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Tel：+86 400 118 5939According to the Hong Kong Companies Ordinance, all limited companies registered in Hong Kong are required to entrust an accounting firm to audit their annual financial statements. This inevitably incurs certain commission fees, and the audit fees of Hong Kong companies are mainly determined based on their actual operating conditions, transaction amounts, and the number of incoming and outgoing transactions. At present, there are many accounting firms in the market with varying prices, but generally speaking, the reference dimensions for fees are as follows:
1. What is the turnover/total revenue/total assets of a Hong Kong company
Generally speaking, the accounting fees for Hong Kong companies are determined by the principle of turnover/total revenue/total assets. If the turnover of a Hong Kong company is larger, the complexity of the audit will definitely be higher, and the accounting audit fees will be higher. For example, the accounting audit fees of a Hong Kong company with a turnover of only HKD 100000 and a Hong Kong company with a turnover of HKD 100 million will definitely be different. The vast majority of Hong Kong accounting firms use this as an important standard and basis.
2. How many business transactions does the Hong Kong company have
If a Hong Kong company has more monthly bank statement transactions, it means that the company's business flow is more complex, and there are more overall accounts and financial documents. As a result, the workload of accounting audit will also increase, and the cost of accounting audit fees will also increase.
3. Check the complexity and difficulty of accounting for Hong Kong companies
Usually, for Hong Kong companies with relatively simple organizational structures, the complexity of accounting is relatively low, and the audit fees for accounting are also relatively low. On the contrary, for Hong Kong companies with complex organizational structures, such as Hong Kong companies having multiple affiliated or holding companies in mainland China, or Hong Kong companies with complex holding structures, it will directly increase the difficulty of auditing and require a lot of disclosure. Therefore, the accounting audit fees of the Hong Kong company will also increase accordingly.
Therefore, the accounting audit fees of Hong Kong companies are calculated based on their actual situation, and it is necessary to have an understanding of the complexity of their bookkeeping in order to determine the specific fees.
Additionally, it should be noted that Hong Kong companies need to complete accounting, auditing, and tax reporting within the prescribed time frame, otherwise certain fines may be imposed
1. For newly established Hong Kong companies
Newly established Hong Kong companies are required to complete their tax declaration work within three months after receiving the tax return for the first time in the 18th month of their establishment. Failure to do so will result in penalties from the Hong Kong Inland Revenue Department.
2. For Hong Kong companies that have been established for some time
For Hong Kong companies that have been established for a period of time, they can apply for an extension of time based on their chosen annual closing date and complete tax declaration work within the prescribed time, otherwise they will usually be punished by the Hong Kong Inland Revenue Department.
Hong Kong company audits should not be taken lightly. We should not delay important matters due to convenience or unwillingness to spend small amounts of money. It is recommended that Hong Kong companies strictly follow the requirements for audits every year.
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