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Company Renewal & Tax Report Overview

Updated time: Jul 30, 2018 , 17:41 (UTC+08:00)

Company renewal and tax report – overview

Every company will need to renew annually to keep the company in good standing. The due date of the renewal depends on the jurisdiction.
All limited companies (including private, public and corp) in the UK, Hong Kong, Singapore and USA must submit an annual return to the Companies Registrar every year.
The annual return provides a snapshot of general information about your company, including details of directors and company secretary (if you have appointed one), the registered office, share capital and shareholdings, any change over the last year etc.

Company directors are legally required to file an annual return

As a limited company director, you are legally obliged to file an annual return for your company. In fact, it is a criminal offence to fail to deliver your annual return on time.
If you do not submit your return within 28 days after your company’s ‘made up date’ you will face penalties. The relevant authority could even have your company struck off the company register.
Each year, the Company Registrar will write to your registered address informing you of the need to submit your annual return.

Accounts and tax returns for private limited companies

After the end of its financial year, your private limited company in Hong Kong, UK, Singapore and US must prepare:

  • full annual accounts; and
  • a company tax return.

You need your accounts and tax return to meet deadlines for filing with the local tax authority. In Hong Kong, the Inland Revenue Department will normally request the 1st tax return around 18 months after incorporation, but for the UK and Singapore it is the anniversary date.

Offshore Company Corp can help you fulfil any requirement!