Inland Revenue Department (IRD)
Renew businessregistration (BR) every year. No matter you actually do businessor not (dormant), it is necessary to renew BR. If for any reason, you omitted any year of renewal, you still have to pay them up even you want to close the company.
File Profits TaxReturn. The first thing to do is select a year end. If no other reason, we suggest 31st March. As your companystarts not on 1st April, your first year will not has exactly 12 months of record. The first set of Profits TaxReturn will arrive around 18 months after your incorporation. However, please don't delay in doing accounting, auditing and report proactively to the IRD. Legally it is tax payer's duty and late report may lead to penalty, especially when IRD finds you're delaying government revenue. There is mis-understanding that a non-active companydoesn't need an audit report. This is incorrect. Only a "dormant" companymeets certain criteria can be exempted.
File Employer's Return for your employees. This is to report to IRD how much salary you paid to your staff in the past year. The year end is always 31st March.
To fulfill above, you need an accountant to prepare the financial statements, an auditor to issue an Auditor's Report and to file the tax returns. (Please refer to "Accounting, Tax & Audit" section for further information.)
Company Registry (CR)
File Annual Return and pay the filing fee accordingly on every year's anniversary date. The fee is around HK$105. However, the penalty for late filing may be up to thousands and counting day by day.
During the year, file to CR any change in company constitution and matters requiredby the Company Ordinance. Those information filed will be available for public search. You can regard this as a criteria for your company to enjoy the status of "limited liability". Any undue compliance of CR requirement may make a contract not enforceable.
Keep proper record of company minutes and information in a Statutory Record Book.
