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Taxation Services for Hong Kong Limited Company

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Taxation Services for Hong Kong Limited Company

WeCorp arranges full tax filing support for you, from accounts preparation, financial statement preparation, audit by Hong Kong licensed auditors and submission of profits tax returns to ensure a smooth and compliant process.

Hong Kong Limited Company Tax Return Requirements

Persons who must file tax returns

Limited company carrying on any trade, profession or business in Hong Kong
profits arising in or from Hong Kong from that trade, profession or business
If you receive a tax return, you must complete and return it by the deadline, even if the company is not making a profit or has suspended business.

Tax-exempt business

Business not yet started
Discontinued and not yet re-opened for business
Businesses not earning assessable profits

Profits tax rate (2024/25)

Hong Kong has a two-tier profits tax system:

First HK$2 million profit: tax rate 8.25%
Profit exceeding HK$2 million: tax rate 16.5%

A group can only claim the two-tier tax rate for a maximum of one subsidiary, and the rest of the business must be taxed at the rate of 16.51 TP3T.

Tax Return Process for Limited Companies

Receive Tax Returns

The Inland Revenue Department (IRD) issues Profits Tax Returns to all companies in Hong Kong on the first working day of April each year. Newly registered limited companies usually receive their first Profits Tax Return about 18 months after their incorporation.

Preparation of audit accounts

According to the Hong Kong Companies Ordinance, all limited companies established in Hong Kong, irrespective of their size, are required to prepare audit reports on an annual basis as supporting documents for tax return forms.

Fill in the tax return

Fill in the information on your profits tax return carefully.

Filing Tax Returns and Related Documents

Submit by the following methods before the deadline:

Paper tax return: fill in the form and mail it to the Inland Revenue Department.

Company Tax Services

Taxation Services for Limited Companies

We specialise in arranging tax returns and audits for Hong Kong limited companies, and provide one-stop arrangements for profits tax returns and auditor's reports, helping you to be legally compliant and save time and effort.

Unlimited Company Tax Services

We specialise in arranging tax filing services for unlimited companies (sole proprietorships/partnerships), properly handling profits tax returns, accounting accounts, and providing tax-saving advice to help you complete your tax returns easily and accurately.

Individual Tax Return Service

We specialise in handling personal tax returns, filling out salaries tax forms on behalf of individuals, and providing advice on allowances and deductions to help you file accurate returns and save tax with peace of mind.

Company Registration

Registered Hong Kong Limited

Registered Hong Kong Unlimited Company

Registered Offshore Company

Registered BVI Company

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Frequently Asked Questions about Tax Returns for Hong Kong Limited Companies

Under what circumstances do limited companies need to file profits tax returns?

Regardless of whether a limited company is in operation or not, or whether it is making a profit, as long as it receives a profits tax return from the Inland Revenue Department (IRD), it is required to file a tax return on time. Even if the company is in loss, it is still required to submit tax return and audit report, otherwise it may face penalty.

When will a newly established company receive its first tax return?

Newly established limited companies usually receive their first profits tax return from the Inland Revenue Department (IRD) within about 18 months from the date of incorporation. The filing deadline for the first tax return is generally three months, which is longer than the one-month deadline for continuing companies.

What are the important deadlines for filing tax returns for limited companies?

Continuing companies: Profits tax returns will be received on the first working day of April each year, with a normal filing deadline of one month.

Extension period: Appointment of a professional tax representative (e.g. WeCoep), who can be granted an automatic extension based on the company's year-end date:

Category D (December end): can be extended to mid-August of the following year.
Category M (January-March end of year): extendable to mid-November of the following year

Electronic filing of tax returns: Extra 1-month extension for electronic filing of tax returns

What documents are required for a limited company to file a tax return?

Completed Profits Tax Return (BIR51) Audited financial statements (including profit and loss account and balance sheet) Auditor's report Profit tax computation Business records (bills, bank statements, etc., to be kept for at least 7 years)

What is the profits tax rate for limited companies?

Hong Kong adopts a two-tier profits tax system: First HK$2,000,000 profit: Tax rate 8.25% Over HK$2,000,000: Tax rate 16.5% Only one company can be nominated by the same group to enjoy the two-tier tax rate.

Do I need to file a tax return even if my company has not started business/has not made any profit?

Required. Even if a company has not commenced business or is not making a profit, as long as it receives a tax return from the Inland Revenue Department (IRD), it is required to declare its "not in business" status on time. Starting from April 2023, all limited companies (including those that are not in business) will be required to submit an audit report together with their profits tax return.

If I can't get a tax return, I can't file a tax return?

Absolutely not! Even if a company does not receive a tax return, it still has the responsibility to take the initiative to file a return with the Inland Revenue Department (IRD). If a company has assessable profits for the year in question, it is still required to notify the IRD within four months even if it has not received a tax return. Offenders are liable to a maximum penalty of $$10,000 and up to three times the tax payable.

What is Provisional Profits Tax?

Provisional Profits Tax is a tax levied by the Inland Revenue Department (IRD) in advance for the following year based on a company's profits for the previous year. When the company submits its tax return for that year, the IRD will make adjustments to make up for the overpayment and underpayment.

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