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Company Renewal & Tax Report

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COMPANY RENEWAL & TAX REPORT OVERVIEW

Updated time: Jul 30, 2018 , 17:41 (UTC+08:00)

Company renewal and tax report – overview

Every company will need to renew annually to keep the company in good standing. The due date of the renewal depends on the jurisdiction.
All limited companies (including private, public and corp) in the UK, Hong Kong, Singapore and USA must submit an annual return to the Companies Registrar every year.
The annual return provides a snapshot of general information about your company, including details of directors and company secretary (if you have appointed one), the registered office, share capital and shareholdings, any change over the last year etc.

Company directors are legally required to file an annual return

As a limited company director, you are legally obliged to file an annual return for your company. In fact, it is a criminal offence to fail to deliver your annual return on time.
If you do not submit your return within 28 days after your company’s ‘made up date’ you will face penalties. The relevant authority could even have your company struck off the company register.
Each year, the Company Registrar will write to your registered address informing you of the need to submit your annual return.

Accounts and tax returns for private limited companies

After the end of its financial year, your private limited company in Hong Kong, UK, Singapore and US must prepare:

  • full annual accounts; and
  • a company tax return.

You need your accounts and tax return to meet deadlines for filing with the local tax authority. In Hong Kong, the Inland Revenue Department will normally request the 1st tax return around 18 months after incorporation, but for the UK and Singapore it is the anniversary date.

COMPANY RENEWAL & TAX REPORT FEE SCHEDULE

Updated time: Aug 22, 2018 , 09:37 (UTC+08:00)

Company Renewal Schedule

Jurisdictions Due Date Fee Schedule
Hong Kong Anniversary date US$ 799
Seychelles Anniversary date US$ 589
BVI 31 May (Incorporation from 01 January to 30 June) US$ 1069
30 November (Incorporation from 01 July to 31 December)
Belize 02 January US$ 799
Anguilla 01 January (Incorporation from 01 January to 31 March) US$ 839
01 April (Incorporation from 01 April to 30 June)
01 July (Incorporation from 01 July to 30 September)
01 October (Incorporation from 01 October to 31 December)
Delaware LLC 01 June US$ 649
Delaware Corporation 01 March
RAK Anniversary date US$ 2,399
Mauritius 30 June US$ 1,499
Cayman 31 December US$ 2,829
St. Vincent and the Grenadines 31 December US$ 1,399
Singapore Anniversary date US$ 2,498
Marshall Islands Anniversary date US$ 820
Panama Anniversary date US$ 1,599
Bahamas 31 December US$ 1,149
Cyprus 30 June US$ 2,499
United Kingdom Anniversary date US$ 624
Vanuatu Anniversary date US$ 4,940
Samoa 30 November US$ 889

Tax Report Fee Schedule

Country Time frame Fee
Hong Kong Depend

Profit tax return: US$300 for Dormant Company only

Employer Return: US$200

Singapore Depend US$500 for Dormant Company only
United Kingdom Depend US$399 for Dormant Company only
United States of America Depend US$499 for Dormant Company only

COMPANY RENEWAL & TAX REPORT PROCESSING

Updated time: Jul 30, 2018 , 17:42 (UTC+08:00)

Financial reporting duties

GENERAL

Taxation currently applies in jurisdictions such as the United Kingdom, the United States, Hong Kong and Singapore. All business entities are required to  fulfill tax reporting requirements. To fulfil these duties, our company would like to offer our taxation services with the process below.

  1. First of all, please kindly give us details of all your business transactions based on the financial years of the relevant jurisdiction.
  2. Then we will proceed to review all the documents and do the accounts for your business accordingly.
  3. Next, we will fill in the relevant tax form.
  4. We submit the tax form to the relevant tax authority and wait for the approval.
  5. If there is an auditing query from the government, we will proceed to audit by providing all financial statements.

DETAIL – HONG KONG TAXATION

  1. We need to collect details of all company transactions during Hong Kong’s financial year (the government’s financial year runs from 1 April to 31 March).
  2. After receiving all required details from you, our accounts team will proceed to prepare the financial statements.
  3. Then they will fill in the profit/salary tax return and post it to your address for signing.
  4. After receiving your signed documents, we will submit them to Hong Kong’s Inland Revenue Department.
  5. If there is an auditing query from the government, we will proceed to audit by providing all financial statements.

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