Accounting Services in Hong Kong | Important aspects of incorporating a business in Hong Kong

Accounting, auditing, and tax filings are some of the important aspects of a business that cannot be ignored irrespective of whichever stage your business may be at. Thus, it is important to consider choosing the right accounting services in Hong Kong for your business right from the start. Procrastinating the same may lead to a lot of unpleasant consequences in the form of wasteful expenditures.


 Standards for choosing the right accounting and auditing services

If you want to avoid legal implications and complications from the penalties due to incorrect tax filings associated with your business in Hong Kong, then you must understand accounting.

Hong Kong stands apart in the Asian countries due to the high level of transparency and free flow of information. The country has significantly low levels of corruption as compared to other Asian countries as per reports. The Independent Commission Against Corruption carries the mandate to deal with corruption cases or practices both in public as well as the private sector.

Certified Public Accountants of Hong Kong play a vital role in this anti-corruption system. There are various accounting, auditing, quality control, quality assurance and other kinds of related service standards required to be followed for tax submission through yearly tax assessment to the Inland Revenue Department.

Thus, it is imperative for businesses to follow the standards of accounting auditing as they are applied to a member of the Hong Kong Institute of Certified Public Accountants (HKICPA).

General considerations

The Inland Revenue Department would issue your business a letter requiring the submission as well as the preparation of the tax return form within 18 months of the incorporation of the business. The financial year in Hong Kong starts from April 1st and continues until the 31st of March of the following year.

You have to submit the first audit report alongside the completed tax return within 3 months after the profit tax return form (PTR) has been issued to you. After this, the PTR form would be issued to you on an annual basis, which means you have to carry out the same procedure every year.

Your company would need an accountant and an auditor for sanctioning of the company's accounts, collecting the supporting documents and for providing the bank statements for all the transactions.

You may reach out to GeekaySys in order to find out more and get in touch with one of the reliable accounting services in Hong Kong.

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