience in successfully applying for section 88 and can tailor made company articles for customers, saving time and getting approval quickly. If you need to set up a company or apply for section 88, please feel free to contact our company.
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[ 2024-8-23 ]
The tide of bankruptcy is coming. How can we avoid it?
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Recently, many "bankruptcy concern groups" and "bankruptcy groups" have been popular on Facebook, reflecting the poor economy. Many former rich and famous people, such as the "Bo X Family", "X Ba King", famous speculators, etc., have fallen one after another, or are on the verge of falling. The tide of bankruptcy came like a flood. Is there any way to avoid it?
As the saying goes, there are always highs and lows in doing business. If you manage your risk well on good days, you won't be afraid of big waves at low times. Risk management is actually a basic knowledge, basic skills, and basic safeguards for businessmen.
How to control the risks of doing business? A very effective way is to set up a family trust.
The family trust actually transfers the legal ownership of the entrepreneur's assets to the name of the trustee through a contract. The trustee handles the assets according to the terms in the trust contract and regularly distributes the assets to the beneficiaries. In this way, the assets are isolated from the entrepreneurs themselves, forming a firewall. When entrepreneurs face business risks, their assets can be used safely.
To effectively establish a family trust, it needs to be established before the risk arises. If it is done only when there is an emergency or debt, the trust may be overturned by the court. Therefore, if you want to use trusts for risk management, you must do it as early as possible and at a good time.
As a risk management tool, family trusts can, in addition to business risks, also avoid divorce risks, inheritance risks, and even "lost family" risks, etc., and have a wide range of applications.
Accountant Edward So is the president of the "International Asset and Risk Management Association" and has extensive experience in establishing family trusts. If you have any questions about family trusts or want to know more, please feel free to contact us.
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[ 2024-8-16 ]
The Secret of Olympic Gold Medal
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The 2024 Paris Olympics has come to an end, but the athletes' wonderful performances demonstrated human potential and won applause from the audience; the exciting moments are still vivid in our minds. Everyone can see the successful demeanor at the front desk, but the secret of success hidden behind the scenes is rarely talked about.
Uncover the secret behind the success, it’s actually…the team.
The two countries with the most medals this year: China and the United States. Why? It was revealed that they are now the two largest economic powers in the world. The human, material and financial support behind it are all essential.
For small and medium-sized enterprises to achieve success, the most important key is...the team!
The bosses of small and medium-sized enterprises must be experts in sales or production line. There is no problem at all in finding business and producing. However, due to resource constraints, the support team is often very lacking, such as finance, accounting, human resources management, technology support, regulatory compliance, etc., which cannot cooperate with business development or reduce overall efficiency, preventing the business from significantly expanding. It is a good choice to find a reliable, experienced and professional partner who can provide a variety of services and outsource the work.
Our company is managed by professional and senior accountants with many years of practical business experience. We can provide comprehensive business support services and provide customers with tailor-made financial and management solutions, including: accounting, auditing, company secretarial, company establishment, and taxation. Planning, tax reporting, applying for government funding, opening bank accounts, loans and more.
To stand out in the market and get your gold medal, let us be your strategic partner to help you reach the peak of your career!
Contact our company now to start your journey to success!
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[ 2024-8-8 ]
What's the trend? Get funding from the government
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What's the trend? Get funding from the government
It’s difficult to do business in Hong Kong now. How can we carve out a way out or lay the foundation for success in the adverse market? Government funding may be a lifeline.
Get money from the government? Is it easy? Getting money from the government is never easy.
The Hong Kong government provides dozens of types of subsidies to private organizations, but the two main types of funds suitable for general small and medium-sized enterprises are BUD (Special Fund for Brand Development, Upgrading and Transformation, and Domestic Market Expansion) and TVP (Technology Voucher).
The government has set strict rules for applying for funding, and you must comply with all requirements before you can ultimately receive government funding. The general approach is that the applicant first funds the implementation of the project, and after completion, submits it to an accountant for audit, and submits all documents required for the procedure to the government for further review; only those who are qualified will receive the subsidy amount. However, if the intermediate process fails to strictly comply with the government's requirements, the money may be used in the end, but will not receive government subsidies, and it will be spent in vain, which will really cost you both your wife and your army.
As an auditor for these government-sponsored companies, our company has witnessed many cases where approval was ultimately disapproved. In order to avoid similar "tragedies" from happening, it is recommended that you follow the procedures when you start to apply: first obtain our company's audit quotation, and after the plan is approved, notify and appoint our company as the auditor of the project as soon as possible. Our company will provide useful guidance. If you have any questions during the implementation process, you can also consult our company to provide opinions to make the process smoother. In the end, you can obtain the expected funding, successfully implement the plan, and help business development.
