13 Jul
Hong Kong International Tax Planning
Posted in Business Management, Financial Management by adminAlso the companies should hand over annually reports on profit and losses and to pass obligatory audit.
Usually for real owners these procedures spend the secretarial companies. In overwhelming majority of cases, under condition of ignorance of activity in Hong Kong and reception of the income of the sources which are outside of Hong Kong, the company is limited to giving of the simple report - about absence of activity in Hong Kong. Therefore no information from owners of the companies about their activity actually is requested.
However the inquiry about granting of the full financial reporting with acknowledgement of primary documents has the right to make tax services. For preparation of the full reporting and passage of audit from the owner of the Hong Kong company it is required to give to auditors of an extract under the bank account, invojsy and contracts under each transaction.
Differences of Hong Kong from offshore zones.
Despite the possibilities of the taxation similar to possibilities of offshore jurisdictions, Hong Kong is not the offshore in classical sense of this word.
Tax exemption in Hong Kong occurs not automatically. It is necessary to submit the report to Department of internal incomes about ignorance of activity. And in certain cases the Department can request the corresponding documents confirming that the company had no incomes of sources in Hong Kong and did not cope from territory of Hong Kong.
Other difference of the Hong Kong companies from the classical offshore consists in their transparency. The information on shareholders and directors of the Hong Kong companies is opened and is in public access.
All it does the Hong Kong companies by the prestigious corporate tools recognized all over the world.
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