Engage Correct Accounting Firms in Hong Kong in Your Venture Overseas
Under the Hong Kong Companies Ordinance, every incorporated and registered entity must maintain proper books and records of their accounts. In addition to them in complying with all the statutory audit requirements every year. It is compulsory for every business keen on operating in the city to ensure that they engage the services of reputable accounting firms in Hong Kong. It is to avoid falling into legal problems and remaining compliant with all the statutory requirements. The city of Hong Kong uses a financial reporting standards framework adopted by the International Reporting Standards (IFRS).
We highly recommend some of the specific services that you engage the Hong Kong firm in:
Bookkeeping and Accounting
Every limited company in Hong Kong is expected to prepare all their financial statements according to the Hong Kong Financial Reporting Standards, HKFRS. The Hong Kong Institute of Certified Public Accountants, HKICPA gave directions for financial reporting to qualify such businesses. It is also to accommodate small and medium-sized companies, as well as private companies. The process of companies categorisation is relatively easy. It is for financial reporting. By engaging the right accountant firms in Hong Kong, they can assure that your accounts will comply. It will also be properly looked into to ensure accuracy and currency.
Hong Kong Corporate Tax Filing
There are no better-suited professionals to help you with the Hong Kong Corporate Tax filing than the city’s accounting firms. It is a legal and statutory requirement that all companies registered in Hong Kong must file and submit their profit returns to the Inland Revenue Department. They must do it anytime they are requested to do so. The deadlines set for providing the audited accounts usually depend on the profit return request date as well as the end of the financial year. All the assessable profits realised every year do attract taxes. In some cases, they impose provisional taxes considering the gains made in the previous year.
Auditing in Hong Kong
The reason why you should engage the correct accounting firms in Hong Kong is to have your financial accounts audited every year. It is a requirement for all companies and auditors in Hong Kong to do their work as guided by the Professional Accountants Ordinance and Hong Kong’s auditing standards. It is a fact that most certified public accountants can do such a job. But the situation for Hong Kong is a bit different because it is a guarantee that you have a kind of experience only when you choose to work with the city’s auditors. They have a good understanding of all the auditing requirements, and they will help ensure that your books are in a good state and you are in total compliance.
Drafting Auditor’s Report and Director’s Report
Every company in Hong Kong must submit a Director’s Report and an Independent Auditor’s Report together with the other filing requirements. It is essential to point out that the Hong Kong Companies Ordinance 2014 came up with the need for a business review. They expect it to have a piece of in-depth and forward-looking information about the company. It must be part of the Director’s Report for every company that is not exempted for taxes. Again, there are no better place professionals than Hong Kong accountants. They are more capable of taking care of drafting both the Auditor’s Report and Director’s Report. It is another reason why you should trust the Hong Kong accounting firms to help you run your overseas venture.
How to Find the Best Accounting Firms in Hong Kong
It is also good to know how to choose the correct firms. It is a fact that there are hundreds of firms within the city, but not all of them have what it takes to offer you great services and a good experience. Here is a brief at some of the things you should consider when searching for accountants in Hong Kong:
The accountants in Hong Kong charge fees that vary from one firm to another. Some firms will charge fees for each service offered. One of them is filing corporate taxes or preparing the Director’s Report, while others may impose hourly fees. Check out the fee structure and be sure you are comfortable with it before you go ahead and engage their services.
Professional accountants will specialise in particular business areas so that they can offer the very best services to their clients. Check out the kinds of accounting services you need then search for accounts specialised in that service area.
The Level Of Service
If your overseas business needs comprehensive bookkeeping services, then you should consider full-service accounting firms in Hong Kong. Other firms may be more specialised in other accounting fields and may not offer bookkeeping services. Finding such for your accounting needs may prove to be very expensive.
You would be comfortable working with an accounting firm whose accountants you can meet at least once, especially when filing the yearly taxes. Before you engage any firm, determine if you will have a chance to meet them in person, to discuss your figures and other concerns you may have. If they are completely unavailable or too busy to attend to you as a client, then they may not be the right choice.
There is no harm in trying to get good accounting firms in Hong Kong through references. You can ask for friends or business associates who might have worked with Hong Kong accountants in the past for recommendations. It is powerful because you will get sincere opinions and suggestions from those whom you trust, and this may increase your chances of ending up with outstanding accountants.