The Annual Examination for Company which is newly incorporated must be held every year in order for the company to continue doing business in the long-term. The Annual Examination for Company must be according to the laws and regulations of the place in which the company is based. The Annual Examination for company is also used for renewal of a company’s business certificate, in order to continue doing business in the region as the business certificate is valid for one year only. Each examination may differ in requirements according to the region of incorporation. After the anniversary date of the company incorporation, the Registrar of Companies requires the specified company to deliver an annual return. Information such as updates on the state affairs of the company during the previous year, number of shareholders of the company, their shareholdings and the operation of each shareholding etc are required.
The services provided include:
- The Annual Examination for a company.
- Joint Annual examination for Foreign Investment Enterprise.
- License Renewal for Overseas/Offshore Company.
- Procedure for the Annual Examination for Company- Existing clients are only needed to sign on the acknowledgement and the annual return file. But a new client has to provide the copies of certificate of incorporation, business registration certificate and NCI.
- Timing of the Annual Examination for Company- The Annual Examination for company would be conducted every year on the anniversary of the incorporation of the company. Any late delivery might lead to the company incurring fines.
- Fees of the Examination- Fees for the examination may vary with region and the profile of the company.
The conductance of the Annual Examination for offshore companies is easier and simpler and it is a legal way for the company to continue its operation. The drafting of statutory documents for the government, resolutions are also proposed at the annual general meeting and board meetings in compliance with the laws of the specific region. Risk assessment is also performed and specific advices are also given for improvements based on the available financial reports of the company. The customers are also updated with the latest regulations in offshore regions and are given professional advice in addition to providing annual examination services. All matters during the annual examination are handled. Risk Aversion advices are provided to the investors based on the operation of the enterprises.
The financial advisory services that are available in the market range manifold within what they actually provide. From a small firm with certain kinds of financial experts, tax consultation can be gained, certain manage the wealth of individuals and certain provide only audit services which will help get a better picture of the existing management of the company. An organization that operated in more than one geographic location usually need one or all of the below mentioned services that are provided by a financial advisory:
- Risk Management
Apart from tax management, a financial advisory service is very apt at risk management. They conduct audits and evaluations for the employees and processes which help identify any risk gaps. When identified there are comprehensive plans made to mitigate these risks. This process is very important for a company that is working in a fiercely competitive environment.
- Compliance management
Especially for a multinational company, this is a very challenging area to get perfectly right every time. A financial advisory will help with the compliance to laws and norms in every region. It is better suited to avail the services of an advisory which also has branches in similar regions to the organization for the most effective use of this resource.
- Building financial control
Even in the most ordinary of the business situations, an organization will always require financial control. Whether this control is in the form of budgetary activities or providing a forecast of the investments. Every decision relating to capital or investment needs to be analysed thoroughly for any implications. Having control over the financial matters is the ultimate requirement by any owner or manager.
- Reorganization services
Financial advisory services are of immense help when a company is aiming to reorganize itself. Whether it is a capital restructuring or a merger with another company, there are several compliance, legal and financial implications that an advisory is better suited to deal with.
- Strategic advise
The advisory services are able to provide strategic paths to an organization sometimes just through the experience and the corporate exposure that they gain in the market. A lone entrepreneur may not have the vast exposure and hence turning towards a financial advisory for strategic changes is considered beneficial.
- Fraud management
In a big company, the chances of fraud are higher and hence it is necessary to keep a vigilant eye out for any type of a mis-happening. The financial advisory services that help with evaluations and audits are well placed to understand and bring forth any such fraudulent activities for the management’s urgent attention.
Companies are made up of different individuals. For instance, it has the shareholders or owners and then the managing staff. In most cases shareholders tend to have very little involvement on the day to day functioning of the business. This is why audit and assurance is highly important to companies. It helps the shareholders find out how the company resources are being used. One of the main advantages of this is that theft or improper use of resources will be highly avoided thus leading to increased profits. With the financial statements provided by the auditors, the shareholders will be able to make the right financial decisions regarding the business and the company. These are some of the main advantages of auditing as a whole.
Audit and Assurance
The report provided by the auditors creates a form of confidence on the financial statements. The conclusion achieved by this reports is what can be referred to as assurance. It is important to note that there are different categories of assurance depending on the category of the officer or business. Some of the main categories include;
- A reasonable assurance- this form of assurance tends to get into deep detail in assessing the company. It tends to do a detailed testing before coming into a conclusion. This is the type of assurance that most big companies tend to go for. It tends to review the audit statements.
