Blog Startupregistry.hk - Company information

Hong Kong Company Registry – Companies Ordinance – Corporate Director

CO (Companies Ordinance) (Commencement) Notice 2013 was gazetted on 25 October 2013.  Companies Ordinance (Commencement) Notice 2013 was gazetted on 25 October 2013. Secretary for Financial Services and the Treasury appointed 3 March 2014 as the day on which the new Companies Ordinance comes into operation. SFST (Secretary for Financial Services) and the Treasury appointed 3 March 2014 as the day on which the new Companies Ordinance comes into operation.

There are several changes which will come into effect on 3rd of March. One of the most important change is the Corporate director which is no longer acceptable as only director. There is a requirement to have at least one natural person director. There will be a grace period of 6 months after the commencement date of the new Companies Ordinance for companies registered under the Companies Ordinance (Cap. 32) to comply with the new requirement.

We wishe you a Prosperous Year of the Horse

The team at Startup registry


wishes you


A prosperous and healthy Year of the Horse

Have a wonderful time !

Hong Kong General holidays for 2014

Dear Customers, this is the list of public Holiday in Hong Kong

 

Lunar New Year’s Day 31 January Friday
The second day of Lunar New Year 1 February Saturday
The fourth day of Lunar New Year 3 February Monday
Ching Ming Festival 5 April Saturday
Good Friday 18 April Friday
The day following Good Friday 19 April Saturday
Easter Monday 21 April Monday
Labour Day 1 May Thursday
The Birthday of the Buddha 6 May Tuesday
Tuen Ng Festival 2 June Monday
Hong Kong Special Administrative Region Establishment Day 1 July Tuesday
The day following the Chinese Mid-Autumn Festival 9 September Tuesday
National Day 1 October Wednesday
Chung Yeung Festival 2 October Thursday
Christmas Day 25 December Thursday

your startupregistry.hk

The basic principles to determine whether the salaries received is subject to Hong Kong Salaries Tax

As you are foreigner and under foreign employment of XYZ Limitd, the basic principles to determine whether the salaries received is subject to Hong Kong Salaries Tax as below:

 

1.      If you visit to Hong Kong no more than 60 days in a calendar year or no services rendered in Hong Kong, then the salaries is exempted from Hong Kong Salaries tax.

2.      If you visit to Hong Kong more than 60 days in a calendar year, you will subject to Hong Kong salaries tax based on the portion of number of day visit in Hong Kong.

3.      The personal allowance for the calendar year from 1st April 2012 to 31st March 2013 was HK$120,000 (if married person, the allowance was HK$240,000). Therfore, if your salaries during the said period was less than the mentioned allowance, no Hong Kong Salaries Tax would be payable.

4.      Simply, Hong Kong Salaries Tax payable is calculated at progressive rates on your net chargeable income or at standard rate on your net income, whichever is lower.

 

Progressive rate: 2% of first HK$40,000 received; 7% of second HK$40,0000; 12% of third HK$40,000 and 17% would be charged for the remaining portion).

 

Standard: 15%

 

For the payment to outsource companies, please provide the invoice/ agreement issued by the outsource companies as evidence.

 

Should you have any question, please feel free to contact us.

Hong Kong double taxation agreements

Hong Kong is not a traditional offshore centre  but rather a territory which offers a non discriminatory low tax regime based on “territorial principle” under which only income arising in Hong Kong is taxable in the jurisdiction.

Hong Kong has signed comprehensive double taxation agreements (DTA) with 55 countries, of which 53 are in effect. The agreements cover direct taxes, which in the case of Hong Kong are income tax, corporation tax and capital gains tax.

List of countries which sign DTA with Hong Kong might be found in here.

 

Please contact us for further information.

Happy Holidays and Best Wishes in 2014

Dear Customers,

We wanted to wish you and your family a relaxing and prosperous holiday season. Looking forward to many great possibilities for 2014 and wishing you a great year ahead.

Have a promising, healthy and fulfilling new year.

your Starturegistry.hk team

 

List of merchant account providers for Hong Kong Limited Company

We have collected a few merchant account providers who can set up an account for your Hong Kong Limited company. You can contact them directly and set up the account by yourself once you have registered Hong Kong company.

This list is only suggesting you which company might be considered, you need to take a decision according to your criteria!

