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Financial statements for companies in Hong Kong
Companies must comply with the requirements for submitting financial statements in Hong Kong. This is done on an annual basis by companies and is part of their annual tax filing. However, the submission of the financial statements and the adjacent reports are only mandatory for public companies and guarantee companies in Hong Kong.
The representatives at our Hong Kong law firm can help you understand the basics for accounting and financial reporting in the city.
Financial statements for listed companies in Hong Kong
According to the Companies Ordinance, only public companies incorporated in Hong Kong and companies limited by guarantee need to deliver annual financial statements. The submissions are made to the Companies Registrar. The deadline for filing the annual financial statements is calculated as follows:
– the financial year of the company begins before March 3 2014: within 42 days following the company’s Annual General Meeting;
– the financial year of the company begins on or after March 3 2014: within 42 days after the company’s return date (6 months after the end of the accounting reference period).
The consultants at our law firm in Hong Kong can tell you more about the different requirements for companies listed on the Hong Kong Stock Exchange.
Financial reporting requirements for companies in Hong Kong
Companies in Hong Kong are required to observe the provisions of the relevant accounting standards when preparing their annual financial statements. Private companies will also draw up these yearly financial statements but unlike listed companies they are not required to make them public.
Companies in Hong Kong have the option to send hard copied of the financial documents to the Companies Registrar or make online submissions.
Company directors in Hong Kong are responsible for observing the requirements for annual filing. Failure to comply with the annual filing requirements results in fines. Company owners in Hong Kong are advised to seek the services of a professional in order to make sure that they comply with the regulations set forth in the Companies Ordinance.
Our Hong Kong law firm can help you with various legal services including tax compliance for companies and individuals.
If you are looking for detailed information about how to set up a company you can contact our Hong Kong law firm.