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How can we help?
If you have any question regarding our service, leave us a message and we would love to walk you through any queries.
Get free advice for your unique business needs from our range of professional services.
How can we help?
If you have any question regarding our service, leave us a message and we would love to walk you through any queries.
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In Need of Accounting Services in Hong Kong?
Business entities in Hong Kong who want to save on payroll costs will surely benefit from outsourcing their accounting needs. More so, because they get to have more time to spend on their business activity. And this is very true when a firm that provides clients with premier quality professional services at an affordable fee is engaged.
Types of Accounting Services in Hong Kong
Almost everyone knows that a business cannot thrive and flourish without accounting in place. Without it, a firm cannot track its income and outlays besides ensuring legal compliance. On top of that, outsourcing accounting services in Hong Kong can provide the management, investors, and the government with finite financial data used in business decision-making.
Bookkeeping
Bookkeeping is the primary accounting function that involves recording transactions and keeping the books of accounts updated. These records show details of the firm’s spending and earnings. Often, firms hire a bookkeeper having basic skills whose work is subject to checking by the accountant. However, companies may opt to use software to track their operations and generate reports, which an accountant must review.
Impressive as it can be, the software is still subject to glitches, such as data input errors or technical issues. Technically speaking, when the services of a controller or accountant are needed, it marks the commencement of another type of accounting service.
Basic Accounting
This service involves the monthly closing of the books of accounts of a business. With a superb essential accounting service in Hong Kong, the firm owner or managing team can get insights into the current standing of the firm’s funds. And this is when the accountant reviews the firm’s transactions and explains its results.
Then, the accountants can now prepare reports and financial statements from the bookkept record. Also, they can build budgets, make cash flow forecasts, and provide the analysis needed for the managing team or owner to make wise business choices. Outsourced experts can even square accounts and conduct monthly reviews on how the business is doing. On top of that, they can explain budget gaps and explore possible ways to boost output and earnings.
Audit
Under Section 447 of Hong Kong’s Cap. 622, the financial statements of all firms are subject to audit, even when these firms have reporting exemptions. Only dormant firms are exempt from this rule. Thus, for tax reasons, business concerns formed in Hong Kong have to submit their audited financial statements to the Inland Revenue Department as an attachment to the tax return.
So, without any doubt, accounting services in Hong Kong are essential. As a rule, auditors conduct yearly audits that follow the Hong Kong Financial Reporting Standards or International Financial Reporting Standards. Note that the compliance report issued by auditors has far-reaching effects on any business. For example, the audit report can impact the ability of a company to get commercial loans, aside from strengthening or weakening government trust.
Tax Accounting
ax accounting stays as an accounting subsector that manages the preparation of tax return filing and payments. As a whole, Hong Kong views accounting and taxation fraud as a grave offense. So, the government and even banks give strict sanctions to offenders. And since business tax requirements need timely, professional, and consistent compliance, many businesses engage the services of firms offering accounting services in Hong Kong. Also, it is not easy to find tax accountants who can go over financial statements to ensure their accuracy. Moreover, it is not every day that a firm can hire an accountant knowledgeable in the essential regulations and tax laws. So, outsourcing accounting services in Hong Kong can safeguard the company’s tax compliance and mitigate any problems that may arise from the government-mandated annual reports.
Company Secretarial Services
This precise accounting service in Hong Kong is chiefly about business control, good running, and compliance with laws. The scope of these services takes in a wide array of ethical, legal, and business tasks. Like most areas, all Hong Kong business concerns must have a duly reported secretary who performs office work.
Note that Chapter 622 of the new Companies Ordinance of Hong Kong mandates that all local limited firms must have a secretary. Since the secretary needs to perform vital duties to comply with Hong Kong laws, getting an expert accounting firm is crucial. After all, they possess the knowledge of the framework and practice.
Trade Services
These services help firms sharpen their local selling and foreign business skills. And this is on top of assisting firms to make informed decisions. Since each business has unique needs, trade services included in the accounting services in Hong Kong come in various forms. For example, they include the processing letters of credit and import and export shipment services depending on business needs. What’s more, warehouse, China customs declaration, cargo and shipping insurance, and a business license and permit services are also included in the list of services offered.
