Hong Kong Company Annual Review
After the establishment of a Hong Kong company, the business must undergo annual maintenance to ensure the company's normal operational status. The annual review of a Hong Kong company is one of the essential key tasks.
Annual Review Contents
1.Renewal of Business Registration Certificate: Hong Kong companies that have reached one year of operation need to obtain a new annual business registration certificate from the Hong Kong Inland Revenue Department.
2.Renewal of Annual Return (NAR1): Hong Kong companies that have completed one year need to submit documents to the Hong Kong Companies Registry, reporting updates on directors and shareholders, address, and secretary changes.
3.Statutory Secretary: According to the Hong Kong Companies Ordinance, companies registered in Hong Kong must have a statutory secretary, who must be from a locally operated Hong Kong company and a licensed Hong Kong company.
4.Registered Address: This is a prerequisite for establishing a company in Hong Kong. If the client cannot provide one, our company can provide it on their behalf.
Documents Required for Annual Review
1.Business Registration Certificate.
2.Certificate of Incorporation.
3.Articles of Association.
4.Incorporation Form NNC1.
5.NAR1 Form.
6.Director/Shareholder ID card, photo holding ID card, and proof of address from the last three months (utility bill, credit card statement, gas bill).
7.All amendment documents (if any).
Documents Received Upon Completion of Annual Review
1.Updated Business Registration Certificate.
2.Updated NAR1.
Consequences of Not Conducting Annual Reviews
1.Account Freezing: Bank accounts will be frozen, preventing both incoming and outgoing payments and withdrawals. Subsequent account opening will also be impossible.
2.Government Fines: The company may face government fines or lawsuits and may even receive subpoenas from the court.
3.Credit Damage: This could lead to poor credit records for shareholders and directors, affecting travel and flight transfers.
If a Hong Kong company fails to conduct its annual review, administrative penalties and fines will accumulate over time. It is recommended that businesses conduct annual reviews on schedule each year to avoid unnecessary troubles.
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