If you have any questions about applying for various government subsidies, please contact our company.
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[ 2024-8-1 ]
Have receipts as proof = tax deductible??
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There used to be a legend: If you have the receipts as proof, you can deduct taxes. Is it true?
The truth is: it may not have been the case before, and it is even less true now.
In recent years, the Hong Kong Inland Revenue Department has become increasingly "active" in its tax inspection and recovery methods, often raising many new requirements and new problems. If the requirements of the Inland Revenue Department are not met, tax may not be deductible even if there are bills and receipts.
Recently, our company has received many inquiries and requests for assistance from friends, saying that the tax bureau has questioned the authenticity of company fees and expenses. The current requirements of the tax bureau are that in addition to having invoices/receipts as proof, the tax bureau will also look at the following points:
1. Payment voucher for fees,
2. What is the commercial value of the fee and how much revenue is generated for the taxpayer?
3. Has the payee filed and paid taxes in the place where it operates, and must provide tax filing and tax payment certificates?
4. Cost calculation method and calculation details.
Therefore, in addition to invoices/receipts, other factors need to be considered before expenses can be tax deducted.
Our company is a licensed accounting firm in Hong Kong with more than 30 years of experience in handling various tax matters. Our aim is to "grow together with our customers and share results".
If you have any tax issues, please feel free to contact our company.
(Some pictures are taken from the public Internet. If there is any copyright, please notify us for deletion)
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[ 2024-7-26 ]
Legal equals money making
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There have been a lot of gossipy news in Hong Kong recently, such as Uncle Ho, Shan Quan, etc., which have become the focus and entertainment topics of everyone. While the public's attention is focused on these news, some news that has a great impact on us has been ignored by everyone.
Last month, HSBC Hong Kong was fined HK$24 million by the Hong Kong MPFA due to problems with its MPF sales. In addition, Hong Kong's DBS Bank was fined another HK$10 million by the Monetary Authority for failing to implement anti-money laundering measures.
Both institutions are leaders in Hong Kong's financial sector. In terms of financial and material resources, there is no doubt that they are sufficient, but it still makes serious shortcomings and is heavily fined by the regulatory authorities. What is the problem? Are even these large companies unable to grasp the legal requirements? Or is the regulation too strict? These are worthy of our deep thought.
Therefore, everyone cannot relax in complying with laws and regulations, and must strictly comply to avoid affecting business operations or even being fined.
Our company has provided legal and compliance consulting services to clients for many years, especially in the areas of corporate law, tax law, accounting information, etc. We can help clients comply with legal requirements and avoid additional fines and increased burdens. If you have any commercial compliance needs, please feel free to contact our company.
(Some pictures are taken from the public Internet. If there is any copyright, please inform us to delete them)
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[ 2024-7-18 ]
Myths about applying for a charity (commonly known as 88 license)
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Recently, many customers have inquired about applying for an 88 license, such as: What are the qualifications? how to apply? Is it difficult to apply?The fact is: the review and approval process for applying for an 88 license is becoming increasingly strict, and the requirements for plans and supporting evidence to be provided are getting higher and higher; but as long as the "strict" requirements are met, it is still possible.
According to our company’s experience, many customers have the following myths about applying for an 88 license:
Question 1: The more activity information you provide, the easier it will be to get approved?
Answer 1: No. Regardless of the activities that have been held or the activities that will be carried out, quality is more important than quantity. The key points are: making a contribution to Hong Kong society and complying with the purpose of the applicant organization;
Question 2: The governing members must be celebrities
Answer 2: It’s good to have it, but it won’t have much impact if you don’t. The main principle is to ensure that members have "clean background". The number of people and required qualifications must comply with the organization’s articles of association;
Question 3. The articles of association of an organization are very different from those of a general limited company.
Answer 3: Yes, basically completely different. Generally, companies aim to make profits. But charities are just the opposite. They are not seeking profit, but only seeking services. There are strict restrictions on the use of funds, expenditures, etc., so it is necessary to "tailor-make" the articles of association and strictly comply with the regulations of the tax bureau.
Our company has many years of experience in applying for charitable organizations, and has had many successful cases this year. If customers are interested in setting up a charity or applying for an 88 license, please 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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[ 2024-7-11 ]
It is difficult to open a bank account and even more difficult to close an account
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It is well known that it is difficult to open a bank account in Hong Kong. But it turns out that it may be more difficult to close an account, and there are also traps that everyone may not know about.
