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What's News |
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[ 2022-12-29 ]
Family Trusts
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You may have heard of family trusts in recent years on the newspaper, not on the financial section, but on the entertainment section.
Many people only have half-knowledge about family trusts, thinking that they are for the super rich people, in fact, is it true?
CPA So Kwok Wing is the chief consultant of CCKT Limited (CCKT). One of the mission of CCKT is to provide consulting services for clients to set up family trusts. Recently, CCKT accepted an interview with a Key Opinion Leader(KOL), KK, explaining the purpose of family trusts and some public myths. Attached youtube link below.
The film is 10 minutes long, which is a bit long, but the content is relaxing and informative. After reading it, not only you will gain knowledge with family trusts, you will understand that family trusts are actually a very effective asset management and risk management tools, and you will find that family trusts is not as far as you think. Maybe you, or friends around you are in need with family trust.
If you want to know more about family trusts or have any questions, please contact us.
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[ 2022-12-23 ]
What is Christmas?
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What is Christmas?
Christmas is a day of universal celebration. Our company also held a Christmas party for employees. Everyone can relax in the busy work and feel the joy of festival in advance.
What is Christmas truly means? Why do we celebrate Christmas?
Christmas today have packaged it as a day for fun and consumption. However, is the true meaning behind Christmas are really just fun, gifts, and consumption?
Christmas is a festival of western religions, commemorating the birth of the savior to the world, and symbolizing the coming of a new era and new hope. Everyone should understand the true meaning of Christmas. During the time to relax from work, We should re-organize ourselves and our thoughts, planning the direction of the future, and re-establish work plans to welcome the advent of a new era.
I wish you all a happy Christmas holiday and let's embrace the coming of the new year together.
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[ 2022-12-16 ]
Merry Christmas
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Merry Christmas
The Hong Kong Central District Commerce & Industry Assocaition and the GBA Youth Entrepreneurs Association jointly organized the 2022 Christmas gathering on the evening of December 15th.
Before the evening party, a signing ceremony of the friendly cooperation agreement was held to strengthen the cooperation and resource sharing of the two associations . It was also witnessed by the HKSAR former secretary for Home Affairs, Ho Chi Ping GBS, JP, MD, MH and the Hong Kong (SME) Economic and Trade promotional Association permanent Honoaray President, Mr. Zhang Chuanhuang
More than 140 guests and friends attended the party. There are number of games, lottery and other programs; guests and members of the association chatted enthusiastically, met new friends, and the atmosphere was lively. The gathering was successfully completed in a warm atmosphere.
Accountant So Kwok Wing is the president of Hong Kong Central District Commerce & Industry Assocaition (CDA) . The goal of CDA is to "communicate industry and business, unite forces, and create business opportunities together."
For information on past activities of the Hong Kong Central District Commerce & Industry Assocaition, please refer to the website: https://hkcdcnia.org
Hong Kong Central District Commerce & Industry Assocaition welcomes friends from all business circles. As long as you agree with our goal, you are welcome to join and build Hong Kong together.
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[ 2022-12-9 ]
Importance of tax declarations
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Recently, I have received a lot of inquiries from new friends. They are receiving tax inquiries from the tax bureau, or have been investigated by the tax bureau.
In fact, the government treasury is empty today, and increasing tax investigations may be a way to increase treasury revenue in the short term. It is foreseeable that the number of tax inquiry or investigation cases will continue to increase next year. However, when Hong Kong is facing a difficult economic period, this approach may make the company worse, and it is the opposite to the government's policy of promoting economic recovery after the epidemic.
In recent years, the Hong Kong Inland Revenue Department has taken a stance on tax inquiries or investigations very strict, even unreasonable, and ignores real business practices. It is quite different from the previous direction that was based on laws or cases. Faced with the aggressive attitude of the tax bureau, the defense is often very difficult, and the final effect is not ideal.
In fact, the best way to deal with tax inquiries or investigations is to do a good and clear tax declarations, keep clear documents, and try to avoid suspicion from the tax bureau and lead to investigations. When an inquiry is encountered, the required information can be provided as soon as possible to avoid turning it into an investigation case. Therefore, the annual auditing, tax declaration and other work are the most important and should not be underestimated.
The goal of our company is to make tax plans for customers every year, and to do clear tax returns every year without causing any doubts.
If you have any tax-related inquiries, please feel free to contact us.
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[ 2022-12-2 ]
Hong Kong Central District Commerce and Industry Association X DBS Bank
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Hong Kong Central District Commerce and Industry Association (HKCDCIA) crossover DBS Bank
HKCDCIA recently held a business luncheons with DBS Bank, the response was overwhelming.
