Transparent Audit Services and Optimized Tax Computation in Hong Kong
FastLane Group offers comprehensive statutory audit services for limited companies in Hong Kong. Trust us to ensure compliance with government regulations and auditing standards.
Ensure seamless, transparent audit services and optimized tax computation with our expertise in Hong Kong. Ready to optimize your audit process?
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How We Simplify Your Audit Journey
Get an Instant Quote
Speak to our experts to get a customized quote based on your company’s yearly revenue. We’ll guide you on the necessary documents needed for an accurate quote.
Comprehensive Audit Report
Ensure compliance with applicable reporting standards and identify internal control issues with our thorough audit reports.
Xero-Based Paperless Audit
Experience a time-efficient, paperless audit using Xero, designed to streamline your audit process.
Accurate Tax Computation
Partner with us for precise and compliant tax computation, leveraging our professional expertise.
Statutory Auditing & Tax Filing Service Prices
As a licensed Hong Kong CPA firm, FastLane Group offers competitive prices for statutory auditing and tax filing services.
- Providing assistance for the procurement and completion of the audited financial statements.
- Preparing tax computation and filing of Profits Tax Returns.
- Photocopies and courier charge is excluded from our service fee.
- All fees are in Hong Kong Dollars.
As your dedicated Tax Representative, we offer a comprehensive service for a period of 12 months, providing seamless management of your tax-related matters. Our service includes a discounted fee for one hour dedicated to the following tasks:
- Receive and manage tax-related correspondence (Corporations) from the Inland Revenue Department (IRD) on behalf of the client.
- Inform the client and client’s registered office (RO) of any correspondence received from IRD.
- Communicate with the Inland Revenue Department on behalf of the client, if required.
- Request clarification on specific tax issues or respond to inquiries from the department.
- Submit requests for extensions of time to file tax returns on behalf of the client.
Audit deliverables and sign-off will be completed electronically through the e-signature system. Any request for physical deliverables will be subject to additional charges.
Contact us for a detailed overview of our services and customized solutions to fit your business needs. For more information or a personalized quote, reach out to our team today!
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Profits Tax Return Deadlines in Hong Kong
Remember to check the submission deadline for your company’s Profits Tax Return based on your year-end date. Our experts are here to guide you on when and how to start the audit process. Reach out to our knowledgeable team for advice and ensure you stay compliant.
| Company year-end date | Standard deadline for submitting Profits Tax Return to the government (IRD) | Extended due date |
|---|---|---|
| April 1 – November 30 (N code) | May 2 in the next year | No extension |
| December 1 – 31 (D code) | August 15 in the next year | No extension |
| January 1 – March 31 (M code) | November 15 in the same year | January 31 in the next year for companies which suffered tax loss (application must be lodged on or before October 31) |
Elevate Your Business with FastLane’s Expert Auditing Services
Regardless of your company’s size or type, audits and tax filing can be stressful. At FastLane, we stay ahead of regulatory changes, ensuring a stress-free experience. Our unique, human-centric approach to auditing goes beyond compliance. We offer comprehensive audits and tax filing services that enhance confidence in your financial performance, controls, and systems.
Trust FastLane to validate your financial credibility, providing assurance to investors, stakeholders, and regulators. Our experts keep you updated on legislative, financial, and technical changes, boosting your overall performance and profitability. For tailored auditing and tax filing services, contact us today!
Book a CallAudit and Tax Filing Requirements in Hong Kong
Did you know every Hong Kong limited company needs an annual audit? Don’t let it become a headache. We can help you navigate the process smoothly and efficiently. We streamline the audit with clear instructions and dedicated support, leaving you free to focus on running your business. Our experienced team ensures your audit stays compliant with Hong Kong regulations and financial reporting frameworks. We go beyond just the audit, providing insights to optimize your tax computation. To ensure a smooth audit experience, please have the following documents readily available.
Trial Balance
Income Statement
General Ledger
Statement of Financial Position
Prior Year Audit Report (if any)
Corporate Secretary Document
Meet Our Team
Our experienced team specializes in providing efficient and reliable audit and tax services for companies, sole traders, and tech startups. We prioritize clear communication and streamlined processes to make the audit experience as smooth as possible.
What Do Our Clients Say About Us
Appian Limited
City Mental Health Alliance Hong Kong Limited
XC5 Hong Kong Limited
Frequently Answered Questions
What is a financial audit?
A financial audit is carried out by an auditor to offer an assessment adhere to Accounting Standards. Through the collection of evidence, the auditor aims to ascertain the presence of significant errors or other misstatements in the statements, ensuring that the information is verified to a reasonable extent.
What does an audit involve?
An independent CPA (Practising) will audit the financial statements and accounting records. Sufficient audit evidence will be gathered to enable the CPA to form an opinion on the accuracy of the financial statements in accordance with Accounting Standards, ensuring they are free from material misstatement with a reasonable level of assurance.
Who are the auditors?
An auditor is an independent Certified Public Accountant (Practising) registered with HKICPA. Their expertise lies in providing audit services to companies in Hong Kong. After completing the audit, the auditor prepares an audit report and provides an audit opinion based on their findings. This ensures the highest level of professionalism and accuracy in financial assessments.
