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What are the risks of a Hong Kong company that has not been audited for many years?

Released Date: Oct 17,2021 Article Source: HUANZE

A Hong Kong company established for many years has opened a bank account, and the company has been in operation. However, due to the ignorance of the tax laws of Hong Kong or other reasons, this company has never done the Hong Kong company audit and tax return. Instead, it has kept the company through the inactive declaration method. So what's at stake here?

A Hong Kong company that has been established for many years, has a bank account, has been operating, but has never done so because it is not clear about the Hong Kong tax laws, or for various reasonsHong Kong corporate auditFile taxes, but renew them through inactive filing. So what's at stake here?

First of all2018First came to the public's attention in 2000CRS, has been around the world100A number of countries or regions formally implemented. Banks around the world in order to complyCRSTo enhance transparency, it will require all account opening customers to provide annual inspection records andHong Kong corporate auditReport. Failure to do so may result in the freezing or closing of bank accounts.

The second is the situation found by the tax bureau. In this case, the tax bureau will require this Hong Kong company to make up the audit and tax declaration of previous years. Tax bureau basisHong Kong corporate auditIf the report concludes that the company is subject to profits tax, back taxes and late fees will need to be paid, and the directors of the company may be held criminally liable for willful tax evasion.

What are the risks of a Hong Kong company that has not been audited for many years?

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.

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