The one-stop service package for compliance to accounting, audit and taxation responsibilities of Hong Kong companies
We are AsiaBC. We are an accounting and taxation services firm in Hong Kong. We focus on the comprehensive problem-solving approach to support Hong Kong Small and medium-sized enterprises (SMEs) which are doing either local or international business, to comply with their obligations of corporate accounting, annual audit, and tax returns filing. Nevertheless, our one-stop package includes consultation on the financial and taxation matters based on our thorough understanding of our client’s business operations and financial transactions.
One-off preparation of accounting books and statements in your company’s accounting year
Preparation of audited financial statements, auditor’s report and tax computation by a practising HKCPA
Filing of Profits Tax return of your company’s behalf
Advisory opinion for improvement to your corporate finance and tax situation
Remarks:
You can receive a FREE initial consultation, we will offer as much advice as we can. The meeting in either face-to-face or other electronic means are welcome. The meeting is obligation free. If you already have an accountant, the changeover is very simple and we take care of it for you. Please either contact us directly or complete and submit the form below.
You’ll receive a competitive quote after the meeting for your consideration. The quoted items and their pricing are calculated based on your supplied information, particularly the turnover and the number of transactions, and our capacity, particularly the availability of the HKCPA and the accountants, the estimated time spent, and the level of skill and responsibility involved.
If you accept the quotation, you can proceed to payment. We will begin our services after we have received the full payment.
In the simplest sense, financial documents are the documents record of expenditure and income of your company through the accounting period, these include, but not limited to, the staff payroll record, the staff MPF contribution records, the bank account statements, purchase invoices/receipts, sales invoices/receipts, the record of expense and income of cash and cheque.
In addition, we have to view the tax computations, accounting books and audit reports in previous tax years.
Our accountants will, firstly, organize and file the financial documents supplied, then prepare accounting books including General Ledger, Account Payables and Account Receivables, finally prepare financial statements including Balance Sheet and Profit and Loss (P&L) Statement.
During the creation of these books and statements, our accountants will request supplementary documents from your company, in order to fulfil the requirement of the HKCPA.
Our assigned HKCPA, as your auditor, will analyse the financial statements and the accounting books produced by the accountants, and express and sign an opinion in the auditor’s report on whether the financial statements give a true and fair view in accordance with the financial reporting framework adopted in the preparation and presentation of these documents. Collectively, the deliverable of the auditor is called “audit report”.
During the auditing process, the auditor will raise questions to the accountants to clarify any unclear materials; if the problem is not settled, the accountants and the auditor will contact and query your company for further information of your business operations and explanations.
The auditor with the help of our accountants will prepare an estimated computation of your company’s Profits Tax of the period. This tax computation is a document required by the filing of Profits Tax return.
AsiaBC will act as your company’s tax representative. We will file the Profits Tax return on your company’s behalf, and ensure the return and the supplementary documents are in place and their format is in compliance with the regulations of the IRD. We will submit the completed return to the IRD.
After the submission of the tax return, in case your company receives any queries from the IRD, we will assist your company to answer the queries based on the additional information supplied by your company.
Once we have a thorough understanding of your business operation and your financial situation, we can advise on these matters to improve your tax and finance position e.g. save tax, increase cash flow.
We will do as much as we can to ensure we can deliver the accounting books, financial statements, audit report, and tax return on time. To achieve so, we work hard to follow the schedule of accounting and auditing tasks, and we also need you to provide accurate and complete financial information and documents for our accountants and our assigned HKCPA as soon as possible.
If we foresee that we cannot submit the Profits Tax Return by the deadline, we will apply for an extension on reasonable grounds once after the quotation is accepted.
You can contact us even after the Profits Tax return deadline.
We reply to every email and phone calls of our clients.
We give advisory to grow your business as much as we can.
We comply with the Hong Kong accounting standards and tax laws*.
* Unless further specified, we follow the Hong Kong SME Financial Reporting Framework and Financial Reporting Standard (“SME-FRF” and “SME-FRS”) for our accounting and auditing services; We obey the Inland Revenue Ordinance and Companies Ordinance of Hong Kong; We also refer to the IRD’s Departmental Interpretation and Practice Notes on our accounting and tax computation works.
What is Corporate Accounting?
Corporate Accounting is one of the obligations of every Hong Kong limited company. It requires the company to keeping records of financial transactions and preparing the financial statements of the company for up to 7 years.
What is Statutory Audit?
Statutory audit is an obligation of every Hong Kong limited company to hire an independent Hong Kong Certified Public Accountant with Practising Certificate to analyse if the financial information and accounting materials can give a true and fair view based on the financial reporting standards adopted.
When will a Hong Kong company receive the Profits Tax return?
The IRD sends out the Profits Tax return by post to the Hong Kong company on the first week of April every year. For a newly registered company, the IRD will send out the first Profits Tax return in some 18 months after the date of incorporation.
