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What's News |
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[ 2023-11-24 ]
Revealing how family offices can save taxes
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A long-term hot topic: the Greater Bay Area, coupled with a hot topic in recent years: family offices, the two together will certainly create huge sparks.
The Life Underwriters Association of Hong Kong (LUA) organized the "Insurance Association Greater Bay Area Day" for the third consecutive year and this year it was held on November 21 at the Wan Chai Convention and Exhibition Center. This year’s theme is the development of family offices in the GBA Greater Bay Area.
Accountant Edward So was invited as one of this year's speakers. The title of his speech was "How to take advantage of the family office trend - Taxation".
Hundreds of friends who are engaged in the insurance or financial industry attended the event that day. The scene was lively and the atmosphere of learning was strong.
Accountant Edward So first explained the functions of a family office and the opportunities for people in the insurance and financial industries. Then he analyzed the various tax burdens faced by family assets and how through a family office, a centrally coordinated organization, it can save the entire family money. taxes. It turns out that through proper arrangements, the family can save a lot of tax, which may be more than a year's profit. Moreover, tax savings are deterministic and long-term. For a long-term family office, the effect can be beyond imagination.
If you are interested in learning more about how family offices can save taxes, you are welcome to contact us to explore opportunities in the Greater Bay Area together.
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[ 2023-11-17 ]
Throwing Pillow? For what?
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Have you heard of Makura-Nage? No. Have you ever played it before? No.
The "Makura-Nage"(Pillow fight), organized by The Stewards (a Hong Kong charity) and co-organized by the Hong Kong Central District Commerce and Industry Association and iARMA Charity, was held in Wan Chai last Saturday.
Edward So and Company had also sign-up a team to participate.
Even though the participates have been trained, during the competition, they were still quite confused, such as forgetting their positions, running out of the field, and continuing to fight after being eliminated. After a round of hard work, they finally won the fourth place in the open group.
The game seems easy, but it also requires certain physical strength. It is a good exercise activity and a good team building training. During the competition, everyone must use strategy, team work, and coordination to hit the target.
Our service team has received professional training at work and has mastered various service skills. Through cooperation between departments, we can provide customers with various high-quality and useful services.
If you have any needs in accounting, auditing, taxation or corporate finance, please feel free to contact us.
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[ 2023-11-10 ]
Hong Kong, the red light is on
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Hong Kong, the red light is on
Recently, we have received many inquiries from customers, including company winding up, company liquidation, personal liability for bankruptcy, financing needs, etc. Everyone seems to have lost confidence in the current economic situation in Hong Kong and is full of worries.
Mr Edward So happened to have met with two members of the Legislative Council this week: Mr. Chiu Duncan and Mr. Peter Shiu Ka-fai JP. He also took the opportunity to reflect to the members the difficulties faced by SMEs in Hong Kong:the current core difficulty is labor shortage. Only by speeding up the importation of labor can we solve the problem of labor shortage. Otherwise, Hong Kong's development and take-off will be just an empty slogan.
The two congressmen also patiently listened to the voices of SMSs and responded positively. We look forward to the meeting to bring the voices of SMEs to the top levels of government and take appropriate measures to help SMEs tide over difficult times.
In fact, the best way for businessmen is to rely on their own abilities to improve the quality of their operations. You also need to have good business partners and work together to go far.
Our company can assist friends in the business community with accounting work, provide useful business information, and assist in making appropriate business plans. Our company's purpose is to "grow together with customers and share results." If you have any business issues, please feel free to contact our company at any time.
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[ 2023-11-3 ]
Is this a good way to save taxes?
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The tax bureau announced that a business couple (in their 60s) who ran a printing company were prosecuted by the tax bureau for being accused of underreporting or underreporting their turnover for many years. After trial, they were found guilty of deliberately intending to evade tax and were sentenced to 24 months and 12 months in prison respectively, with a total fine of 1.18 million dollars. The 24-month prison sentence in this judgment is quite serious; but the fine is only 1.18 million, which is a relatively small number.
The issues in this case are analyzed as follows:
1. The merchant used the bank account of another inactive company to collect the payment, and only transferred part of the payment back to the operating company's account, and modified the invoice to match the amount recovered by the company. This case involves forged documents, which is a serious crime. It is not as simple as simple tax evasion;
2. If you think that payment is collected through a third-party account, you will under-report business income. In fact, it is easy to detect. This is deliberate tax evasion and the crime is very serious;
3. When the tax bureau launched an investigation, the two still denied the relevant charges, resulting in aggravated sentences. In fact, when you encounter an investigation by the tax bureau, you should seek assistance from appropriate professionals and respond appropriately to reduce the penalty;
4. The tax bureau may not be aware of the tax evasion immediately. Many people think it is a easy to hide and do it again and again. But when the tax bureau investigates, it is easy to find out.