Recently, there was a customer case. An "animal" bank in Hong Kong forcibly charged a low handling fee when the customer's account had no balance, causing the account to become overdraft. What's even more unreasonable is that it also charged high overdraft interest on the overdraft amount.
In Hong Kong, the procedure for canceling a bank account is very traditional and time-consuming: the customer/director/authorized signatory must go to the bank in person (queue), then fill in a form, explain the reason for cancellation, and return the withdrawal card and unused checks. You will also need to pay the account cancellation fee. In order to avoid wasting time, many friends just withdraw all their deposits and do not go through other procedures. In the past, banks would not charge low-deposit account handling fees when there was no balance in the account. After a while, the account will be cancelled.
However, the big bank suddenly changed its policy and forcibly charged fees and even interest. This is puzzling and makes people feel like they are being bullied and robbed.
To avoid being charged unreasonable fees and troubles by banks, it is recommended that customers only open an appropriate number of bank accounts. If the account is no longer used, close the account as soon as possible according to the bank's "established" procedures to avoid encountering traps.
Our company can assist with various banking tasks, such as opening a bank account, etc. If you need assistance, please contact our company.
(Some pictures are taken from the public Internet. If there is any copyright, please inform us to delete them)
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[ 2024-7-4 ]
Trendy Accountant
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Should accountants catching up the trend? Yes, every industry must catch up with the trend and use new methods and technologies to assist work and business development. Otherwise, it will only fall behind the situation and be abandoned by the times.
Accounting is a traditional industry. After a hundred years, the work has basically not changed much. It makes people feel "old". However, our company is not traditional. We often use innovative thinking and flexible methods to handle work, and we also use new technologies to assist business development. example?
1. Our company has applied for and been approved by the Hong Kong government for the "Special Fund for Brand Development, Upgrading and Transformation, and Expanding the Domestic Market" (BUD Fund). As far as we know, it is one of the few accounting companies funded by BUD;
2. Utilize new technology: With the support of BUD Fund, our company filmed a series of promotional videos to help promote our business. For example, the attached video introduces our accounting services. Please click on it to see how it works.
After reading it, I have a question for everyone. Was this short film shot (link below) with real people or with AI technology? Please leave a message to reply. Friends who answer correctly will receive a commemorative gift from our company. Gifts are limited and while supplies last.
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[ 2024-6-27 ]
Is it so easy to get government funding?
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Recently, I have received many inquiries from friends regarding the Hong Kong government’s funding applications for enterprises, including: BUD, TVP, EMF, etc. It can be seen that people are very interested in government funding. But the strange thing is that Hong Kong entrepreneurs seem to have little interest in these funding applications, and many friends may have never even tried it.
There are actually dozens of types of subsidies provided by the Hong Kong government to enterprises, among which the most important and popular ones are the following three:
1. Special Fund Plan for Brand Development, Upgrading and Transformation, and Domestic Market Expansion (BUD): Funds companies in Hong Kong to promote brand development, upgrade and transformation, and expand domestic sales markets to enhance their competitiveness overseas. The maximum cumulative funding limit for each enterprise is HK$7 million.
2. Technology Voucher (TVP): Helps local small and medium-sized enterprises to improve productivity through technological services and solutions. The government subsidizes 75% of the program costs, and the remaining 25% is borne by the enterprises themselves. The maximum funding limit is HK$600,000.
3. Small and Medium Enterprises Marketing Fund (EMF): Support local enterprises with substantial business operations, encourage small and medium-sized enterprises to participate in export promotion activities, and help expand Hong Kong's overseas markets. The maximum cumulative funding limit for each enterprise is HK$800,000. Each application is subject to 50% of the expenditure or HKD 100,000.
In fact, to successfully obtain these funds, although it cannot be said that you have to pass five levels or kill six generals, you still have to go through two major difficulties:
1. Application: The application procedure is really complicated and requires a lot of documents and supporting evidence. It is not something that ordinary people can handle or it is worth spending time to deal with;
2. Disburse funds: The more difficult thing is to apply for government disbursement of funds after the plan is completed, and you also need to make implementation reports, audit reports, etc. to ensure that all implementation procedures, etc., meet the requirements before you can get the funds, otherwise the money you have spent will not be available. If funds are allocated, the budget will be lost.
Our company is a business service company that provides a variety of services. We can assist entrepreneurs in applying for the above funds and help business development. If you have any questions about application, please contact our company.
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