Company Formation
Accounting services in Hong Kong also include local and foreign business setup. So this service caters to those who are fascinated by the charming business milieu of a place. And this service is for all local or foreign persons planning to open a business.
Hong Kong
Most people opt to open a business in Hong Kong for many reasons. The top reason is the ease of launching a business venture for locals and foreigners alike. And this is closely followed by Hong Kong having an open market and a trade-friendly tax system. Last but not least, Hong Kong is accessible to Asian countries and mainland China.
Overseas
Along with local business formation, many professional accounting firms in Hong Kong also do business formation in Singapore, Taiwan, Malaysia, Vietnam, and South Korea. In so doing, it allows entrepreneurs to concentrate on their business development while expanding the business. As a result, they become worry-free in the administrative work of setting up an overseas company.
Benefits of Engaging Accounting Services in Hong Kong
On top of the previously mentioned benefits of outsourcing accounting services in Hong Kong, there are still those not taken up, such as:
- Savings from possible higher tax deductions and cost of employee benefits;
- Free business and financial advice; and,
- Less requirement on office space, supplies, and equipment.
Why Choose SJH Global Limited for Accounting Services in Hong Kong
SJH Global Limited is joining the market to offer accounting services in Hong Kong that can go “beyond your imagination!” They offer all the services and benefits cited above because they understand that starting and running a business takes a lot of energy and time. So, instead of dealing with trivial administrative matters, entrusting them to a professional team will help expand the business.
What is more, SJH Global Limited understands that the requirements of current laws and regulations are very high. Hence, their team uses rich experience and professional knowledge to assist clients at different times and places. They also act as a communication bridge with the tax department and compliance department to ensure its legal compliance.
And this is very important when the client wants to expand business in Singapore, Taiwan, Malaysia, Vietnam, and South Korea. After all, efficient and fast response is a must in a business environment with rapid information flow. SJH Global Limited can set up a company within one working day at the earliest, allowing clients to take the lead.
At the same time, SJH Global Limited adheres to the tenet of “quality service, customer-oriented.” It follows, therefore, that they are willing to establish long-term cooperative relations with customers. And this means walking the business road with the client. Irrespective of how rough the road may be at first, SJH Global Limited will surely do all it can to make it a smooth path to take.
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Home
In Need of Accounting Services in Hong Kong?
Business entities in Hong Kong who want to save on payroll costs will surely benefit from outsourcing their accounting needs. More so, because they get to have more time to spend on their business activity. And this is very true when a firm that provides clients with premier quality professional services at an affordable fee is engaged.
Types of Accounting Services in Hong Kong
Almost everyone knows that a business cannot thrive and flourish without accounting in place. Without it, a firm cannot track its income and outlays besides ensuring legal compliance. On top of that, outsourcing accounting services in Hong Kong can provide the management, investors, and the government with finite financial data used in business decision-making.
Bookkeeping
Bookkeeping is the primary accounting function that involves recording transactions and keeping the books of accounts updated. These records show details of the firm’s spending and earnings. Often, firms hire a bookkeeper having basic skills whose work is subject to checking by the accountant. However, companies may opt to use software to track their operations and generate reports, which an accountant must review.
Impressive as it can be, the software is still subject to glitches, such as data input errors or technical issues. Technically speaking, when the services of a controller or accountant are needed, it marks the commencement of another type of accounting service.
Basic Accounting
This service involves the monthly closing of the books of accounts of a business. With a superb essential accounting service in Hong Kong, the firm owner or managing team can get insights into the current standing of the firm’s funds. And this is when the accountant reviews the firm’s transactions and explains its results.
Then, the accountants can now prepare reports and financial statements from the bookkept record. Also, they can build budgets, make cash flow forecasts, and provide the analysis needed for the managing team or owner to make wise business choices. Outsourced experts can even square accounts and conduct monthly reviews on how the business is doing. On top of that, they can explain budget gaps and explore possible ways to boost output and earnings.