DBS Bank fully supports and sponsors meals and lucky draw gifts. DBS Bank, led by Vincent Wong, executive director of corporate and institutional banking, participated in the gathering with a team of more than ten people, and had in-depth exchanges with 50 members of the HKCDCIA, led by president So Kwok Wing.
Among them, DBS Bank introduced a lot of banking business information, including: Business Class promotion platform, opening bank accounts, loan services, payroll accounts, etc., and will provide various banking service discounts for members of the HKCDCIA. During the meeting, members of the HKCDCIA shared the Greater-Bay Area Student Internship Program and BUD government funding application tips. The content is substantial and can effectively help members solve business problems.
Accountant So Kwok Wing is the president ofHong Kong Central District Commerce and Industry Association. The goal of HKCDCIA is to "communicate industry and business, unite forces, and create business opportunities together."
The Central District Federation of Industry and Commerce welcomes friends from all business circles. As long as you agree with our goal, you are welcome to join and build Hong Kong together.
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[ 2022-11-25 ]
Meeting with Legislative Council Member - Mr Chan Hok-fung
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On the past Monday, Mr So Kwok Wing led the members of the board of directors of the Hong Kong Central District Commerce and Industry Assoication to visit the Legislative Council Member, Mr Chan Hok-fung, at the Legislative Council Building.
At the meeting, Mr CHAN introduced the operation of the Legislative Council and the work of the members. Mr So also introduced the basic situation of the Hong Kong Central District Commerce and Industry Assoication, and raised several issues of concern to the business community, including:
1. The urgency of internal and external customs clearance;
2. The problem of shortage of human resources;
3. In response to the current economic situation, government support for enterprises.
Mr CHAN responded in detail and candidly to his views and the response of the Legislative Council one by one. Members of the board of directors also raised other issues of concern to the business sector, which were answered by Mr. CHAN one by one. Regarding the issues that has addressed, Mr. CHAN has also remarked some of the questions and will follow up with us in the further.
This visit not only reflected the concerns of the business sector to Mr CHAN, but also established a communication channel, which helped to enhance mutual communication and understanding among the business sector, parliamentarians and the government.
Mr So Kwok Wing is the President of the Hong Kong Central District Commerce and Industry Assoication. The goal of the Association is to "connect industry and benefit business, unite forces and create business opportunities".
The Hong Kong Central District Commerce and Industry Assoication welcomes friends from the business community. If you agree with our vision, you are welcome to join and build Hong Kong together.
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[ 2022-11-18 ]
Talent is to be shaped
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In a popular Hong Kong drama , there is a CFO who always say mean words to the employees such as:
1. You are REALLY stupid!
2. Human head pig!
3. you are such a nonsense!
Remember, the above statement is only for plot needs, employers and supervisors in reality should not followed.
Talent is to be shaped
- Assign the corresponding work according to the strength of employees, put them in the right position to shine
- Focus on the strength of employees and provide training;
- Set goals and review results regularly;
- Immediately correct mistakes in work and solve problems;
- Encourage creative thinking, add new elements to old work patterns, and keep pace with the times.
We are a professional and creative service team. Only high-quality employees can provide high-quality services to customers. In order to help customers continue to develop their business, we are expanding and need more people with the same vision to join our company.
If you are interested in joining our team, please contact Ms Wong at 2543 3886.
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[ 2022-11-10 ]
Tax saving tips
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Last week, the Inland Revenue announced that a businessman was sued for deliberately underreporting his business income and rental income. After trial, he was convicted of tax evasion and sentenced to 14 months in prison and a fine of HKD 820,000. The 14-month prison sentence in this case is relatively serious, because it is obvious that tax evasion was deliberately underreported; but the fine is only 820,000, which is a relatively small number.
The analysis of the problems in this case is as follows:
1. The businessman is using a sole proprietorship company (i.e. "unlimited company") to conduct business and file tax returns. Because the accounts of unlimited companies do not need to be audited by independent auditors, the tax bureau sees them more strictly and has a higher chance of reviewing them;
2. Short reporting of business income is deliberately concealing tax, the crime is very serious, and it is easy to detect;
3. Failure to report rental income is also a serious crime and easy to detect.
In fact, there are many ways to save tax, but the following tax saving tips must be followed:
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.
A detailed explanation of the above tax saving tips has been posted on our facebook/website on 21 July this year, please refer to the relevant content.
Our company is a licensed accounting firm in Hong Kong and has more than 30 years of experience in handling various taxes. Our goal is to grow with our customers and to share result together.
If you have any tax questions, please feel free to contact us.
