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I would like to know about Hong Kong Company Maintenance Costs

Hong Kong Company Annual Maintenance Costs

Unless otherwise advised, the Hong Kong company in this article refers to a private company limited by shares incorporated/registered in accordance with the Hong Kong Companies Ordinance.

Once after incorporation, a Hong Kong incorporated company is required by the Hong Kong Companies Ordinance and Inland Revenue Ordinance to update its books of accounts, prepare financial statements and arrange audit of its annual financial statements and file certain returns with both the Hong Kong Companies Registry (company registration authority) and Inland Revenue Department (tax authority). This article aims to explain briefly those compliance requirements and the related costs.

The annual costs to be expected to maintain a private company limited by shares registered in Hong Kong in good standing could be divided into two parts. The first part is fixed and considered to be the basic or minimum costs required and is fixed and the second part is varied and determined by the nature of the business, volume of transaction and amount of turnover and a few other factors.

 Annual Maintenance Costs

After a company is officially registered in Hong Kong, it will have certain compliance requirements. These compliance requirements could be divided into two categories, one with fixed fees and another with variable fees, as listed in the table below. The total amount represents the minimum costs to maintain a trading company (with a turnover of less than USD 650,000) in good standing in Hong Kong.


Item

Description

Amount (USD)

 

Compliance Requirements with Fixed Fees

 

1

Business Registration Certificate renewal fee

299

2

Yearly Company Secretary

3

Yearly Registered Office

4

Business Registration Certificate renewal fee to HK gov (+10% service fee).

292

 5

Annual Return statutory filing fee

99

6

Annual General Meeting preparation

 

Additional Services

 

7

Financial statements statutory audit (Assuming trading company with a turnover of less than USD500,000)

1,100

8

Tax computation and filing of profits tax return

190

9

Filing of Employer’s Return (assuming from 0-3 employee, if higher, + 50 USD/employee)

50

 

TOTAL:

2,030 

Note:

The annual retainer for provision of Company Secretary covers the following services:

(1) Provision of one Corporate Company Secretary (Galaxy One Hong Kong Limited acts as Company Secretary);

(2) Preparation and filing of Annual Return;

(3) Filing of notice of change of registered office and business address; preparation of minutes;

(4) Filing of notice of change of directors and secretary.
2. The annual cost for provision of Registered Office covers the following services:

(1) Provision of one street address as Registered Office of your Hong Kong company;

(2) Forward government mails to any location specified by clients. 

(3) Please note the Registered Office is not to be used for business purpose unless otherwise agreed by One IBC Hong Kong Limited.

3. The annual maintenance/compliance fees are expected in the second year and thereafter and the variable fees are for general reference only and represents the minimum you should budget for the purpose of maintaining a Hong Kong company in good standing.