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worry about offshore account shutdown? remeber to do this!

worry about offshore account shutdown? remeber to do this!

hong kong has long served as a popular gateway into china for foreign businesses. however, in order to combat money laundering and fraud, the authorities have taken strict measures such as freezing customer bank accounts. it is necessary to know how to maintain your bank account better. 
worry about offshore account shutdown? remeber to do this!
as we’ve said thousands of times before, hong kong banks may freeze a customer’s bank account for possible money laundering reasons. for most of the hong kong companies that legally operate, their businesses will be badly affected if the bank account is frozen. 
 
some people may think that they can just spend more money and open a new account if the original one is closed. 
 
however, as long as you make a good plan for your business and get the documents well-prepared, it is so easy to pass the bank’s review and avoid the risks of account closure and penalty, without spending unnecessary time and expenses
 
today we will share some knowledge about auditing for hong kong companies. 
 
worry about offshore account shutdown? remeber to do this!
what is auditing for hk companies? 
 
in hong kong, an audit is an examination of the financial report of hk company by certified accountants. once the auditing is done and all the reports and documents are completed, relevant documents need to be sent to the government department. 
 
all companies in hong kong must properly keep relevant business information and account books. the company’s books must be kept for more than 7 years so that they can be checked at any time. 
 
in other words, as long as your hong kong company has a business, even if you have canceled your hong kong company, the hong kong taxation office can check your past 7-year bank account. 
 
if your company makes zero declaration while not meeting the requirements, the authorities may treat it as an act of tax evasion or tax fraud, and ask you to pay the taxes. in serious cases, the company may even be blacklisted
 
worry about offshore account shutdown? remeber to do this!
why do auditing? 
 
auditing for hong kong companies is an aspect you cannot ignore. you should consider accounting and auditing as early as at the time when you set up your business. 
 
doing auditing for your hk company can help you: 
  • operate the company better with completed business-related documents and accounting records.
  • maintain hk bank account better without the risks of being shutdown or blacklisted due to the audit problems.
  • avoid the risks of penalty due to the suspicion of tax evasion or fraud. 
  • prepare for the review better under the implementation of crs. 
what is audit report? 
 
an audit report is a written opinion of an auditor regarding an entity’s financial statements. in brief, an audit report includes three parts: the auditor’s opinion, the company’s financial statements, and tax return.
 
auditor’s opinion 
 
there are 4 categories of the auditor’s opinion: 
  • a clean opinion is an unqualified opinion regarding an entity’s financial statements. it is a positive opinion because such a report indicates the auditor’s belief that the entity’s financial statements fairly present its financial results, financial position, and cash flows.

  • a qualified opinion states that the financial statements of a client are fairly presented, except for a specified issue. the issue typically relates to a limitation on the scope of the audit, so that the auditor was unable to obtain sufficient evidence to verify various aspects of the transactions and reports being audited. 

  • a disclaimer opinion

  • an adverse opinion 

 
in brief, the auditor’s opinion can be divided into positive and negative types based on whether the financial statements fairly present the entity’s actual financial situation. 
 
financial statements 
 
financial statements are a collection of summary-level reports about a company’s financial results, financial position, and cash flows. 
financial statements mainly include statement of profit and loss and balance sheet.

tax return
 
each hong kong company will need to file the profit tax return (ptr) for each respective year when conducting business. the form will show that whether your company needs to pay taxes and how much it needs to pay. 
 
worry about offshore account shutdown? remeber to do this!
 
 
how to do auditing? 
 
first of all, you have to prepare the documents as complete as possible. the documents required for the accounting and auditing include:
  • basic documents of the company (ci, br, nar1, nnc1, m&a, etc.)

  • business invoices and other documents (sales and purchase invoices, expenditure receipts, contracts, etc.) 