There are many ways to save taxes, but you must abide by the following tax-saving tips:
1. Doing business is long-term, and you must file taxes in a legal and reasonable way;
2. Recognize that paying taxes is the responsibility of citizens and they must pay appropriate taxes;
3. Find a qualified accountant to assist with tax filing;
4. Find an accountant who truly wants to help you and be your long-term partner.
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.
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[ 2023-10-27 ]
Key points in the policy address’ support for SME
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Key points in the policy address’ support for SME
The focus of Hong Kong this week is the policy address.
The impact of this year’s policy address on the business community is roughly as follows:
1. The "interest-free principal repayment" arrangement under the "SME Financing Guarantee Scheme" will consider providing more repayment options. Enterprises can choose to repay only 10% to 50% of the originally scheduled principal repayment every month within a specified period. Giving companies more time to transition to normal repayments;
2. Under the BUD Fund, the "E-commerce Easy" subsidy is launched, and enterprises can use 1 million to implement e-commerce projects;
3. Stamp duty on residential property sales:
i) The additional stamp duty period has been shortened from three years to two years. Residential properties purchased before October 21 can receive immediate discounts and be relaxed early;
ii) Buyer’s stamp duty is halved to 7.5%.
Please note: The above measures are only preliminary concepts and implementation details still need to be set and legislation passed.
This year's policy address is unprecedentedly long. The scope of content is also very broad. However, support and support for the business community, especially local enterprises and SME in Hong Kong, have been ignored. In this difficult economic moment, Hong Kong's local enterprises and SME are in greatest need of support and immediate support, but there is no policy assistance, which is puzzling to people today.
You still need to seek blessings for yourself and work hard to be yourselves.
Edward So & Co provides comprehensive business support services to Hong Kong SME, including: accounting, auditing, tax reporting, tax planning and financing services, etc. If you have any business inquiries, please feel free to contact our company.
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[ 2023-10-13 ]
What is a family office?
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"Family office" is a very popular term these days. What exactly is the definition of a family office? Checking the website of the Hong Kong Securities Regulatory Commission, the answer turned out to be... "None"!
Last week, CPA Edward So attended the "Asset Allocation Manager, Family Office Planning" (1) course at Lingnan University and served as one of the lecturers on the topic of "Family Office and Trust Preliminary Preparation".
Accountant So clarified the scope of work of the family office in class and made a summary: "A secretarial and logistical organization serving high-net-worth families/family, providing asset management and inheritance work." In fact, family offices include many types of work. In addition to investments that most people think of, it also includes: trusts, risk management, family cultural inheritance, education, immigration and tax planning, etc., so the business opportunities are many and very wide.
Then he talked about the preliminary preparation work for establishing a family trust: It turns out that the preliminary work for establishing a family trust is very important, and it often takes a long time to prepare. However, if you can plan well and be prepared, the time and expenses required to establish a trust in the future can be greatly reduced, which will also be beneficial to the long-term operation of the trust and cost savings in the future.
Is family office a slogan? Or a business opportunity? It depends on whether we can grasp it well.
Our company can provide tax planning, trust, risk management and immigration services within family offices. If you have related business or inquiries, please feel free to contact our company.
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[ 2023-10-12 ]
Important information, please pay careful attention
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Recently, it was discovered that the WhatsApp account of one of our employees has been stealed, sending inappropriate messages to contacts on the phone (including our customers), such as requests to borrow money, pay fees, assist with transfers, or purchase goods on behalf of others.
Therefore, all friends/customers please pay attention to illegal messages similar to the above. They are not sent by our employees.
Our company has strict regulations that employees are not allowed to make any monetary or personal requests to customers, including borrowing money, assisting with transfers, etc.
If you receive any inappropriate messages from our company or suspected to be sent by our employees, please notify us as soon as possible (telephone 852-2543 3886 or 852-9739 7729).
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[ 2023-10-6 ]
British Virgin Islands (BVI) companies have new requirements?
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British Virgin Islands (BVI) companies have revised their company laws several times in recent years to meet international regulatory requirements. In addition to filing the register of directors and submitting an economic entity report, starting from the 2023 fiscal year, BVI commercial companies will submit an annual return. The annual return includes a profit and loss statement and a balance sheet, which must be submitted within 9 months after the end of the fiscal year. Submit to registered agent. Companies that are not operating are required to submit annual returns.
