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Accounting Records

Startupr
03 August, 2015

All companies incorporated in Hong Kong are required to keep accounting and other records.

 

Accounting records requirements:

  • Must be kept not less than 7 years. The 7 year period commences after the end of the company’s financial year when the last entry was made.
  • The records must be kept at a place that would be open to the inspection by the directors at all times without a charge. It may be the registered office of the company or some other place in Hong Kong.
  • The directors are allowed to make a copy of the records in the case of inspection without charges.
  • The records must be kept in Hong Kong. If the records are stored outside Hong Kong, they should be sent to Hong Kong.
  • Both forms – hard copy and electronic form, are acceptable
  • The records must be appropriately recorded for future reference and must disclose with reasonable accuracy the company’s financial position (at intervals of maximum of 6 months)
  • The records must be kept in English or in Chinese

 

What is considered an accounting record?

Bank statements, invoices, books of accounts recording receipts and payments, receipts, vouchers, records of assets and liabilities, records of all entries in relation to trade, profession or business, etc.

Accounting records clarify the company’s transactions and define the financial position of the business. Any failure to provide accounting records of the company that meet all requirements may be liable to a maximum fine of $100,000.


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Startupr

Startupr puts you first. This is why our main focus is Startups with global ambitions. We give you the freedom to build your business while we take care of the tedious, administrative tasks, leaving you to concentrate on your dream for your company. As part of our brilliant service, our back end software will automatically send you reminders of important annual filings, and upload your important document to your online account. startupr.hk

 

 

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