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[ 2022-11-3 ]
Things you need to know before immigrate: understand the global taxation system, the definition of tax residency
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Before immigrating, you must pay attention: understand the global taxation system, the definition of tax residency
Living in Hong Kong is a blessing. Compared with other countries in the world, the tax system in Hong Kong is simple and the tax rate is low. Hong Kong is taxed based on the territorial principle, which means, only income or profits originating in Hong Kong will be taxed; profits earned overseas are not subject to tax in Hong Kong.
However, popular immigration countries for Hong Kong people, such as the United Kingdom, Australia, Canada, etc., all adopt global taxation. Therefore, before immigrating, you should first understand the taxation systems of different countries, the definition of tax residents, well prepare tax planning before immigration, otherwise you will regret it after landing......
Don't ignore it because you have only a small amount of assets. As long as you have an apartment in Hong Kong, the tax burden after immigration can be unimaginable.
On the contrary, tax planning before immigration can successfully and effectively reduce the tax burden, which is to increase income in disguise. Assets are secured, and moving abroad is a pleasure.
Our company is a licensed accounting firm in Hong Kong and has more than 30 years of experience in handling various taxes. We also have tax expert partners in the UK and Australia, who can provide pre-immigration consultation and tax planning preparation, as well as post-immigration tax reporting. Most importantly, our tax expert partners speak Cantonese.
If you have any tax questions, or pre-immigration tax planning consultation and preparation, please contact our company.
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[ 2022-10-27 ]
If you are not in Hong Kong, it is more difficult to open a company bank account?
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It is difficult to open a company bank account in Hong Kong nowadays. If people are not in Hong Kong, it is even more difficult to open a company bank account?
Now that the economy is starting to recover, many friends from overseas plan to set up limited companies in Hong Kong to seize business opportunities. However, it is very difficult to open a company bank account in Hong Kong at present. It is necessary to provide relevant business certificates, office leases, qualifications of relevant personnel, etc., and it is necessary to go to the Hong Kong bank office in person to go through complicated procedures and it takes a long time. It is already very difficult for a company owned by Hong Kong people to open an account; for a company owned by a friend from overseas, it is even more difficult. A series of difficulties, difficulties, and difficulties, is that mean you have to stop and leave this huge opportunity in vain?
Fortunately, there are a few relatively local banks that can handle the account opening procedures for Hong Kong companies whose people (company shareholders, directors) are located in China, domestically or remotely, but with more requirements and more complicated procedures....
Our company can help customers to open Hong Kong bank accounts for Hong Kong companies without coming to Hong Kong and stay in their country. Our company will first coordinate, collect and review of the company's account opening information, and then contact the bank to arrange the account opening process, which will speed up the account opening process time, save customers from coming to Hong Kong, and make account opening faster, more time-saving and cost-effective.
If you need to open a corporate bank account in Hong Kong, please contact us.
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[ 2022-10-14 ]
Business are starting to back on track, but are you ready?
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"Opportunities are reserved for those who are prepared", this sentence is always true.
In the past two years, many industries have been hit hard by the epidemic, but gladly, the epidemic has gradually eased, and the life in Hong Kong has begin to return to normal. Have you prepare your business or yourself to return to the normal business environment?
In fact, some far-sighted friends have already taken the lead and prepared themselves to get back on track by learning and making tax planning for their future greater income.
Last month, our company was invited by several insurance teams, to explain Hong Kong tax regulations, share tax declaration methods for insurance agents, and tax planning methods for their teams. These opportunity has helped the team members increase their business knowledge, help them understand to the importance of tax planning with the great money they had earned. Tax planning preparation cannot be done in a day or two, a month or two, but a long period of time in order to effectively reduce the tax burden.
Do you have any plans for your business to prepare the economic which about to return back to normal? Keeping good accounting records is not only a legal requirement, but more importantly, it can provide real-time and accurate data and make timely adjustments for business direction. A good tax plan will reduce tax expenses and increase profits.
Our company will provide customers with accounting services, tax planning and tax reporting services at a cost-effective fee.
If you want to know more about this, please contact our company.
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[ 2022-10-7 ]
What is a company's greatest assets?
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What is a company's greatest asset? Consider this case: one of Hong Kong's largest airlines laid off 5,300 Hong Kong employees when the economy slumped in October 2020. However, in October of this year, when the demand for aviation services increased greatly, there were not enough employees to open additional flights, and miss out a lot of money-making opportunities. Although the airline wanting to recruit 4,000 people, the response is not very well. It seems that the assets of this airline only left with a pile of iron (airplanes).
Our company has long recognized that the greatest asset of a company is "employees". Talent is the value of the company, and people are not tools for making money; good employees must be patiently nurtured, work with understanding, and mutual trust can be formed in order to form the company's assets, to maximize the company's potential, and to provide customers with the best service.
