Hong Kong Corporation Annual Returns Explained
Any limited liability businesses or companies must submit annual return Hong Kong to the Inland Revenue department or the Company Registry department.
Annual Return Filing Requirements & Deadlines
Both foreign and local companies are been subject to submit annual return Hong Kong filing requests with the Companies Registry and IRD (Inland Revenue Department). Annual return filing requirements in Hong Kong companies are:
Filing of Return with the Companies Registry
In Hong Kong, private limited company under Companies Ordinance needs to file the Annual Return to be signed by the director, manager, company secretary, or any authorized rep with Companies Registry. But, private firm who applied for the dormant category under Companies Ordinance will be exempted in filing the annual returns. Annual Return, in the specified form, is containing particulars of a company like registered office address, directors, shareholders, secretary, and more. There’s no need to file the accounts of a company with Company Registry. Late filing will attract higher registration cost and company and their officers will be liable to fines and prosecution.
Filing of Return with the Inland Revenue Department
According to Hong Kong law, each company formed here should file the Tax Return (called as Profits Tax Return) along with the audited accounts on yearly basis with Inland Revenue Department Hong Kong.
China WFOE Formation & Minimum Capital Necessities
China has now liberalized its capital requirements for the WFOE formation and amounts needed are reduced in several Chinese districts and cities. But even though Chinese government will allow you to get away with the small amount of your registered capital, still you may have to pay more. Suppose you add less than you require in the registered capital just to sustain WFOE formation till it generates sufficient revenues to sustain, your WFOE require cash injection from someplace.