Hong Kong Limited Company – Offshore status

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Here is an explanation how to gain the offshore status for Hong Kong Limited company. We demonstrate the offshore principles on Hong Kong Limited company which was registered on 11th of October 2013.

As the company has incorporated on 11th October 2013, the first Profits Tax Return (“PTR”) would issue to the company in around March to April 2015.
Company’s financial year ended date has determined as 31 March, the first financial year ended date could be March 2015.
If the company commenced its business during the period 11th October 2013 (date of incorporation) to 31st March 2015 (“the period”), you need to prepare the following documents (up to 31st March 2015 ):


          All sales invoices/ consulting service invoices;

          All purchases invoice/ subcontractor’s invoices;

          All expense receipts;

          All bank statements;

          General ledger and management account (i.e. Trial Balance, Balance Sheet and Income Statement). If this one you cannot provided, we can provide bookkeeping service to handle it.

If not yet commenced business, you may report a “Nil” profits tax return (“PTR”) to Inland Revenue Department (“IRD”), Hong Kong Tax Authority , with the declaration of not yet commence business by the director or company secretary of the company. But please note that you are still required to perform first audit in accordance with the Hong Kong Companies Ordinance.

 If all your company’s income are sourced outside HK, your company will not be subjected to HK tax, you may apply offshore profits claim once you submitted your PTR and financial statements.  IRD will then issue an offshore claim queries letter to you for the proof by providing the passport of the directors/ sales representatives and some samples of sales and purchase/service fee invoices, contracts/agreements and shipping documents e.g. bill of lading. We shall provide the professional service for answering this offshore tax queries to you.

We hope the above will give you a clear picture of HK audit and taxation system. 

Startupr is not a CPA (Certified Public Accountant, registered HKICPA – Hong Kong Institute of Certified Public Accountants) firm. CPA services are provided by independent CPA firms.

Startupr is merely acting as an agent in connecting your company and the CPA who has agreed with us that they will provide auditing services. In no way is Startupr acting as a CPA firm or providing auditing service in any way and your solicitor-client relationship is with the CPA and not Startupr. CPA is independent of Startupr and is not an employee of Startupr.
Startupr is not a CPA firm. Startupr is an agent for connecting Hong Kong companies with CPA. Startupr is not a CPA firm, is not engaging in an auditing practice and Startupr does not act as a CPA firm. Startupr does not provide auditing advice.
Nothing on Startupr is audit or CPA advice and you cannot rely on it. You should always consult an audit expert to get certainty of your accounting issues and obligations.

If required by client, Startupr will refer client and coordinate with independent CPA for provision of audit services – Startupr not responsible for actions or omissions of such CPA.