Under the new legislation, the first annual return will be submitted by September 2024 at the earliest. Failure to submit or late submission will result in fines or even expulsion.
However, please note that the annual return is only filed and remains private and does not require review. Therefore, the BVI company's function in maintaining confidentiality or architectural design still exists.
Other overseas companies, such as the Cayman Islands and Seychelles, are not yet required to file annual returns, so they are another option.
For information on establishing a company in Hong Kong, China, BVI, Cayman, or a Seychelles company, or establishing a structure and taking advantage of overseas companies, please feel free to contact us.
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[ 2023-9-22 ]
The answer to the mystery pictures revealed
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Earlier, a mysterious pictures appeared in our company's conference room. The answer was revealed..."Customer first". This is exactly the service tenet of our company.
Solving riddles is easy if you know how to solve them. To achieve "customer-oriented", we also need to have a set of methods. If you know the method, you can do it.
Our company also holds employee training every month, which includes professional knowledge, company philosophy and experience sharing, etc., so that employees can not only achieve professional standards, but also understand our company's philosophy and practice it in daily work. .
Our company held employee training last week. Through the story of "Selling Shoes in Africa", the importance of thinking from multiple perspectives and attitude towards dealing with things is guided. Being able to hold a positive attitude and think from different angles can often create unexpected results.
Our company will continue to implement the goals of "customer-focused" and "grow with customers and share results" to provide high-quality services and useful new services. If you have any business or inquiries, please feel free to contact our company.
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[ 2023-9-15 ]
Once-in-a-century
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The Hong Kong Central District Commerce and Industry Association (CDA) held a party to celebrate the 74th anniversary of the founding of the motherland on the evening of September 13. Mr. Chen Xuefeng, MH JP, member of the Legislative Council, and Mr. Liang Liren, president of the Hong Kong New Territories Manufacturers' Association, were invited to officiate. More than 60 guests and members attended, the scene was solemn and grand.
Accountant Edward So is the president of the Hong Kong Central District Commerce and Industry Association (CDA). He delivered a speech at the celebration: Hong Kong has experienced a once-in-a-century typhoon and heavy rain in the past two weeks, but they have all passed. In front of us is another once-in-a-century opportunity: the motherland is strong, the economy is developing rapidly, and business opportunities are everywhere. This is a great opportunity for the development of Hong Kong's business community. President Edward So called on all members to seize this once-in-a-century opportunity and invest in development.
At the meeting, Ronald Yuen was invited to introduce his successful experience in starting a business in Foshan City, one of the Greater Bay Areas, and introduced Foshan City’s preferential support policies for entrepreneurship, which just confirmed President So speech: Before us is another century. What a great opportunity.
The Hong Kong Central District Commerce and Industry Association welcomes friends from the industrial and commercial circles. Anyone who agrees with our philosophy is welcome to join and work with us to build Hong Kong.
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[ 2023-9-8 ]
Trending activities: Back to China? Consumption?
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One of the more “trendy” activities in Hong Kong these days is to go back to China for consumption and enjoy the country’s cheap and high-quality services.
Some friends said that Accountant Mr. SO Kwok Wing has rarely been seen in the Hong Kong office recently. Is Accountant Su also following the trend and often traveling to China for consumption?
It is true that Accountant Mr So spent a lot of time back in China last month, but of course it was not simply to participate in consumer trend activities.
Accountant Mr So is the leader of several chambers of commerce and associations. Last month, he organized and participated in a return trip to many cities, counties and other places in China to visit local government leaders and business group leaders to learn about the economic conditions and development directions of different places in the country and provide advice for Hong Kong. Find more business opportunities.
In recent months, the economic development of the motherland has shown a downward trend, and the situation in Hong Kong is not ideal. The joint development of China and Hong Kong is an inevitable trend. If we can find our respective strengths and needs, cooperate with each other, and work together to develop, the opportunities will still be great.
Although Accountant Mr So's time in Hong Kong may become less, the contact with clients will not be broken or slowed down. You can continue to use WhatsApp, WeChat, etc., or contact colleagues from relevant departments of our company.
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[ 2023-9-1 ]
A loving mother is admirable, a loving mother with high knowledge is even more powerful.
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The Economic Daily reported earlier this week that the convener of the Executive Council, Yap Lau Suk-yee, bought a residential unit for her daughter to live in. Is it surprising that parents buy a house for their children? Is there anything worth reporting?
Ms IP may give people a strong impression because of her former position as the Secretary for Security. But when it comes to their children, every mother is a loving mother.