  • bank statements 

 
secondly, you need to follow and coordinate the audits. the whole audit process involves a number of steps and the auditors will check and verify the information.

the audit report is very important for maintaining the company’s hong kong bank account. in fact, it is not difficult for hong kong companies to conduct an audit. 
 
worry about offshore account shutdown? remeber to do this!
hacos has always been committed to providing customers with comprehensive and reliable financial planning, in-depth understanding of the customer’s operating model to provide the most appropriate method for customers, successfully complete the accounting and auditing of hong kong companies, and enable customers to operate legally in hong kong. 
if you have any questions about doing auditing for hk companies, please feel free to contact hacos

worry about offshore account shutdown? remeber to do this!

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

worry about offshore account shutdown? remeber to do this!

share to let your friends know!

worry about offshore account shutdown? remeber to do this!

👇these articles may help you

worry about offshore account shutdown? remeber to do this!worry about offshore account shutdown? remeber to do this!

save money now! you may get tax refund after doing this!

save money now! you may get tax refund after doing this!

the final settlements and payments of iit for the year 2020 begin. this year, the whole procedures have been further simplified. if you are still not clear about the iit settlement, check our article to know more! 
save money now! you may get tax refund after doing this!
on feb 8, 2020, china’s state taxation administration (sta) released the announcement of the final settlements and payments of individual income tax on the annual comprehensive income in 2020
 
save money now! you may get tax refund after doing this!
 
taxpayers need to calculate their annual iit payable, then deduct their prepayment to get the annual amount of the tax refund or payment and make a declaration to the authorities. 
 

to know more about the individual income tax, please check our previous articles save money now! you may get tax refund after doing this! 

  •  
  •  
 
what’s iit settlement? 
 
according to the announcement, taxpayers are required to make a settlement during the period between march 1 and june 30
 
they need to calculate their annual iit payable, then deduct their prepayment to get the annual amount of the tax refund or payment and make a declaration to the authorities. 
 
in other words, if your iit prepayment exceeds your actual iit payable for the whole year, you can get a refund; otherwise, you need to pay the unpaid tax to settle. 
 

save money now! you may get tax refund after doing this!

© image | google
 
should i settle? 
 
generally, all taxpayers are required to make the settlement as long as their prepayment is not equal to their tax payable. 
 
however, the government has issued a list of exemptions. those who meet any of the following conditions don’t need to settle to lower the tax burden: 
 
  • need to pay the tax but the annual comprehensive income is less than 120,000 yuan; 
  • need to pay the tax but the tax payable is less than 400 yuan; 
  • the prepayment is equal to the annual tax payable, or you don’t apply for the refund. 
 
how to calculate? 
 
well first, you need to get clear your annual comprehensive income, including: 
 
  • employment income 
  • remuneration for personal services 
  • author’s remuneration 
  • royalties
then deduct the standard basic deduction (60,000 yuan), specific deductions, additional deductions, and charitable contributions to get the taxable income. 
 
save money now! you may get tax refund after doing this!
 
after the multiplication by an applicable tax rate and deduction of the quick deduction, you’ll get the annual iit payable. 
 

save money now! you may get tax refund after doing this!

© image | china-briefing

the tax refund or the tax payment is the difference between your annual tax payable and the tax prepayment. 
 
 
when to do it? 
 
taxpayers need to make the annual settlement for 2020 during the period between march 1 and june 30, 2021. 
 
for those who have no domicile in china and will leave the country before march 1, 2021, they can settle the tax before departure.
 
save money now! you may get tax refund after doing this!
what if i don’t do it? 
 
as we said above, the settlement makes you pay the individual income tax your actually need to pay. 
 
if you fail to make a tax settlement while you’re required, apparently, that’s tax evasion. and your tax credit will be affected. 
 
in serious cases, violators are not allowed to leave china, and get fined even go to jail. 
 
related article:  
 
save money now! you may get tax refund after doing this!
if you have any questions about doing business or tax payments in china, please feel free to contact hacos

save money now! you may get tax refund after doing this!

