In Hong Kong, financial statements of a limited company must audit annually
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In Hong Kong, companies are subject to audit requirements under the Companies Ordinance. According to the ordinance, all companies incorporated in Hong Kong, regardless of size, are required to have their financial statements audited annually by Certified Public Accountants (CPAs) registered with the Hong Kong Institute of Certified Public Accountants (HKICPA). The audit must be conducted in accordance with Hong Kong Financial Reporting Standards (HKFRS) or SMEFRS. The audited financial statements must be presented to shareholders at the annual general meeting. For limited by guarantee limited company, a copy of audited financial statements must be filed with the Companies Registry. Non-compliance can result in penalties or legal consequences.
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Audit and tax filing requirements
Stipulated by the law and tax regulations, all Hong Kong limited company shall carry out their audit and tax filing in annual basis
In Hong Kong, companies are subject to audit requirements under the Companies Ordinance. According to the ordinance, all companies incorporated in Hong Kong, regardless of size, are required to have their financial statements audited annually by Certified Public Accountants (CPAs) registered with the Hong Kong Institute of Certified Public Accountants (HKICPA). The audit must be conducted in accordance with Hong Kong Financial Reporting Standards (HKFRS) or SMEFRS. The audited financial statements must be presented to shareholders at the annual general meeting. For limited by guarantee limited company, a copy of audited financial statements must be filed with the Companies Registry. Non-compliance can result in penalties or legal consequences.
Size Criteria: The company must qualify as a "small private company" as defined under the Hong Kong Companies Ordinance. This typically includes companies that meet two out of the following three criteria: Total revenue not exceeding HK$100 million. Total assets not exceeding HK$100 million. Not more than 100 employees.
The first audit report fall due after 18 months since the company's incorporation date
All accounting transactions such as contract, sales invoices, cost invoices, expense invoices, bank statements
Understand what is audit
Audit procedures in Hong Kong involve planning, risk assessment, and obtaining evidence. Auditors evaluate internal controls and perform substantive tests on financial statements. Compliance with the Hong Kong Financial Reporting Standards (HKFRS) is essential. The process concludes with an audit report, ensuring transparency and accountability for stakeholders in the financial system
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The audit fee mainly depends on company transaction volume, size of assets, size of liabilities, nature of business
The audit and report
Audit procedure normally takes one month upon all documents being supplied to auditor
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We have three qualified Certified Public Accountant of Hong Kong (HKICPA members). Two of them are practising member
Audit Plans Suited to your Business
Our services plan cover startup business of well established multi national enterprise
BILLED ANNUALLY
- Audit report (Under HK SME-FRS)
- Tax computation
- Completed tax return
- Profits Tax Return submission to IRD
Tax and filings
Billed annually
- Audit report (Under HK SME-FRS)
- Tax computation
- Completed tax return
- Profits Tax Return submission to IRD
Tax and filings
Billed annually
- Audit report (Under HK SME-FRS)
- Tax computation
- Completed tax return
- Profits Tax Return submission to IRD
Tax and filings
Profits Tax Return Deadlines
The tax return submission deadline is one month after receipt of profit tax return. However it may be extended mid of August, mid of November or end of January, subjected to some criteria
| Company year-end date | Standard deadline for submitting Profits Tax Return to the government (IRD) | Extended due date |
|---|---|---|
| April 1 - November 30 (N code) | May 2 of the next year | No extension |
| December 1 - 31 (D code) | August 15 of the next year | No extension |
| January 1 - March 31 (M code) | November 15 of the same year | January 31 of the next year for companies that have suffered a tax loss (application must be lodged on or before October 31) |
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Frequently Asked Questions
If a company is fully dormant without any accounting transactions, and filed a shareholder resolution to Companies Registry declaring dormant, then the company does not required to audit during such dormant period. However solely holding an asset is not dormant
Yes, if the company is a limited company incorporated in Hong Kong, no matters where is the company operation, the company still need to conduct audit and report tax annually
It depends. After evaluate all the circumstances, the auditor may accept e-signature on audit report
Generally it's disallowed by Companies Ordinance and accounting standard
Upon receipt the necessary all accounting documents from client, auditor generally one to one and a half month to issue the draft audit report for client comments