A. Hong Kong company financial audit reportTaxation:
For Hong Kong Company, you could enjoy low &simple Tax System. For the first time, the audit report could be made after 18 months since its incorporation.But later on , you should do it every year. The company profits tax is 16.5% of the profit.Annual Return:
After setting up Hong Kong Company, you have to renew the business license (BR) annually. You will get the Penalty Notice from Hong Kong Inland Revenue Department in 42 days after the date of expiry.The longer you make the payment, the heavier penalty you will get. Even worse, you’ll receive the Court Summon which means you would attend the hearing at court without further notice if still not filing it in time.Audit Report:
Audits on the account by Certified Public Accountants in compliance with Companies Ordinance and the Statement of Auditing Standards, statutory obligations and responsibilities of director.
The audit report that meets Inland Revenue Department's requirements consists of 6 main contents:
-Director's report: An introduction about the company, its main business, shareholders, directors and auditors.
-Audit report: Auditor's opinions (qualified opinions and unqualified opinions) about financial reports.
-Financial reports: A detailed balance sheet and income statement, revenues, expenses and administrative costs. For companies whose volume of business exceeds HK$ 20 million, an extra -Cash Flow Statement is required.
-Attached list: An explanation of your company's accounting system.
Among the above documents, the audit report is the most important, for the auditor's opinions will surely affect your company. An audit report with unqualified opinions indicates the validity of your financial report and the financial statement of your company. It will be beneficial in terms of your company's bank loans, investment absorption and future development.
An audit report with qualified opinions will greatly influence your company mainly through Inland Revenue Department, a bureau of which is in charge of companies' accounts. Once the report is received, the bureau will investigate your company's accounts, receipts, bills, etc.Notes:
Inland Revenue Department will issue estimated assessments if Tax Return is not filed on due date. please remember to handle the tax issue immediately.B. Guangzhou company accounting & bookkeeping (Tax planning & Audit report )
A good financial plan to make the company operation goes well with you. Our company will customize(formulate) a financial plan which it is suitable for you.Our professional financial staff will finish what you entrust the relevant financial issue and apply specialized ways to adjust accounts, supervise systematically to enterprise, institution, public institution as well as other organization and provide financial information.Guangzhou Company taxation can be categorized into national taxation, local taxation. The followings are the major taxation in China
Corporate Income Tax
Value Added Tax
Customs Duty Individual Income Tax General Tax Information
All enterprises are required to report to the Tax Administration Department monthly, quarterly and annually. Our company provides accounting services for our clients; you are welcome to contact us for more information.
All enterprises are required to report to the Tax Administration Department monthly, quarterly and annually. We provides accounting services for our clients; you are welcome to contact us for more information.
Once your company, especially WFOE is officially registered, it's required to maintain proper accounting records in accordance with the laws in China and then to report taxes monthly (for business tax, individual income tax) and quarterly (corporate income tax) basis. You will have to pay the penalty if any delay.
WFOE must register its tax reporting method with the local tax authority and apply for an official invoice book which will allow the WFOE to issue invoice to it's clients within China and abroad.
The accountants of our company can assist you by negotiating with your local tax officer to use the proper tax reporting method for your WFOE, as well as submit the tax reports monthly and quarterly .
We can also offer you the tax planning opportunities which helpsyour company reduce the burden of tax .Annual Audit report
Any limited companies in China should summit annual audit report to the relevant authorities. Any company will have to pay penalty if the Annual Audit Report is not finished on due date.