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

save money now! you may get tax refund after doing this!

share to let your friends know!

save money now! you may get tax refund after doing this!

source | shanghai administration of foreign experts affairs

👇these articles may help you

save money now! you may get tax refund after doing this!save money now! you may get tax refund after doing this!

save money now! you may get tax refund after doing this!

the final settlements and payments of iit for the year 2020 begin. this year, the whole procedures have been further simplified. if you are still not clear about the iit settlement, check our article to know more! 
save money now! you may get tax refund after doing this!
on feb 8, 2020, china’s state taxation administration (sta) released the announcement of the final settlements and payments of individual income tax on the annual comprehensive income in 2020
 
save money now! you may get tax refund after doing this!
 
taxpayers need to calculate their annual iit payable, then deduct their prepayment to get the annual amount of the tax refund or payment and make a declaration to the authorities. 
 

to know more about the individual income tax, please check our previous articles save money now! you may get tax refund after doing this! 

  •  
  •  
 
what’s iit settlement? 
 
according to the announcement, taxpayers are required to make a settlement during the period between march 1 and june 30
 
they need to calculate their annual iit payable, then deduct their prepayment to get the annual amount of the tax refund or payment and make a declaration to the authorities. 
 
in other words, if your iit prepayment exceeds your actual iit payable for the whole year, you can get a refund; otherwise, you need to pay the unpaid tax to settle. 
 

save money now! you may get tax refund after doing this!

© image | google
 
should i settle? 
 
generally, all taxpayers are required to make the settlement as long as their prepayment is not equal to their tax payable. 
 
however, the government has issued a list of exemptions. those who meet any of the following conditions don’t need to settle to lower the tax burden: 
 
  • need to pay the tax but the annual comprehensive income is less than 120,000 yuan; 
  • need to pay the tax but the tax payable is less than 400 yuan; 
  • the prepayment is equal to the annual tax payable, or you don’t apply for the refund. 
 
how to calculate? 
 
well first, you need to get clear your annual comprehensive income, including: 
 
  • employment income 
  • remuneration for personal services 
  • author’s remuneration 
  • royalties
then deduct the standard basic deduction (60,000 yuan), specific deductions, additional deductions, and charitable contributions to get the taxable income. 
 
save money now! you may get tax refund after doing this!
 
after the multiplication by an applicable tax rate and deduction of the quick deduction, you’ll get the annual iit payable. 
 

save money now! you may get tax refund after doing this!

© image | china-briefing

the tax refund or the tax payment is the difference between your annual tax payable and the tax prepayment. 
 
 
when to do it? 
 
taxpayers need to make the annual settlement for 2020 during the period between march 1 and june 30, 2021. 
 
for those who have no domicile in china and will leave the country before march 1, 2021, they can settle the tax before departure.
 
save money now! you may get tax refund after doing this!
what if i don’t do it? 
 
as we said above, the settlement makes you pay the individual income tax your actually need to pay. 
 
if you fail to make a tax settlement while you’re required, apparently, that’s tax evasion. and your tax credit will be affected. 
 
in serious cases, violators are not allowed to leave china, and get fined even go to jail. 
 
related article:  
 
save money now! you may get tax refund after doing this!
if you have any questions about doing business or tax payments in china, please feel free to contact hacos

save money now! you may get tax refund after doing this!

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

save money now! you may get tax refund after doing this!

share to let your friends know!

save money now! you may get tax refund after doing this!

source | shanghai administration of foreign experts affairs

👇these articles may help you

more facilitations for foreigner’s work permit in china!

more facilitations for foreigner's work permit in china!

with the strong support of the ministry of science and technology and the state administration of foreign experts affairs (safea), shanghai is pioneering more open and more convenient policies for introducing foreign experts. here are 6 major q&as on matters related to the policies. 
more facilitations for foreigner's work permit in china!
with the strong support of the ministry of science and technology and the state administration of foreign experts affairs, shanghai is pioneering more open and more convenient policies for introducing foreign experts, giving full play to the autonomy of employers in selecting, evaluating and employing foreign experts, and creating a world-class business environment that facilitates such employment. 
 
matters related to online approval (ver 4.0) are hereby interpreted, let’s check the details! 
 
1. what are the favorable policies for foreign scientific and technological talents?
(1) further relax the limits in terms of age, academic degree or work experience;
(2) implement a “notice pledge” system for those with no criminal record;
(3) allow foreign scientific and technological talents working in shanghai to find part-time jobs; 
(4) support application for confirmation letter for foreign high-end talents by foreign researchers of research teams. 
 
