Hong Kong Annual Examination
The adverse effects of not meeting the annual review on time
1. Account Freezing
The bank will be frozen, unable to make payments and payments, unable to withdraw balances, and will not be able to open accounts in the future.
2. Government penalties and fines
According to the Hong Kong Companies Act, failure to complete the annual examination on time will result in the risk of fines and penalties. Late payment is up to HKD50000 penalty and a daily fine of HKD1000.
3. Legal Liability
Failure to comply with the annual audit may be considered a breach of the provisions of the Hong Kong Companies Act, and the company and its directors may be subject to corresponding legal liabilities, including legal action and possible criminal charges.
4. Impaired credit
It may lead to shareholders and directors being recorded as bad credit, affecting immigration and flight transfers, etc. It may have a negative impact on the company's reputation, affect the company's business relationships with suppliers, customers and financial institutions, and affect the company's future business opportunities.
Explanation of the penalty for overdue annual examination of Hong Kong companies
1. If it is made within 42 days from the day following the anniversary of incorporation, the annual registration fee is HKD 105
2. If more than 42 days but not more than 3 months from the day following the anniversary of incorporation - HKD 870
3. If more than 3 months but not more than 6 months from the day following the anniversary of incorporation - HKD 1740
4. If more than 6 months but not more than 9 months from the day following the anniversary of incorporation - HKD 2610
5. If more than 9 months from the day following the anniversary of incorporation - HKD 3480
6. Overdue fines are accumulated on a quarterly basis and there is no cap
The processing time of the annual examination of the Hong Kong company
1. Prepare for the process more than a week in advance to avoid overdue annual review and fines, and ensure the company's compliance.
2. For companies that do not conduct annual audits, the amount of fines will gradually increase over time.
3. Hong Kong companies are required to arrange annual audits before the expiration of the date of incorporation every year to ensure that the company's business activities comply with relevant laws and regulations.
4. If the company does not complete the annual review, it may affect the normal use of the bank account, so it is very important to conduct the annual review in a timely manner.
Annual examination of Hong Kong companies
Annual examination content: replacement of the latest annual business registration certificate and submission of annual return
Annual review cycle: one year and one month before the date of establishment, our company will have a special person to notify your company by phone, if there is a change in contact information, please contact our company in time)
The data obtained after the completion of the annual review: the latest annual business registration certificate BR, annual return NAR1, accountant certification documents, computer receipts, receipts and other annual audit materials will be delivered to you free of charge
Annual review process
1. Provide the required information
2. Sign the Power of Attorney
3. Pay the annual review fee
4. 3 to 5 working days to complete
Required Information:
1. NNC1 Incorporation Formation Form
2.BR latest business registration certificate
3.CR Certificate of Incorporation
4. The latest NAR1 annual review file (if there has been a change after the annual review, please provide the latest change file) Such as: ND2A Notice of Change of Company Secretary and Director; Notice of Change of Address of Registered Office of NR1; Share transfer file, etc
5. Take a photo with the front and back of your ID card;
6. Sign the sample and fill in the questionnaire; The process of annual examination of a Hong Kong company
Processing time
The processing time is 3 to 5 working days after the expiration of the annual examination of the previous year