- Limited assurance- this form of assurance tends to review the financial statements. It does not get deep into detail compared to the prior form of assurance. It just deals with primary analysis and enquiries.
- No assurance- this is a lesser form of assurance that deals with the compilation of the financial statements. These are the main categories of assurance in the accounting industry.
When it comes to auditing and assurance it is highly important to take into consideration the type and level of auditor that the company opts for. For large organizations, it is highly advisable to opt for auditing firms. The reason behind this is that they tend to get into deep detail in all the various sectors. Apart from that, documentation from renowned auditing firms tends to create a positive image about the company. It shows that you provide quality services to its clients. It may take a while to find the best type of auditor for the job but in the end it will always prove worthwhile.
An incorporated company is nothing but a commercial entity which has been created for the sole purpose of carrying a commercial trade which will reap benefits to its owners through the way of revenue. A company comes into existence when a trade, service or commerce related business idea is materialized through the way of venture financing. Throughout the term of the business, capital remains its lifeblood. Compensations are made to the financers in terms of dividends every now and then. Company incorporations are usually larger organizations and more systematic with procedures and processes owing to the several entities that they are obligated by.
Following are a few benefits of a company incorporation which small firms do not enjoy:
- An independent Entity
An incorporated company enjoys the status of being an independent company which is operated by the people mentioned as its board of directors. They decide the direction in which the company grows and also who gets associated with it and how. Although they steer the company, it has an existence of its own which is not affected by the life of the directors or if they want to move on from a particular organization. This gives a company a great advantage of a life which is indefinite and will not end at the death of the owner of the company, which is the case of an individually owned business.
- Limited liability
This is perhaps the best part of a company incorporation. Its liability is only limited to the capital that has been invested in it and the assets that have been purchased in its name. This means that incase of the liquidation of a company incorporation, for any reasons, the personal property of the owner will not be at stake.
- Share transfers
A company incorporation which is publically listed can have its shares sold and re-sold in the secondary financial market. This means that the ownership of the company is not within a few hands and it has a wide scope for development. The fact that new shares can be floated in the market gives an incorporated company the advantage of being able to raise capital for itself when it is required.
A company incorporation does not rely on the lives of the directors or its shareholders. Since it has its own existence which is legal, its succession is based on the transfer of shares. It can enjoy perpetual succession.
There are different pros and cons for setting up a hong kong company with setting up a BVI company. As each client’s situation and requirement is different case by case. Client is suggested to seek professional advice before processing.
|Hong Kong Company||BVI Company|
|Taxation||Corporate profts tax rate is 16.5% in average for business operated in hong kong.||Easier to get tax exemption if the business is operated offshore.|
|Bank account opening||Easier to open company bank account even for foreigners||More requirements.documentations and proofs are needed to open company bank account.|
|Pricacy protection||Relatively low level of privacy protection as the registration is open for public search||Easier to achieve anonymity & privacy protection as the registration is not open for public search.|
|Enter into china market||Hong kong company setup could be a better choice if you plan to set up a company or rep office in china later.||Not a very preferred entity as certain restrictions might apply. Also, you could not enjoy CEPA benefits.|
|Discontinuance of business||Required to follow deregistration procedures. Generally the whole process will take around 6-9 months.||Easier process to close down the company.
In the not as well distant previously, choosing a tailor had been an easy occupation. Lots of people went to typically the tailor which serviced their loved ones around the many years. All these tailors carried out practically nothing seeking art complete the job – they realized the things these were becoming performing and had an enthusiastic desire inside the newest habits. Above all, they’ve been perfectionists just who delighted through the excellent healthful and glance from the outfit. Unfortunately, which is not the problem any more. Nonetheless, should you wish to glance good and get most earnings inside the financial commitment inside your clothes, then, selecting a learn customize is usually a will likely need to. Another suggestions can assist you select the correct tailor for the job.
Fully grasp designs and match:
Many people are clueless when it comes to current traits. An excellent proportion of individuals also have small knowledge of the very best suit. Typically the clothes putting on must travel nicely with your decide and full body structure. Even though in shape is vital, its additionally crucial to be sure utmost convenience. To appear excellent, the wearer inside the also come to really feel excellent! A fairly fantastic knowledge of the along with factors arrives useful even though selecting a customize. It is necessary that the tailor you choose has a excellent grasp of those fundamentals of dressmaker.
