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Hong Kong Company Compliance Requirements

Updated:2018-11-27 12:16:00    Source:www.tannet-group.comViews:160

Hong Kong company compliance requirements are essential for business owners to keep in mind, which include business registration renewal, annual accounts filing, annual return and significant controllers register, etc. There are so many considerations that should be taken into. One of the best way is to work with a reliable agency like Tannet who can take care of all the matters to prevent you from any fines or punishments. Here, we mainly talk about Hong Kong company Annual Return and Significant Controllers Register.

Annual Return Filing
An annual return is a return, in a specified form, containing the particulars of the company such as the address of the registered office, shareholders, directors, secretary, etc. There is no requirement to file the financial accounts of the company with the Company Registry.

According to Companies Ordinance, companies incorporated in Hong Kong must filed the annual return once in every calendar year (except in the year of its incorporation) within 42 days of the anniversary of the company’s incorporation date.

Even if the information contained in the last return has not changed since, you still need to file an annual return before the due date. Late filing incurs a higher registration fee and the company and its officers are liable to prosecution and fines.

Significant Controllers Register (SCR)
Under the Amendment Ordinance, all companies incorporated in Hong Kong (except listed companies) are required to identify and ascertain a person/persons who has/have significant control over the company, and maintain a significant controllers register to be accessible by law enforcement officers upon demand.

To comply with the new requirements relating to SCR, a company has in broad terms the following obligations:
(1) keeping a SCR at the company’s registered office or a prescribed place;
(2) taking reasonable steps to identify the company’s significant controllers, including the giving of notices and obtaining their required particulars;
(3) entering the required particulars of its significant controllers in the SCR;
(4) keeping the required particulars in the SCR up-to-date making the SCR available for inspection and taking of copies by a law enforcement officer.

Failure to comply with the above obligations is a criminal offence. The company and every responsible person of the company are liable to a fine at level 4 (HKD25,000). Where applicable, there is a further daily fine of HKD700.

It is the responsibility of the directors of the company to ensure that the initial and ongoing compliance requirements are met with. It is prudent to engage the services of a professional firm to ensure ongoing compliance with statutory rules and regulations. With a business development in Hong Kong with 19 years, Tannet is familiar with all kinds of business services. We are glad to help investors from all around the world doing business there.

Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143512, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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