Employer's guide to filing tax returns] BIR56A and IR56B: reporting salaries correctly, avoiding penalties and tax risks
In April every year, employers in Hong Kong receive "green bombs" from the Inland Revenue Department.
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To put it simply, from the very first day of incorporation, a limited company must appoint a qualified and licensed company secretary. His role is like a "compliance officer" of the company, responsible for communicating with government departments to ensure that all documents and procedures are in compliance with the law, so that the company operates smoothly and you don't have to worry about complicated provisions.
In short, a company secretary is not an "optional" position, but a crucial part of ensuring that your company operates legally and securely. Finding a licensed service provider as reliable as WeCorp is the best way to ensure your peace of mind.
To help you manage your company compliance, WeCorp has compiled a list of the key statutory timeframes for private limited companies in Hong Kong. This at-a-glance checklist will help you to avoid any oversights by dealing with them in a timely manner.
| matter | Statutory Time Limit / Requirement |
|---|---|
| Companies Registry Filings | |
| Change of Company Registered Address | 15 days notice |
| Appointment or Resignation of Director / Company Secretary | 15 days notice |
| Change of Personal Details of Director / Company Secretary | 15 days notice |
| Declaration of allotment of shares of the Company | Report within 1 month |
| change of reserve director or his particulars | 15 days notice |
| amendment of memorandum and articles of association | 15 days notice |
| Change of Company Name | Notify and replace the certificate within 15 days |
| Change of Place of Keeping of Statutory Register | 15 days notice |
| Submission of Annual Return (NAR1) | Within 42 days after the anniversary of the incorporation of the company |
| Business Registration | |
| Notification of business start-up | Registration within 1 month |
| Change of Business Name | Registration within 1 month |
| Change of Nature of Business | Registration within 1 month |
| Application for Business Registration for Branches | Registration within 1 month |
| Company Meeting Requirements | |
| First Annual General Meeting | To be held within 18 months of the incorporation of the company |
| Subsequent annual general meetings | To be held within 9 months after the accounting year end date (not more than 15 months between meetings) |
| Tax Reporting Matters | |
| First Profits Tax Return | Submission within 3 months from the date of issue by the Inland Revenue Department |
| Subsequent Profits Tax Returns | Strict adherence to the deadlines stated on the tax form. |
Attention:The above timeframe is for reference only and specific requirements may vary from case to case. Consultation with a professional advisor is recommended to ensure compliance.
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