We will be updating the list in several posts. Here is the first bunch of companies:

 

Banctek: Our services include credit and debit card processing and we specialize in card present and non card present merchants. From retail, restaurant and service establishments, to mail order, telephone and internet business, we set up the processing and have the equipment and software packages to fit your needs. Banctek Solutions has agency agreements with VISA and MASTERCARD and facilitate the acceptance of American Express, Discover and all major credit cards, thus ensuring the most options and cost effective processing for your business.

Address: 1660 Wynkoop St. Suite 1100, Denver, Colorado 80202
Contact: Christopher M. Bridges
Phone: 303-895-4515
Fax: 303-374-7885

BankCard USA: Merchant accounts- Retail, MOTO and Ecommerce. High risk experts and traditional low risk services including next day funding. Onshore direct sponsor to Visa/MC.

Address: 28720 Roadside Dr #299, Agoura Hills, CA 91301
Contact: Scott Hardy – VP
Phone: 800-589-8200
Fax: 818-540-3740
Email: scott.hardy@bankcardusa.com

CardReady: CardReady offers a wide variety of the latest products in electronic transactions, such as credit card transactions, for which CardReady will design a payment system to fit your needs. Choose from a wide veriety of software solutions and terminal configurations for a solution that promotes the growth of your business.

Contact: Drew Padnick – VP Business Development
Phone: 888-398-6001
http://www.cardready.com/

Check21: We offer a variety of financial transaction processing services including credit card processing, electronic check processing and e-commerce solution. Our mission is to provide merchants with a seamless worry-free credit card and electronic check solution.

Address: 3389 Sheridan St, Suite # 503, Hollywood, FL 33021
Contact: Ido Meros
Office: 866-989-CHECK
Direct: 954-839-6414
Mobile: 954-605-0003
Fax: 954-635-5562
Email: Ido.Meros@Check21.com
http://www.Check21.com

Customer testimonial – Urgent operations

We are always happy if we receive positive feedback from our customers:

I’d like to thank tom the team at Startupr for his kind and prompt assistance.
I needed some urgent operations to be made in my company and Startupr was there way past office’s hours to help me on these (I think it was something like 9.30pm on Friday).
I highly recommend working with Startupr as they make everything simple and very clear.
Thomas | Managing Director
Ricecake 40 Limited

FAQ: HK IRD requires signature & small corporation Audit

Startupr is working with a CPA firm to ensure all requirements of your Hong Kong company are fulfilled. Here is an example of Q&A of a client who asked whether it is necessary to get audited accounts if the overturn is less than 2,000,000 HKD and if signature of the director is required.

Q: Hi, do we need to sign the annual return (something like electronic signature) & proceed with the auditing if my company has over turn just a few hundreds of HKD?

A:

Sorry, no electronic signature/ copies is allowed by IRD, HK Company Ordinance & audit standard requirements.   As Startupr is your company secretary, we can sign and file the tax return on your behalf first. IRD accept filing of tax return without audited report since your company is a small corporation (gross income for the period not exceed HK$2,000,000), but IRD has the right to request for it anytime.  You may sign the audited report when you are available.

Should you have any further queries, please do not hesitate to contact us.

 

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.

Basic principles to determine whether the salaries received is subject to Hong Kong Salaries Tax

As you are foreigner and under foreign employment of XYZ Limited (Hong Kong Limited company under the Hong Kong companies ordinance), the basic principles to determine whether the salaries received is subject to Hong Kong Salaries Tax as below:

 1.      If you visit to Hong Kong no more than 60 days in a calendar year or no services rendered in Hong Kong, then the salaries is exempted from Hong Kong Salaries tax.

2.      If you visit to Hong Kong more than 60 days in a calendar year, you will subject to Hong Kong salaries tax based on the portion of number of day visit in Hong Kong.

3.      The personal allowance for the calendar year from 1st April 2012 to 31st March 2013 was HK$120,000 (if married person, the allowance was HK$240,000). Therfore, if your salaries during the said period was less than the mentioned allowance, no Hong Kong Salaries Tax would be payable.

4.      Simply, Hong Kong Salaries Tax payable is calculated at progressive rates on your net chargeable income or at standard rate on your net income, whichever is lower.

 

Progressive rate: 2% of first HK$40,000 received; 7% of second HK$40,0000; 12% of third HK$40,000 and 17% would be charged for the remaining portion).

 

Standard: 15%