A CPA in Hong Kong, a certified public accountant, is a professional who has obtained a license that allows him or her to offer accounting services to the public. For investors interested in company formation in Hong Kong, working with a certified accountant in HK is a suitable solution.
| Quick Facts | |
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| Bookkeeping services | Financial statements, monthly reports, management accounts, bank reconciliation |
Payroll in Hong Kong | Monthly payroll processing, overtime calculations, accurate monthly salary payments, new employee documentation, employee data updating |
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Invoicing
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Invoice issue and tracking, processing received monthly invoices |
| Cash management | Cash flow statement to reflect the cash inflow and outflow |
| Reporting | Annual financial statements filing with the Companies Registry for companies subject to this requirement |
| Financial analysis |
Corporate performance analysis according to |
| Forensic accounting | Assistance from our CPA in cases involving securities or insurance fraud, money laundering, financial statement information falsification and other crimes |
| Tax compliance | The payment of all the applicable relevant taxes |
| The payment of all the applicable relevant taxes | There is no need to register for VAT as this is not imposed in Hong Kong. Our team can help you with information about other taxes |
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Audit offered by our CPA in Hong Kong | Annual financial statements audit, when required by the Inland Revenue Department of Hong Kong |
| Property financial matters | Property financial matters |
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Statutory compliance in Hong Kong | Statutory compliance in Hong Kong |
| Tax authority assistance | Our CPA in Hong Kong can represent clients in front of the relevant authorities and during other processes, as needed |
| Support for voluntary dissolution | We are able to assist investors who wish to close a company in Hong Kong and are in need of a final financial report and bank account liquidation |
| Services for foreign companies offered by our CPA in Hong Kong | Accounting for branches, as well as subsidiaries, information about the tax implications in case of double taxation agreements, etc. |
| Consolidated accounts | Yes |
Consolidated accounts package | According to the number of entities in the group/the number of businesses associated with the parent company abroad. |
Accounting updates frequency for our Hong Kong clients | As required by law, or as requested in special cases by our clients. |
| Assistance per number of employees | We work with companies that have no more than 5 employees, those with staff between 10 and 20 individuals, and companies with more than 20 hires. |
| Services per the number of transactions each month | Our packages include those for companies with less than 50 predicted transactions per month, ranging all the way to those for companies with more than 500 sales transactions each month. |
| Industry-specific services | You inform us of the industry in which the company activates when first signing up for our services; our team will prepare any needed reports as may be required in your particular case. |
| Accounting for publicly listed companies | Our team makes sure that listed companies follow their continuing obligations according to the Companies Ordinance. |
| Accounting counsel for sole traders in Hong Kong | While the sole trader does not need to work with a CPA in Hong Kong, getting expert advice is advisable. You can reach out to us if you work as a sole trader. |
| Services when changing the business form | Yes, our team can change your package to suit the growth of your business. |
| Solutions for changing the accounting services provider | If you are unsatisfied with your current accounting services, switching to our solutions is possible within the same accounting year, or at the end of the tax period. |
| Reasons to change one’s accountant in Hong Kong | Access to more comprehensive or personalized services, cost considerations, as well as other reasons. |
| When to request the change to our services | You may contact us well before the end of your accounting period, so that our team and your former accounting services provider can make the needed transfers. |
| Our experts in Hong Kong | We are a team of several CPAs in Hong Kong, with relevant experience in working with local and foreign companies. |
| Why work with our team | We provide personalized solutions, work with companies in many different industries, and we value the growth and wellbeing of the businesses we work with. |
| When to contact us for accounting services | As soon as you register the company in Hong Kong, or as soon as you decide to change the accounting services provider (including for such urgent changes). |
Table of Contents
Must I work with a certified CPA in Hong Kong?
Yes. Investors who open a company in Hong Kong are required to submit the annual financial statements prepared by a certified professional.
Who can become a CPA in Hong Kong?
An individual can become a recognized and licensed certified public accountant by following a Qualification Programme, such as the one offered by the Hong Kong Institute of Certified Public Accountants. This is a comprehensive training that includes education and examination stages, and members of the Institute gain international recognition.
What accounting services in Hong Kong can I receive from a certified CPA?
Our team presents a summary of the common services offered by a Hong Kong accountant:
- Bookkeeping: accounts receivable and accounts payable, complete financial transaction recording, preparing the annual financial statements;
- Payroll: the complete management of the payments related to employees; making the salary payments, issuing payslips, and making the social security payments;
- Audit: an accountant in HK can also assist clients who are in need of audit services when this is required by the authorities;
- Tax compliance: a professional can handle matters related to tax filing so that the business can pay all the due taxes in time and avoid unnecessary penalties.
How much do accounting services cost in Hong Kong?
For a fee of USD 1,000 payable once a year, our team offers accounting for a Hong Kong company with a turnover below 5 million HKD per year. Included in this package are also the audit report and tax filing.
For additional solutions or accounting services offered by a CPA in Hong Kong for companies with a larger turnover, we invite you to schedule a discussion with our team.
How do I choose a CPA in Hong Kong?
The accountant you choose to work with will be a key and integral part of your company’s evolution. It is important to choose a certified CPA in Hong Kong, such as one from our team. Some important issues to take into account may include:
- The annual accounting package fee;
- Services included in the general accounting package and additional ones available upon request (if any);
- If the accounting team can provide advanced solutions, such as an audit for public companies or more complex ones like forensic accounting;
- Their openness towards communicating with you and answering your questions.
Can I change the CPA in Hong Kong?
Yes. You have the right to change your accounting services provider at any time, under the condition that your company’s tax return and payment timelines are not affected. For this purpose, we recommend:
- Reserving sufficient time to research your options;
- Making all the needed inquiries into their services;
- Notifying the current accountant of the change and discussing the handover;
- Asking the new CPA questions about the transition period and what they will require from your current accountant in Hong Kong.
Entrepreneurs who open a company in Hong Kong must follow the rules for timely tax return submissions. Failure to do so may result in fines or other types of penalties for non-compliance directed at the company and its directors (namely, its responsible officers).
We invite you to watch a short video about accounting services in Hong Kong:
Do different types of companies observe different accounting principles?
All companies must file annual returns under the Companies Ordinance, private and public ones included.
Differences are in place in terms of actual forms submitted, how the documents are filed, and supporting documents (which, for public companies, are usually more complex compared to private legal entities).
For public and guarantee companies, a requirement is in place to submit the annual return for each financial year, rather than each calendar year.
All companies, public and private, file their first annual return within 42 days after the company’s first incorporation anniversary.
Contact us if you need more information about the general accounting rules or if you wish to work with a CPA in Hong Kong.