Recommendations and sources:
The large choice of ideal methods of choosing an excellent tailor should be to check with others, good friends or fellow workers for sources. Fantastic tailors make use of a dedicated sticking to – a listing of buyers who really feel that the tailor is actually worth all their excess fat in precious metal! When you are able faucet this source, you will end up nearly sure to discover your method of an incredible tailor. Having said that, you will have to watch out regarding the assistance you’re acquiring.
Match the tailor:
When you might have a listing, its quicker to select the proper customize. Speak with the tailor along with locate out if they listen to a person personally along with guide you within the ideal path when/if you decide to go astray. Does the tailor possess time to talk to you individually or are they extremely fast paced? Discover some people that have time to think of their clients.
Referred to as Asia Globe City, the location Hong Kong obviously lives as much as its title. Mostly of the modern cities from the globe, Hong Kong exactly like it’s some other Asian counterpart- Singapore is really as varied as possible. Right here you’ll find individuals of numerous ethnicities quietly co-existing with one another. This relaxing coexistence and relation for additional cultures moved forward and produced Hong Kong among the leading middle of business and commerce bringing in not only a significant variety of opportunities but additionally numerous tourists- each business along with leisure that fall to city in order to admire not only its multiple – ethnicity however to additionally enjoy it’s hospitality greatest seen in its social occasions, night existence, food along with history.
Take pleasure in your remain in a completely furnished vacation condo
The majority of the visitors go to the city identified for its aromatic harbor possibly like a weekend entrance or for any longer length not increasing beyond per week and to help to make best make use of time and assets, a lot of few choose in which to stay serviced flats or temporary lets rather than those of resorts.
Making your way around the location is sleek and simple
One of the numerous motivators which appeal to a visitor to a nation is the easy transport. Motion nationally and those inside the city is actually of perfect importance for you to those who are going of their personal and are on the strict price range. Along with Hong Kong is actually fortunate to have among the finest transportation techniques in Asian countries. The actual Chek Lap Kok airport terminal joins the city for you to all of those other globe while the Airport convey teach, Airport shuttle service bus along with MTR will hook up you to internal the main Hong Kong City specifically Central, Lantau island and so on. With regard to guest originating from china particularly from Shenzhen along with Macau, you will find ferries, ships and also helicopters that certain can take advantage of. Along with for shifting within the town, buses along with taxis usually are aplenty while MRT is the greatest wager because it connects car city.
Eat, Store and Enjoy
Given that accommodation along with transport have been looked after, you can easily mind off to see a few of the amazing town points of interest that the area provides through fragrant harbors to be able to guided strolls to help museums to organic parks to style parks, Hong Kong provides almost anything.
Hong Kong is a populous coastline city in China that is well known for international business. It is home to several global co-operations and companies. It is an ideal business location for any growing company with the intension to tap into Asian workforce as well as its market. The city has been awarded the title of the number one freest economy in the world in current times. This has put the city at the forefront of international businesses all over the globe.
The first and foremost reason is the free market policies. This is one of the factors that attract foreign investors to Hong Kong. It is ranked top among the freest economies in the world today. The freedom is extensive and covers multiple business areas and aspects including investments, trade and property rights. It is free from government control and hence is externally oriented and amongst the most liberal economies in the world. The open market system coupled with the free trade policies are the lifeline of the Asian city. Without the freedom that this policy guarantees, Hong Kong would be just like any other urban city in Asia.
There are several factors that fuel the success of international business in Hong Kong. Collectively they have made the city a favorite among global companies. Globalization is one of the related policies that Hong Kong has fully embraced and used to ensure its dominance in international business. It has become a beacon of success in international business in Asia and the world over. Irrespective of the type of business, any business that is set up in Hong Kong enjoys several liberties that contribute vastly to its success. Some of the benefits of free market policies and free trade include
- High growth in economic progress since there is free enterprise, free trade and free markets that is open to everyone. The economy of Hong Kong benefits immensely from this.
- All barriers to trade are abolished and removed. All businesses are not subjected to any type of tariffs or quotas
- There are no restrictions placed upon investments. This is regardless of if it’s foreign or local.
- Your nationality does not affect whatsoever your freedom on corporate or sectorial ownership
- There are no controls placed on foreign exchange
Free trade and free market policies have gone a long way in driving Hong Kong to the fore front of Asian international business. The free flow of information also allows all companies to be at a leveled plain field so competition is purely affected by market forces. This gives all companies a chance to succeed in the Asian market.
If you have a business and are looking for ways to expand into Asia, forming an offshore company is a viable possibility. Of course finding the perfect country to base your offshore company in can be tricky; unless you do all your research and know your facts beforehand. Fortunately there is a country in Asia that is the perfect partner when it comes to offshore company formation; this country is Hong Kong (HK) – also referred to as the territory.
