According to the Section 51C of the Inland Revenue Ordinance of HKSAR, requires every person carrying on a trade, profession or business in Hong Kong to keep sufficient records in the English or Chinese language of his income and expenditure to enable the assessable profits to be readily ascertained. Such records shall be retained for a period of not less than 7 years. Failure to comply with the requirements of the Ordinance without reasonable excuse may be liable.

According to Hong Kong Companies Ordinance Sec. 122, the annual financial statements of Hong Kong limited company should be audited by Hong Kong Certified Public Accountants (Practising), for the purpose of presenting for shareholders’ review in annual general meeting.

Apart from that, Hong Kong Inland Revenue Department also requires the Hong Kong Limited company to submit the profits tax return with the audited financial statements for the purpose of tax assessment.

Hong Kong is an ideal place to start a business for investors and entrepreneurs. Hong Kong has an international economy and widespread government support, including a number of tax incentives and advisory offices.

Now a days, many investors and entrepreneurs are choosing to set up their businesses overseas – especially in jurisdictions like Hong Kong. The rationale behind this trend is to primarily facilitate entry into an international market and to benefit from tax friendly jurisdictions. Hong Kong is considered one of the best cities to establish and run a business, as it scores high on factors that matter to businesses. Unrivalled location, skilled workforce, low tax regime, world’s freest economic, effective legal system, world-class infrastructure and the CEPA with China are the factors that continue to contribute to its success.

Excel Power provides full ranged, comprehensive services and assistance to investors and entrepreneurs. We committed to provide liable, convenient, efficient and comprehensive service to contribute to your success.

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