How is an audit done?
Obtaining an impartial assessment of your business’s financial status holds immense significance. This evaluation, conducted by an independent auditor, involves scrutinizing the opening and closing trial balance and meticulously reviewing each transaction. The ultimate objective is to ascertain the necessity of each transaction for the smooth functioning of your business. For more detailed information on the audit process in Hong Kong, refer to this enlightening article.
What kind of services do FastLane cover in declaring offshore profit tax exemption?
An auditor is a certified public accountant (CPA) registered with HKICPA, operating independently to deliver audit services for companies in Hong Kong. The auditor prepares an audit report and provides an opinion based on their findings upon completing the audit.
How can I submit my data?
You have the option to send your data through various methods, such as mail or cloud storage. Alternatively, you can grant us remote access to your internal accounting system. Rest assured that your financial records will be handled with utmost confidentiality. We are committed to safeguarding your interests and ensuring your satisfaction.
What are the admin requirements for an offshore company in Hong Kong?
After successfully incorporating an offshore company in Hong Kong, there are several activities that you will need to carry out:
Conduct yearly general meetings and perform annual audits of the company accounts.
What does a statutory audit entail in relation to accounting services in Hong Kong?
Statutory audit entails the annual submission of financial statements for Hong Kong limited companies, in accordance with the Companies Ordinance of Hong Kong. This process is carried out through a qualified Certified Public Accountant (CPA) external to the company.
What are the consequences when a company fails to adhere to Hong Kong Accounting Standards?
Failing to comply with the mandatory statutory accounting standards is a serious offense, punishable by fines, imprisonment, or both. Therefore, it is advisable for companies to adhere to Hong Kong accounting standards, which can help minimize compliance and audit-related expenses. Your accounts will undergo reassessment, and any costs incurred will be your responsibility. Non-compliance may result in prosecution and appropriate charges being brought against you.
Is an audit mandatory in Hong Kong?
Every limited company formed in Hong Kong, including those operating overseas, must undergo an annual audit of their company accounts. Compliance with this requirement is mandatory for all limited companies in Hong Kong according to the Hong Kong Companies Ordinance and Inland Revenue Ordinance. Thus, it is necessary to file a Statutory Audit in accordance with the Hong Kong Financial Reporting Standards.
How can I prepare my company for an audit?
The auditor needs the company’s management accounts, which include:
- Trial balance
- Balance sheet
- Profit and loss statement
- General ledger
Once these accounts have been gathered, the auditor can begin auditing the company’s financial records. Along the way, the auditor will need to collect supporting documents to verify the entries in the management accounts.
Supporting documents that the auditor may need:
- Invoices
- Receipts
- Contracts
- Bank statements
- Other documents that support the entries in the management accounts
What is the purpose of an audit?
An audit serves the purpose of having an independent auditor thoroughly examine and analyze the financial records of a business entity. This examination and analysis are conducted based on the evaluation of the company’s financial statements and records. Ultimately, the audit opinion/report determines if the company has been compliant with the Hong Kong accounting framework. Through this meticulous process, the auditor ensures the accuracy and integrity of the financial information.
What are the limitations of auditing?
Audits often face constraints in terms of resources and time. The availability of resources depends on the complexity of the business and its systems. In the case of large corporations with intricate structures, it can be challenging for auditors to gain a comprehensive understanding of the financial status. Additionally, time limitations can impact the quality of audit work and resulting reports.
Does a dormant company need to do annual auditing?
Even though a dormant company is obligated to carry out accounting and undergo annual audits, there are circumstances where it can be exempted from this requirement. For more detailed information, please refer to our blog post on Hong Kong dormant companies.
Does a non-trading company need to file annual reports if it hasn’t traded in recent years?
All companies registered with the Companies Registry must complete their annual filing by the designated due date, with the exception of those declared as dormant. However, even for dormant companies, an annual business registration is still necessary. It is important to note that if the date of dormant declaration falls after the 42nd day of the company’s incorporation anniversary, annual filing is still required.
What are the legal responsibilities and liabilities of a company secretary in Hong Kong regarding financial auditing?
The company secretary plays a crucial role in the annual filing of financial audits. Their primary responsibility is to ensure the accurate and timely capture of records required for this process. Additionally, they are accountable for securely storing these documents at either the company’s designated area or its registered address.
How is a statutory audit done in Hong Kong?
Auditing is a compulsory prerequisite for Hong Kong companies before tax submission, as mandated by the Hong Kong Inland Revenue Department. In addition to our accounting services, FastLane specializes in providing audit services tailored to companies of diverse sizes and statuses. Opting for our accounting and bookkeeping plan sets the stage for a smooth and well-organized audit process in the future.
Do I need an audit if my company is small?
All limited companies in Hong Kong, including small businesses, must undergo a yearly statutory audit. This ensures transparency and compliance with financial reporting standards. Since April 1, 2023, even small companies with a gross income under HK$2 million must submit audited financial statements and their Profits Tax Return.
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