It is inevitable that Ms. Ip is a member of the Council and has a high level of knowledge.
According to a report by the Economic Daily, Ms Ip bought a residential unit worth 51.8 million by purchasing a company, which saved 7.66 million in stamp fees compared to buying a residential unit directly. Such a highly knowledgeable and loving mother is even more incredible.
According to Hong Kong law, more than 10% stamp fee is required to be paid for the purchase of residential properties, but the acquisition company (holding property) only needs to pay 0.2% stamp fee, which is quite different.
This is actually just a small trick. Of course, ordinary citizens and investors may not be familiar with various tax-saving methods, but if you have a familiar and experienced professional, such as an accountant, as long as you make more inquiries and learn more, there are actually many ways to reduce taxes legally and reasonably.
Accountant So Kwok Wing has more than 30 years of professional service experience in Hong Kong, including accounting and tax planning. If you have any questions or plans about taxation or company structure, please contact us.
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[ 2023-8-25 ]
How big is the power of 1,000 people?
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The inauguration ceremony of the 19th board of directors of Hong Kong Commerce and Industry Associations (HKCNIA) was held in the Hong Kong Convention and Exhibition Hall on Wednesday.
More than 1,000 people attended the ceremony, including Mr. Wong Wai-lun, Deputy Financial Secretary, Mr. Tang Bing-keung, Secretary for Security, and Mr. Leung Kwan-yin, President of the Legislative Council were invited to officiate in person. The scene was solemn, grand and lively.
Accountant So Kwok Wing is the chairman of Hong Kong Central District Commerce and Industry Association (CDA), and also serves as the vice president of the HKCNIA. He attended the inauguration ceremony.
Hong Kong Central District Commerce and Industry Association has only been established for two years, but various conference affairs have been actively carried out: many business promotion activities, regional work and charity affairs have been organized.
Hong Kong Central District Commerce and Industry Association (CDA) is a member association of the Hong Kong Commerce and Industry Associations (HKCNIA). Through the thousands of members of the Associations. It can gather greater business power and make positive contributions to the re-take-off of Hong Kong's economy.
Hong Kong Central District Commerce and Industry Association welcomes friends from all business circles, as long as they agree with our philosophy, they are welcome to join and build Hong Kong together with us.
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[ 2023-8-18 ]
Mysterious pictures
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At the beginning of this week, a mysterious pictures appeared on the writing board in the meeting room of the company. It is said that it is a four-character word, which is related to the service purpose of our company and has some inspiration for our company's future work direction.
The staff at Edward So & Co. are very smart. This mysterious pictures was deciphered by several employees within a day.
This four-character phrase is used as a slogan by many service organizations, but most of them are just "slogans" without practice, but it has the opposite effect: customers feel that the organization is saying one thing and doing another.
How can we truly achieve the true meaning of the four-character phrase? We believe that the most important thing is to use "empathy" or "transposition thinking", try to look at things from the customer's point of view, know what the customer's needs are, and under reasonable circumstances, to meet the customer's needs is the real To achieve the true meaning of the four-character phrase. All employees of our company will continue to take this as their work purpose, practice its true meaning, and serve the majority of customers.
Dear friends, please join us to crack this mysterious pictures. If you know the answer, please send the following message to Accountant So Kwok Wing (whatsapp 9739 7729, or inform your familiar staff of the company.
"I guessed it, the answer is XXXX"
The 30 friends who solve the mysterious pictures the fastest will get a prize.
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[ 2023-8-11 ]
Interview by Metro Finance Radio Hong Kong
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Edward So & Company, Certified Public Accountants was honored as a finalist brand in the "2023 Famous Brands Hong Kong" conference. A few days ago, he was interviewed by Metro Radio's "Brand Success Road" program, introducing the company's philosophy and experience in creating a brand. The recording of the interview was broadcast on Metro Finance Channel at 7 am on August 5th.
The purpose of Edward So, Certified Public Accountants is to become the business partner of customers. We provide customers with comprehensive business management and consulting services in a professional and efficient manner, characterized by understanding customers' needs and assisting customers to solve various business problems, enabling customers to grow rapidly and improve profitability, together with us to grow and reach success.
Establishing a brand is also based on pragmatic work and solid service, understanding the situation and unique requirements of customers, providing customers with useful and valuable services, establishing a good reputation, and passing on word of mouth from customers, thus establishing a solid foundation.
The interview was conducted in two parts with a total duration of approximately 20 minutes. Dear friends, you can listen to it when you are riding a car or eating, and learn more about our service purpose and work.
Please click the link below to listen:
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