What is important to consider for the compliance of a Hong Kong company?

All limited companies in Hong Kong must meet the requirements for the ongoing company compliance and filing requirements per the Companies Ordinance. The ongoing company compliance requirements include: Read on to find out more.

Annual returns

All local and foreign limited companies in Hong Kong are required to file annual returns with both the Companies Registry. The period for the delivery depends on the type of company. For a Private Limited Company, the delivery should be within 42 days after the anniversary of the incorporation of the company. For a Public Limited Company and a company limited by guarantee, the delivery should be within 42 days after the company’s return date, which is 6 and 9 months after the company’s accounting reference period, respectively. The annual returns need to paid by cheque, EPS or cash and so it's easier to deliver in person and not by post. ​

This annual return is not the same as the Profits Tax Return which is delivered to the Inland Revenue Department.

Notifications/ Notices

Should there be any changes in the company, the company should notify the Companies Registry. These notices include:

Records and documents

​The company should maintain detailed and accurate record of its documents and records. These records include; Book of accounts, documents necessary to verify the entries on the book of accounts, a record of assets and liabilities, a daily record of money received and expended, incorporation certificate, business registration certificate, meetings of directors, articles of association, share certificates, registers, and company seal.

Registered office etc

The business should also maintain a local registered address, a company secretary, at least one company secretary, and at least one shareholder, and the necessary business licenses and insurance. An auditor is also required unless the Company has registered as Dormant.

The Takeaway

​The responsibility for ensuring that the requirements for the ongoing company compliance are met lies with the director. Late compliance or non-compliance leads to either fines or prosecution, depending on the severity of the situation.