When it became one of The People’s Republic of China’s two special administrative regions, it also increased its strategic value as an entry point into the various Asian Markets.
The territory is one of the world’s leading financial centers with an emphasis on a capitalist service economy that is characterized by some of the best conditions for global trade and finance. There are numerous benefits to a Hong Kong company formation but the most prominent amongst these is that this country is strategically located in Asia, and that it serves as a gateway for international companies wanting to enter the Asian markets and is also a gateway to the biggest Asian market of them all – China.
The Advantages of a Hong Kong Based Company
Besides its perfect geographical location in the heart of Asia, there are many advantages to forming a company based in Hong Kong; some of these advantages are:
- It has a sound and reputable legal system
- It has a world class infrastructure
- It has a highly educated work force
- It has well developed capital markets
- It has a simplified tax system characterized by low taxes
- It is a politically stable society
- Its currency the HKD, is one of the most traded global currencies
- It has a world class communications infrastructure
- It has one of the highest per capita incomes in the world
What Makes Hong Kong A World Class Business Location
Strategic location not withstanding, HK in itself is a world class territory and has received numerous awards for its superior proficiency in world finance. Among these awards are:
- The World Bank’s rankings for one of the world’s best places for doing business.
- The Global Financial Centre Index ranking as one of the most competitive global financial centers.
- One of the highest ranked “e-ready” cities in the world.
- One of the most competitive economies in the world.
The Human Development Index ranks it amongst the highest in the world in four tiers of human development, and more importantly, if you are looking to form a company there, you will want to know that for the past 14 years it has ranked first, out of 157 countries, in the Index of Economic Freedom. The Index of Economic Freedom is an annual index that measures the degree of economic freedom in the world’s nations. This makes it an extremely attractive proposition for the location of a new company.
How Do You Qualify For A Hong Kong Based Company?
Obviously there are certain standard requirements that have to be met before you can qualify for a HK based company; however, these requirements are generally quite simple and easy to meet. The main requirements are:
- There must be at least one shareholder and/or director who is over 18 years of age.
- At least one permanent resident from the country should be a member, or there should be an authorized company based in the territory representing and acting as the legal secretary for the applicant.
- There should be one registered address there.
If you are looking for ways to enter the Asian Market, then look no further than Hong Kong; not only is it the perfect gateway, it is also a tax haven and makes good business sense.
Get all the information you need about company formation and Hong Kong company formation, and make an informed decision.
The British Virgin Islands or BVI is situated in the Atlantic Ocean. The country has a population of less than 30,000 but it is one of the leading offshore jurisdictions in the world with more than half a million offshore companies incorporated since 1984.
The BVI Companies Act of 2004 is a statute of the British Virgin Islands and it relates to the formation of companies in the country, both local and offshore. It is the replacement of the extremely popular international Business Companies Act. The act is made up of specific features which are specially created to make the islands an attractive offshore financial centre.
- No restrictions in the declaration of dividends
- Restricted requirements for corporate benefits
- An increase in the types of companies which can be formed
- Statutory minority shareholder protection
- No requirements for companies to have a stated corporate object
- Modernization of the registration of security interests
Setup Requirements for British Virgin Island Companies
In order to set up a British Virgin Island company, there should be a minimum of 1 shareholder and 1 resident director. The shareholder, director and corporate secretary can be the same individual or corporate entity. There is no need to appoint an operating officer. There are no restrictions on the nationality or residency of the directors and shareholders of the company and it is also not mandatory to appoint a secretary.
Lenient Rules for Share Capital
When it comes to share capitals, the rules are very lenient. There is no requirement for capital maximum or minimum. There is no need to disclose the share capital of the company and numerous classes of shares can be issued by the company.
Why BVI Offshore Companies are appealing
Many companies and investors are interested in creating BVI offshore companies because of the many advantages they have over local companies. There is no minimum capital amount required; income is exempted from local tax; there is no annual reporting or auditing; and there are no capital gains or withholding tax. British virgin island company register is not that difficult to do especially if you have the right kind of assistance.
Today more than 1 million companies have been incorporated and BVI is now the world’s leading provider of offshore entities. Secrecy is one of the most appealing things about BVI. Event the country’s government does not know the identity of the people who own the companies in the islands. The only information supplied to the registry is name of the company’s agent. The agent is the local firm which arranges incorporations and collects the annual fees.