Hong Kong limited company is located in the South China Sea 100 miles south east of Guangzhou. As of 1 July 1997 under the Sino- British Agreement of December 1984, Hong Kong limited became a Special Administrative Region (HKSAR) of the People’s Republic of China. Hong Kong limited is not normally regarded as an offshore country as it is well known for being a major financial center in the world.
The legal system of Hong Kong limited company is British Common Law supplemented by locally enacted Ordinances. There is a bilingual legal system with Ordinances being translated into Chinese but English will continue to prevail. Under the “One country – Two systems” philosophy, Hong Kong has executive, legislative and independent judicial power. Hong Kong profits tax is only.
Tax Returns Profits Tax Returns are normally issued to corporations in April. For newly registered company, the first Profits Tax Return will be issued 18 months after the date of incorporation or commencement of business. The basis period for the first Profits Tax Return should not be more than 18 months from the date of commencement of business to the accounting date selected by the company.
Hong Kong Limited Profits Tax Return must be filed upon receipt even if the company is inactive. Instructions can be provided on our Company Order Form, which is available on request. GCSL will need directors’ and beneficial shareholders’ full name, notarized passport copy and residential address proof, which can take the form of utility bill or bank statement issued within the last 2 months, authorized and paid up share capital and the proposed business of the company.