Audit
Under Section 447 of Hong Kong’s Cap. 622, the financial statements of all firms are subject to audit, even when these firms have reporting exemptions. Only dormant firms are exempt from this rule. Thus, for tax reasons, business concerns formed in Hong Kong have to submit their audited financial statements to the Inland Revenue Department as an attachment to the tax return.
So, without any doubt, accounting services in Hong Kong are essential. As a rule, auditors conduct yearly audits that follow the Hong Kong Financial Reporting Standards or International Financial Reporting Standards. Note that the compliance report issued by auditors has far-reaching effects on any business. For example, the audit report can impact the ability of a company to get commercial loans, aside from strengthening or weakening government trust.
Tax Accounting
Tax accounting stays as an accounting subsector that manages the preparation of tax return filing and payments. As a whole, Hong Kong views accounting and taxation fraud as a grave offense. So, the government and even banks give strict sanctions to offenders. And since business tax requirements need timely, professional, and consistent compliance, many businesses engage the services of firms offering accounting services in Hong Kong. Also, it is not easy to find tax accountants who can go over financial statements to ensure their accuracy. Moreover, it is not every day that a firm can hire an accountant knowledgeable in the essential regulations and tax laws. So, outsourcing accounting services in Hong Kong can safeguard the company’s tax compliance and mitigate any problems that may arise from the government-mandated annual reports.
Company Secretarial Services
This precise accounting service in Hong Kong is chiefly about business control, good running, and compliance with laws. The scope of these services takes in a wide array of ethical, legal, and business tasks. Like most areas, all Hong Kong business concerns must have a duly reported secretary who performs office work.
Note that Chapter 622 of the new Companies Ordinance of Hong Kong mandates that all local limited firms must have a secretary. Since the secretary needs to perform vital duties to comply with Hong Kong laws, getting an expert accounting firm is crucial. After all, they possess the knowledge of the framework and practice.
Trade Services
These services help firms sharpen their local selling and foreign business skills. And this is on top of assisting firms to make informed decisions. Since each business has unique needs, trade services included in the accounting services in Hong Kong come in various forms. For example, they include the processing letters of credit and import and export shipment services depending on business needs. What’s more, warehouse, China customs declaration, cargo and shipping insurance, and a business license and permit services are also included in the list of services offered.
Company Formation
Accounting services in Hong Kong also include local and foreign business setup. So this service caters to those who are fascinated by the charming business milieu of a place. And this service is for all local or foreign persons planning to open a business.
Hong Kong
Most people opt to open a business in Hong Kong for many reasons. The top reason is the ease of launching a business venture for locals and foreigners alike. And this is closely followed by Hong Kong having an open market and a trade-friendly tax system. Last but not least, Hong Kong is accessible to Asian countries and mainland China.
Overseas
Along with local business formation, many professional accounting firms in Hong Kong also do business formation in Singapore, Taiwan, Malaysia, Vietnam, and South Korea. In so doing, it allows entrepreneurs to concentrate on their business development while expanding the business. As a result, they become worry-free in the administrative work of setting up an overseas company.
Benefits of Engaging Accounting Services in Hong Kong
SJH Global Limited is joining the market to offer accounting services in Hong Kong that can go “beyond your imagination!” They offer all the services and benefits cited above because they understand that starting and running a business takes a lot of energy and time. So, instead of dealing with trivial administrative matters, entrusting them to a professional team will help expand the business.
What is more, SJH Global Limited understands that the requirements of current laws and regulations are very high. Hence, their team uses rich experience and professional knowledge to assist clients at different times and places. They also act as a communication bridge with the tax department and compliance department to ensure its legal compliance.
And this is very important when the client wants to expand business in Singapore, Taiwan, Malaysia, Vietnam, and South Korea. After all, efficient and fast response is a must in a business environment with rapid information flow. SJH Global Limited can set up a company within one working day at the earliest, allowing clients to take the lead.