In the past three years, our company has been inevitably affected by the economic environment, and both business and profit have declined, but we have never cut staff due to business loss, nor have we reduced salary due to the decline in profit. Since we are convinced that the greatest asset of an enterprise is people. Our team may not be the best of the best, but they are the best service team, who can think about everything from the customer's point of view, and continue to provide useful and cost-effective services. They are our company's greatest asset and the best business partner of our customers, who can grow and share results together.
As the epidemic begins to subside and economic activities begin to recover, everyone must plan their human resources well, not end up left with a bunch of "iron".
Our company also provides recruitment services. If necessary, please contact our company.
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[ 2022-9-30 ]
Company search, what can be found?
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Company search, what can be found?
In Hong Kong, the company's information transparency is very high. Anyone can check the company's information on the "CR cyber search centre" after paying a fee. However, this tradition has changed.
The second phase of the new 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" (including the director's residential address, identity card and passport number, etc.) which contained in the company register of directors will no longer be available for public inspection. When the public inspects the company registration documents at the Companies Registry, the "protected data" part will be replaced by the correspondence address, or only part of the number will be displayed, and the scope of use of the documents is also strictly limited. "Protected data" can only be obtained by a "specified person" who has applied to the Companies Registry.
Starting from 24 October 2022, some public forms (such as annual return, company incorporation form, notice of change of company secretary and director, etc.) will be updated, and existing forms will no longer be accepted. In addition, if you need to revise the documents already registered with the Companies Registry, you need to submit a new Amendment Form (Form AD) for revision.
There will be fewer disclosures of "protected information" starting next year, and details will be introduced at a later date.
Our company has applied to the Companies Registry as a "specified person". If you need assistance with the new arrangements, please contact our company.
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[ 2022-9-23 ]
Technology Voucher Trap
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Technology Voucher Trap
Since the launch of the Technology Voucher Programme, it has been very popular with SMEs. However, due to the complicated application process and many procedures, it is easy to be trapped by "middlemen".
Trap 1: You don't need to pay a dime
The Technology Voucher Program is in matching form. The government subsidizes 75% of the expenditure of enterprise technology projects, with a ceiling of HK$600,000, and the enterprise itself has to pay 25%; however, some "middlemen" or "technology suppliers" deliberately confuse the public, and tell the corporate that they don't need to pay anything, or they can even earn money from it. If this is the case, it is illegal.
Trap 2: You don't need to take care of the matters
Due to the complexity of the information technology system and the lengthy application procedures, ordinary SMEs may not be able to fully understand. Some people see the mentality of bosses who are "greedy for convenience" and claim that they can apply on their behalf with only a small deposit. However, after the application, the implied terms are pointed out. If the customer fails to support the huge amount of "second installment fee", the project will be terminated immediately and the deposit will be forfeited.
Trap 3: You cannot fully use what you spent
Technology suppliers pretend to be technology voucher consultants, and then try to persuade customers to use the designated suppliers. If the customers do not choose the suppliers that provided, they will purposely delay their job; however, choose their designated suppliers, customers often cannot use the designated suppliers due to the low quality of the products, or have no actual function, and the products become useless, which ultimately benefit only the supplier.
The Technology Voucher Program is indeed of great help to SMEs. However, if you do not follow the proper method to apply for and execute the application, or you are greedy for convenience, you will easily fall into the trap, which will result in loss of money and time in the small, and violation of the law in the large.
If you want to know more about the Technology Voucher Program, if you need to apply, or want to know more about the application procedures, please contact our company.
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[ 2022-9-16 ]
Celebrate the National Day
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Celebrate the National Day
This year marks the 73rd anniversary of the founding of the People's Republic of China.
So Kwok Wing, Accountant, is the President of Hong Kong Central District Commerce And Industry Association. The goal of the Hong Kong Central District Commerce And Industry Association is to "connect industry and benefit business, unite strengths, and create business opportunities", bringing together people from all sectors of the business community in Hong Kong to do practical work and build Hong Kong's economy together.
The Association held a celebration of the National Day this week. And invited Michael Lee Chun-keung, a member of the Legislative Council, to officiate. The celebration of the National Day ceremony was solemn, and everyone felt the hardships of the founding of the country and the great achievements in the past 73 years.
After the celebration, a business dinner was held, the guests and members got to know each other in a relaxed atmosphere. The grand finale lottery have pushed the atmosphere to the peak, the guests and hosts are happy, and the purpose of business communication has achieved.
Hong Kong Central District Commerce And Industry Association welcomes friends from all business sectors. If you agree with our philosophy, you are welcome to join and build Hong Kong together.
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