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HK Government Funding Schemes – BUD Fund
The Government of the Hong Kong Special Administrative Region formally established the "BUD Special Fund" in June 2012, and further optimization measures was launched recently on April 9, 2020."BUD Fund" could be separated as "Mainland Programme" and " FTA Programme" to assist Hong Kong enterprises in branding, Upgrading & Restructuring, Promoting Sales.
Investments in Hong Kong - Labour Legislation
The Employment Ordinance is the main piece of legislation governing conditions of employment in Hong Kong. It now covers a comprehensive range of employment protection and benefits for employees.All employees covered by the Employment Ordinance, irrespective of their hours of work, are entitled to basic protection under the Ordinance including payment of wages
Recruitment in Hong Kong
The Labour Department (LD) provides comprehensive and free employment and recruitment services to job seekers and employers, to help job seekers find suitable jobs and employers fill their vacancies. The Interactive Employment Service (iES) website (https://www2.jobs.gov.hk/1/0/WebForm/Default_Emp.aspx) provides job vacancy and employment information to job seekers
Hong Kong Company Maintenance and Compliance Guide (8) Filing of Profits Tax Return
A corporation carrying on a business in Hong Kong has to file a Profits Tax Return (tax return Form BIR51) for every year of assessment. The tax return must be supported by the following (except small corporation): a certified copy of detailed Statement of Financial Position/Balance Sheet and Statement of Comprehensive Income/Profits and Loss Account;
Hong Kong Company Maintenance and Compliance Guide (7) - Employer's Return
The Employer's Return is issued by the Inland Revenue Department (IRD) every year for the purpose of reporting the amount of remuneration, including salaries, wages, commission etc, paid to each employee during a year of assessment, that is, for a year running from April 1 to 31 March next year.
Hong Kong Company Maintenance and Compliance Guide (9) - Application and Renewal of Business Registration Certificate
For an overseas company that is going to commence business in Hong Kong, it is necessary to register with Companies Registry within 1 month of its Hong Kong business commencement. Application should be submitted to Companies Registry for registering a Non–Hong Kong Company. Similar with registration of Hong Kong Limited Company
Hong Kong Company as Holding Company
Choosing the location of holding company or regional holding company can be a daunting decision for many international structures. The minimization of tax, cost and risk are the main concerns. With the robust economy of China, much interest has been seen in investing in the Greater China or even the Asia Markets. Some investors may prefer to set up an appropriate holding structure within Asia.
Summary of Hong Kong Company Maintenance and Compliance Obligations
A profit and loss account and a balance sheet for the company must be audited by Hong Kong registered auditors and laid before the shareholders in general meeting within 18 months of incorporation and then at least once in every calendar year. There are lengthy and detailed provisions in the Companies Ordinance regarding types of accounts to be prepared and Kaizen can supply further details on request.
Hong Kong Company Maintenance and Compliance Guide (2) - Filing Obligations with the Companies Registry
An Annual Return must be filed with the Registrar of Companies at least once a year.The annual return contains among other things:Particulars of the issued share capital of the company;The names and addresses of its directors and the secretary;The names and addresses of its registered shareholders; The current registered office address; andThe amount repayment amount of any registered charges.
Hong Kong Company Maintenance and Compliance Guide (5) - Issuing shares
The issuing of new shares in a company involving the allotment of shares by the directors to particular person, submission of document to Companies Register and then the issuance of the shares to these persons after their relevant particulars is entered into the company’s register of shareholders.