An end-of-year financial report is an essential document summarising a company's financial standing. All limited companies registered in Hong Kong are legally required to audit their financial year-end reports and most are required to submit them to the Inland Revenue Department (IRD).

If you're a foreign citizen seeking potential employment in Hong Kong, or if you're a Hong Kong-based employer looking to hire a foreign national, you will have to apply for an employment visa. One of the most commonly issued visas is ASMTP, which we will explain in this article.

Hong Kong's Employment Ordinance is legislation that governs the terms and conditions of all workers in the HKSAR. Basic wage protection and statutory holidays apply to all employees, but employees under continuous contracts enjoy additional benefits. An employee who has worked for an employer for at least four weeks with at least 18 hours worked each week is viewed as a continuous contract of employment.

The highly qualified visa, also known as the Top Talent Visa, is a special visa category in Hong Kong for individuals who possess exceptional skills and qualifications that are in high demand.

This visa is designed to attract top talent from around the world to contribute to Hong Kong's economy and promote its global competitiveness.

Thanks to the well-developed infrastructure, shareholders can open a new subsidiary in Hong Kong within a week to take advantage of the Hong Kong business environment, including favorable tax rates. If you wish to do the same, this article provides a brief overview of how to open a new subsidiary in Hong Kong.

Securing a work visa is essential for professionals aiming to work in Hong Kong. Several types of visas are available, which vary based on an applicant's qualifications, country of origin, and intentions behind moving to Hong Kong.

Opening a business bank account is a crucial step to manage your finances, legitimize your business and facilitate business transactions. In this blog post, we will guide you through the process of opening a bank account in Hong Kong, whether you choose a traditional bank or opt for an online platform to provide your "bank account" details.

Businesses can find themselves operating in multiple jurisdictions, each with its own unique taxation system. This can lead to a scenario known as double taxation, where a company is required to pay taxes on the same income in more than one country.

To shed light on this complex issue, we'll explore the concept of it, its implications for businesses and individuals and how Double Taxation Agreements (DTAs) are applied.

We'll walk you through the fundamentals of Hong Kong Financial Reporting Standards (HKFRS), compliance requirements, and key considerations that can impact your business's financial health.

In Hong Kong, accounting standards play a crucial role when running a business. Let’s begin with a few key questions.

An essential part of the payroll compliance process in Hong Kong is to file forms with the Hong Kong Government through the Inland Revenue Department (IRD).

The fiscal 2023/24 Hong Kong tax year wraps up on 31 March 2024, which means employers have to prepare for the annual Employer’s Return filing that begins in April. Collecting sufficient information upfront can ensure smooth operations for your business.

Hong Kong offers a favourable business environment with a stable legal system, transparent regulations, and a skilled workforce. The government's support, easy business setup procedures, and tax benefits make it an attractive destination for companies looking to expand their operations.

Entering a new market can be challenging, and the Hong Kong market is no exception; here are the four things you should know when entering the Hong Kong market. While Hong Kong offers numerous business opportunities, it's crucial to navigate the market effectively and avoid common mistakes. In this article, we will explore some of the pitfalls often encountered by businesses entering Hong Kong and provide valuable insights to help you succeed.

The Talent List is a compilation of professions identified by the Hong Kong Government where there is a recognised shortage of skilled individuals. This list aims to address the scarcity of talent in specific industries and make the immigration process easier for professionals in these fields. By simplifying immigration arrangements, the government looks to enhance Hong Kong's competitiveness and foster the growth of the local talent base.

In Hong Kong, an employee is an individual who works under a contract of service, which establishes a relationship of employer-employee. This contractual agreement outlines the rights and obligations of both parties, including working hours, wages, benefits, and other employment terms. The employer has a significant degree of control and direction over the employee's work, including how tasks are performed and the provision of necessary tools and resources.

Hong Kong aims to simplify the Financial Reporting Standards (FRS) by offering a “reporting exemption” for small-to-medium-sized enterprises (SMEs) that meet specific criteria. This can speed up the reporting process and reduce the administrative burden on smaller companies.

The company registration process in Hong Kong is fast, and many industries do not require specific licensing as they would in other countries.

If you have employees in Hong Kong, they will need to file their salaries tax return each year with the Inland Revenue Department (IRD). This guide aims to navigate the process and covers the tax filing and payment process, taxable and non-taxable income, tax rates, common allowances and deductions, and common tax issues.

The low tax rates and pro-business environment in Hong Kong will allow your company to maximize profits. In addition to the tax benefits, Hong Kong also offers a stable legal system, transparent regulations, and a highly skilled workforce with expertise in finance, legal, and intellectual property matters.

Most small to medium-sized companies entering Hong Kong will elect for a ‘limited company’ setup, but it’s important to be aware of the alternatives. In this article, we will explore the company structures, in particular for well-funded startups and scale-ups from overseas, as well as what a business should consider before incorporating.

As a financial centre, Hong Kong can offer a variety of banks to choose from, ranging from international institutions to online banks. The options vary depending on your company’s requirements, as well as the type of services or transactions required.