2. how do foreign scientific and technological talents working in shanghai apply for a part-time job?
step 1: 
only foreigners who have a foreigner’s work permit in china and are qualified as “foreign scientific and technological talents” may work part-time in china. the part-time jobs shall be related to their full-time ones. the employers shall submit such application based on the approval of the science and technology commission of shanghai municipality (stcsm). 
 
step 2: 
before submission, it is necessary to obtain the consent of the original employers and sign a written tripartite agreement with the original employer and the part-time employer to clarify each party’s rights and obligations.
 
step 3: 
the original part-time job application form and the original tripartite agreement shall be reviewed at the windows.
 
3. how is the scope of application extended of the confirmation letter for foreign high-end talents?
the scope of application of the confirmation letter for foreign high-end talents is further extended according to the online approval for foreigner’s work permit in china (ver 4.0). 
 
foreign researchers participating in national task forces and young foreign talents, including recent doctoral graduates from key disciplines such as science, engineering, agriculture and medicine, upon identification by the stcsm, may directly apply for the letter according to relevant regulations. 
 
in addition, they may apply for an r visa with a validity period of up to 10 years. their accompanying family members may also apply to an r visa with the same validity period. 
 
4. what are the requirements for applying for and extending a foreigner’s work permit in china by foreign innovative entrepreneurial talents?
to regulate innovative entrepreneurial talents in shanghai, for foreign talents such as legal persons making investment or innovative entrepreneurship and small investors, after an enterprise is legally established, limits in terms of age, academic degree or work experience may be relaxed when they apply for their first work permit in china. 
 
for foreign investors who have a physical office, their work permits in china may be extended based on the operating status, taxes, and social security payment of their companies. 
 
foreign investors with virtual registration shall submit all documents required, including but not limited to operating status, taxes, and social security payment for an extension which is necessary according to the circumstances. 
 
5. who are qualified as foreign talents with special expertise?
to facilitate economic and social development in shanghai and attract more foreign talents with special expertise to work in shanghai, for those who are not up to the standards for foreign high-end talents (category a) but meet one of the following 3 requirements, limits in terms of age, academic degree or work experience may be further relaxed. in principle, they shall be under 70. 
 
those who are eligible may be granted a work permit valid for at least 2 years
 
(1) hold a general foreign vocational qualification; 
(2) skilled talents urgently needed in shanghai;
(3) hold other international vocational notifications. 
 
6. how is a foreign highly skilled talent determined?
foreign skilled talents who hold senior foreign vocational qualifications that are included into management under the national vocational qualification system may directly work in shanghai.
 
such qualifications include commercial and retail management certificate and business administration certificate (excluding international language certificates). for other certificates, refer to foreign vocational qualification certificate management platform. 
web of the platform: http://gjzsb.osta.org.cn/ 
 
foreign skilled talents who have expertise and rich practical experience in production and service positions, and are in line with the urgently needed occupations for the development of major industries in shanghai, after obtaining overseas skills certificates and with recommendation from competent authorities of the industries, may apply for a work permit. see the annex for the urgently-needed skilled and technical professionals in key industries in shanghai. 
 
talents holding other unspecified international vocational qualifications (such as acca certificate in financial management, and international football coaching qualification) will be determined based on their employers’ qualifications the shortage in the industry, the specialization demonstrated by the certificate and the talents’ work experience and competence, etc. 
we will keep following the updates on the latest preferential measures and policies for foreigners in china. stay tuned! 
 
if you have any questions about doing business or working in china, please feel free to contact hacos

more facilitations for foreigner's work permit in china!

in order to help you reach the latest update on the global pandemic situation, hacos has set a quick link on the menu of our wechat page. follow us, you can check it whenever you want! 

 

more facilitations for foreigner's work permit in china!

share to let your friends know!

more facilitations for foreigner's work permit in china!

source | shanghai administration of foreign experts affairs

👇these articles may help you

more facilitations for foreigner's work permit in china!more facilitations for foreigner's work permit in china!

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