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|Below 30||US$ 370|
|30 to 59||US$ 420|
|60 to 99||US$ 480|
|100 to 119||US$ 510|
|120 to 199||US$ 630|
|200 to 249||US$ 830|
|250 to 349||US$ 1,120|
|350 to 449||US$ 1,510|
|450 and Above||To be confirmed|
Auditing fee is calculated based on the revenue of your Hong Kong company in a reporting period
|Turnover (Million HKD)||US$ Estimated Equivalent (*)||Fee|
|Below 0.5 M||Below 64,500||US$ 939|
|0.5 M to 0.74 M||64,500 to 95,999||US$ 1,070|
|0.75 M to 0.99 M||96,000 to 127,999||US$ 1,280|
|1 M to 1.49 M||128,000 to 191,999||US$ 1,650|
|1.5 M to 1.99 M||192,000 to 255,999||US$ 1,810|
|2 M to 2.99 M||256,000 to 383,999||US$ 2,050|
|3 M to 3.99 M||384,000 to 511,999||US$ 2,420|
|4 M to 4.99 M||512,000 to 640,999||US$ 3,450|
There are mainly 3 types af tax returns, you need to file to the IRD: Employer’s Return, Profit Tax Return and Individual Tax return.
Each entrepreneur is obligated to file these 3 tax returns each year since the first return is received.
For those companies registered in offshore jurisdictions but having profit derived from HK, they are still liable to HK Profit Tax. It means these businesses need to file the Profit Tax Return to the IRD
Read more: Hong Kong offshore tax exemption
The IRD will issue Employer’s Return and Profits Tax Return on the first working day of April every year, and issue Individual Tax Return on the first working day of May every year. It is required for you to complete your tax filing within 1 month from the date of issue; otherwise, you may face penalties or even prosecution.
The Government of Hong Kong requires all companies incorporated in Hong Kong must keep financial records of all transactions including profits, revenues, expenses should be documented.
18 months from the date of incorporation, all companies in Hong Kong are required to file their first tax report which consists of accounting and auditing reports. Furthermore, all Hong Kong companies, including Limited Liability, the annual financial statements must be audited by external independent auditors who hold the Certified Public Accountants (CPA) license.
For more information, please send us an inquiry via email: [email protected]
The reason is that if your business has profits derived from HK, even if your company is registered in offshore jurisdictions, your profits are still liable to HK Profits Tax and you need to file the Profits Tax Return compulsorily.
However, if your company (whether it is registered in HK or offshore jurisdictions) does not involve a trade, profession or business in HK that has profits arising in or derived from HK, i.e. your company is operating and generating all profits wholly outside HK, it is possible that your company can be claimed as an ‘offshore business’ for tax exemption. To prove your profits are not liable to HK Profits Tax, it is suggested to select righ experienced agent at the initial stage
The accounts of a limited company shall be audited by a Certified Public Accountant before submitting to the Inland Revenue Department (IRD) together with an auditor's report and Profit Tax Return.
Generally, offshore companies are free from tax liabilities, all foreign-sourced incomes are tax exempted for companies incorporated in Hong Kong. To be qualified for Hong Kong offshore tax exemption, companies need to be assessed by the Inland Revenue Department (IRD) of Hong Kong.
If you still want to know more information about tax exemptions for Hong Kong offshore companies, you can contact our consulting team via email: [email protected]
Any person who fails to file tax returns for Profits Tax or provide false information to the Inland Revenue Department is guilty of an offence and liable to prosecution result in penalties or even imprisonment. In addition, section 61 of the Inland Revenue Ordinance addresses any transaction which reduces or would reduce the amount of tax payable by any person where the Assessor is of the opinion that the transaction is artificial or fictitious or that any disposition is not actually in effect. When it applies the Assessor may disregard any such transaction or disposition and the person concerned shall be assessed accordingly.
A beginning penalty of few thousand dollars or above may be applied if a Profit Tax Return hong Kong is not submitted before the due date.
A further fine may also be applied by a district court from the Inland Revenue Department.
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