Hong Kong To Restore Business Registration Fee
by Mary Swire, Lowtax.net, Hong Kong
07 March, 2014
The Inland Revenue Department (IRD) has reminded businesses that the Revenue (Reduction of Business Registration Fees) Order 2013, which waived Hong Kong's business registration fees for a further year, will expire on April 1, 2014.
For any one-year business registration certificate (BRC) which starts on or after that date, the prescribed business registration fee of HKD2,000 will be payable.
Under the Order, the fees payable for BRCs, in respect of local companies registered under Hong Kong's 'one-stop' company incorporation and business registration regime, were reduced by a sum of HKD2,000 (USD258), if the related incorporation applications were made within the period to March 31, 2013. Businesses have still been required to pay the annual levy for the Protection of Wages on Insolvency Fund on each BRC.
Therefore, for any BRCs commencing after that date, a business registration fee of HKD2,000 will be payable for a one-year certificate, or HKD5,200 for a three-year certificate, together with the levy.
The IRD also pointed out that it is anticipated that there will be an upsurge in demand for new business registration services in March 2014, before the increased fee deadline.
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