If your Hong Kong company does not apply for the financial audit on time, then when the tax table issued by the Hong Kong Tax Bureau, the company will not be able to submit the relative tax declaration materials in accordance with the regulations of the tax bureau. In such cases, the Hong Kong Tax Bureau of China will impose heavy penalties on the enterprises that fail to submit the materials or assess the corporate profits tax. Enterprises must pay profits tax in accordance with the amount approved by the tax bureau. That would add to the tax burden on Hong Kong companies.

Some customers may think that only the Hong Kong government and the tax Bureau will require Hong Kong companies to produce audit reports. However, apart from such government agencies, there are also financial institutions whose clients open bank accounts may require customers to produce audit reports. In recent years, many customers come to our company to authorize and entrust to make up audit reports because of the bank regulations. Because the client's bank may do financial due diligence on the Hong Kong company that has opened an account, now the financial institution will require the Hong Kong company to produce the audit report. If it cannot produce the audit report, the financial institution will lock or cancel the Hong Kong company's account. Therefore If your Hong Kong company has all the normal asset transactions, it is necessary to do the audit report, otherwise the account will be locked and even the risk of closure.

In addition to opening accounts, if a Hong Kong company has to apply for or use the relevant instrument business, most financial institutions will require customers to produce the audit report of the Hong Kong company. Therefore If a Hong Kong company must use the negotiable instrument business in its trade and has not yet made an audit report, it shall make up the audit report as soon as possible to prevent the financial institution from suspending or cancelling the negotiable instrument business of the enterprise and endangering all the normal production and operation of the Hong Kong company.

In general, if a Hong Kong company does not make audit reports, it will cause risks to the bill business of the company, the existing bank account of the Hong Kong company, the tax revenue of the Hong Kong company itself, as well as the executive directors and shareholders of the company. Therefore In order to ensure the effective compliance management of the Hong Kong company, it is essential to apply for the financial audit of the Hong Kong company in accordance with the requirements, and more importantly, to apply for an audit report of the Hong Kong company.

CycloseThe company is committed to providing domestic and foreign customers with corporate audit, tax declaration, registration, annual inspection, tax planning and other services in Hong Kong, Singapore, Dubai and other regions. Efficient, rigorous, intimate service has been favored by many private enterprises, listed companies and large state-owned enterprises.