At the same time, SJH Global Limited adheres to the tenet of “quality service, customer-oriented.” It follows, therefore, that they are willing to establish long-term cooperative relations with customers. And this means walking the business road with the client. Irrespective of how rough the road may be at first, SJH Global Limited will surely do all it can to make it a smooth path to take.
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Frequently Ask Quenstions
Simply stated, bookkeeping focuses on the process of recording financial dealings of a business. In contrast, accounting is subjective because it gives insights into the financial health of a business based on bookkeeping information.
Accounting always starts with bookkeeping. And from there, proceeds to the other phases that helps businesses thrive and flourish. Through analyzing and interpreting financial data, financial statements are made ready for the audit. And it does not stop there. Accounting work goes further to include designing accounting systems, preparing special financial and business studies, making budgets and forecasts, besides tax services.
Financial statements exist as formal accounts of a business’ financial position and activities, besides relevant financial data, which follows a structured form for easy understanding. The main statements are the Balance Sheet, Income Statement, Cash Flow Statement, and Statement of Shareholders’ Equity.
The Hong Kong Institute of Certified Public Accountants (HKICPA) or Hong Kong Institute of Certified Public Accountants oversees the accounting work in the state. And since firms in Hong Kong must keep their financial books to meet legal and tax requirements, the Hong Kong Companies Ordinance rules are followed.
The books of accounts must be per the HKFRS or the Hong Kong Financial Reporting Standards. HKFRS exists as Hong Kong’s accounting standard that consists of over 50 standards that cover the various segments of the financial actions of a business.
Starting January 2005, though, Hong Kong embraced the FRS or Financial Reporting Standards framework. The framework is modeled on the IFRS or International Financial Reporting Standards and published by the IASB or International Accounting Standards Board.
These services are vital because they help firms track their outlays and income, besides meeting their legal compliance needs. In the process, they assist the business in giving backers, the government, and management finite fiscal data utilize in their business decision-making. Also, by weighing annual data against that of the previous year, the firm can create a proper budget.
Accounting services help businesses grow and flourish through the insights they get on the general financial state of their company. What’s more, they offer a precise account of cash flow and help pinpoint growth opportunities. On top of that, they offer savings on time and manpower, while ensuring compliance with statutory requirements.
All duly listed business concerns need financial accounting since the law mandates it. In reality, financial accounting is required for all firms worldwide to safeguard compliance with legal rules. On the other hand, the reports made through managerial services are worthless in the law’s viewpoint because they remain for the firm’s internal use.
The two common financial year-end dates in Hong Kong are March 31 and December 31. Upon launching a business, it stands crucial for the owners to decide on their financial year-end. And this is because choosing the suitable one can offer the company benefits, such as lower accounting and auditing fees and a lengthy tax reporting period.
The Inland Revenue Department remains responsible for gathering duties and taxes in Hong Kong. Established on April 1, 1947, it initially administered just one legislation. And this is the 1947 Inland Revenue Ordinance. Over the years, the department absorbed various Treasury sections, such as the Estate Duty (1949) and Stamp Duty (1956) offices. It is also responsible for collecting taxes on entertainment, bets and sweepstakes, and even public dance halls.
All companies formed in Hong Kong have to submit an independent auditor’s report that includes the latest Audited Financial Statements according to HKFRS with their matching amounts in the prior year.
As required by Hong Kong’s company formation statutes, every firm formed in the state must submit its Profits Tax Return to the IRD each year. Duly attached to Profits Tax Return is the firm’s latest Audited Financial Statements with matching amounts in the prior year. Of course, the law provides specific exemptions to this requirement.
“Tax havens” describe countries with tax rates at a low level. So, tax havens are attractive places for foreign venture capitalists to invest their money. And topping the list of global tax havens is Hong Kong because its laws limit the tax on its wealthy foreign firms and residents.
Contact Us
If you have any enquiries, please feel free to contact us. We will answer your question as soon as possible, Thank You!
Contact Us
If you have any enquiries, please feel free to contact us. We will answer your question as soon as possible, Thank You!
