Can Get Started HK provide accounting services?
Yes. Get Started HK is a licensed accounting firm in Hong Kong, managed by a practising CPA. Our team brings over 30 years of professional accounting experience to support your business.
What is the corporate tax rate in Hong Kong?
Offshore companies: Profits sourced outside Hong Kong may qualify for a 0% tax rate.
Onshore companies: The tax rate is 8.25% on the first HKD 2 million of profits, and 16.5% on profits above that threshold.
Do offshore companies still need to submit accounting reports?
Yes. Even if your company qualifies for a 0% offshore tax rate, you are still required to prepare and submit accounting reports to the Hong Kong Inland Revenue Department (IRD).
What documents are required to apply for offshore tax status?
Offshore status is determined by facts, not by application tricks. You must provide supporting documents such as:
- Bank statements
- Invoices
- Expense receipts
Our accountants will present these records in your reports to demonstrate that profits are generated offshore.
How often must accounting reports be submitted?
The IRD issues the first tax return 18 months after incorporation. This means your first accounting report is due in the second year. After that, reports must be submitted annually.
Do I need to file monthly accounting reports?
No. Hong Kong does not require monthly submissions. The first report is requested 18 months after incorporation, followed by yearly filings.
If my company has no business operations, do I still need to file reports?
As per the latest law, if your company has no operations, you still have to notify the IRD by submitting a NIL tax return.
What records should I keep for accounting purposes?
At minimum, you should keep:
- Bank statements
- Invoices
- Expense receipts
We recommend scanning and storing these documents digitally. You can share them with us via Google Drive, Dropbox, or email at the end of each financial year.
Which accounting software do you recommend?
Under 100 transactions/month: Simply Microsoft Excel or any free accounting software.
High volume transactions: Xero is ideal for companies with thousands of transactions. Existing clients can request a Xero discount code from our account manager.
Accounting software is optional. It helps organize records internally, but if you prefer to keep costs low, you can simply provide us with your data, such as bank statements, invoices and receipts, at year end and we will prepare the reports.
What happens if I lose my bank statements or invoices?
Without these documents, our accountants cannot prepare accurate reports. In serious cases, the IRD may initiate an investigation.
Lost invoices: Ask your customers or suppliers to resend copies.
Lost bank statements: Request duplicate copies from your bank.
Do I have to pay accounting fee upfront?
No. In Hong Kong, the government only requires your first audit or offshore report 18 months after incorporation. It means that accounting fees are payable 18 months later – not upfront.
Some foreign owned firms may demand fees 18 months in advance, tying up your cash unnecessarily. With Get Started HK, there’s no need to pay accounting fee on day one, you can keep every dollar working for your business, focus on development, and start generating profit before any accounting costs are due. Founders understand founders, and we know cash flow is king.
What is the difference between audited and unaudited financial records?
Be cautious: Some firms may offer cheap quotes but only provide unaudited statements, which are not accepted in Hong Kong. The Inland Revenue Department requires audited financial statements signed by a practising CPA.
In Hong Kong, the standard practice is that accounting fees are charged 18 months after incorporation, when the first tax form is issued. If a firm offers a discount but asks you to pay 18 months upfront for unaudited preparation, be cautious, this is not the norm and may suggest they are cutting corners.
Start Your Hong Kong Company
- 0% Corporate Tax for Offshore Profit.
- 0% Value Added Tax (VAT).
- 0% Capital Gain Tax.
Guaranteed Bank Account Opening
- 100% Successful Rate For Company Registration.
- We offer real solutions to open bank account in Hong Kong.
Company Secretarial Service
Our comprehensive support which allows your company to operate efficiently without physical presence in Hong Kong.
Registered Business Address
Our company formation packages include a registered address service prepared for you hassle-free.
