If your business is in Hong Kong or you plan to relocate, you are likely wondering about the types of taxes businesses are subject to, the capital gains tax rate, and how to estimate your tax obligations. Let's delve into these topics to gain a comprehensive understanding. Additionally, we’ll discuss best practices when to be fully prepared for your tax return.

The Hong Kong Employer’s Return of Remuneration and Pensions is a document that you must complete if your business is paying salaries. This form, also known as BIR56A and Form IR56B, tells the Inland Revenue Department (IRD) how much you paid individuals working for your company in Hong Kong.

The financial year is a 12-month period used to prepare company financial statements, among other accounting purposes. In Hong Kong, the end of this period is known as the Financial Year End, or FY end. You might also see this term referred to in Hong Kong asthe ‘Fiscal Year’ or ‘FYE’, while in other countries you might speak about the ‘Accounting Year’. 

Hong Kong is a popular destination for foreign workers seeking employment opportunities, and the process to apply for an employment visa in Hong Kong can be confusing for those unfamiliar with the system.

There are several types of visas available for those seeking employment in Hong Kong, including the General Employment Policy (GEP) and the Admission Scheme for Mainland Talents and Professionals (ASMTP).

On 22 February 2023 the Hong Kong Government announced the budget for the upcoming year 2023/24. The budget outlines where the Government is allocating resources through tax and fiscal policies, as well as support measures.

Here you will find a breakdown of the most relevant budget items for small to medium-sized businesses. We will also cover measures relevant to foreign-owned businesses.

Hong Kong offers a range of government and private funding options to startups. They aim to help entrepreneurs get their businesses off the ground or expand in Hong Kong. Funding ranges from covering initial company registration and operating costs, through to streamlining an existing business and even providing support for international exports. With the right information and resources, you can secure funding to set up your business for success.

When hiring your first employees in Hong Kong, it's important to consider your obligations when it comes to payroll/and statutory requirements. In this article, we give practical advice on the recruitment and hiring process, including remuneration and reference checks.