General
Yes, FastLane Group offers comprehensive accounting services managed by Hong Kong-certified accountants with over 30 years of experience, covering bookkeeping, tax filing, and auditing.
Yes, FastLane Group is a professional accounting service provider that helps businesses streamline processes, ensure compliance, and focus on their core operations.
Service fees are determined based on business size, transaction volume, and the scope of services. They can be charged as a fixed fee, on a monthly basis, or flexibly based on the volume of services required.
Our team specializes in both offshore and onshore companies’ accounting needs, including report preparation, audits, and tax compliance management.
Professional accounting services improve financial transparency, ensure compliance, and provide critical financial data to support better business decision-making.
Tax Filing for Hong Kong Companies
Businesses are required to pay profits tax on taxable income. The tax rate is 8.25% for the first HKD 2 million of profits and 16.5% for profits exceeding that. Eligible offshore companies can enjoy a 0% tax rate.
Yes, even with a 0% tax rate, offshore companies must submit accounting reports to the Hong Kong Inland Revenue Department (IRD) to prove that their business operations are outside Hong Kong.
The first report must be submitted within 18 months of incorporation, and thereafter on an annual basis.
No, accounting reports are required, but a NIL return must be filed with the IRD to declare no operational income.
Provisional profits tax is an advance payment based on the previous year’s profits. The final tax amount will be adjusted according to the actual profits.
Financial Reporting and Accounting Software
All bank statements, invoices, and expense receipts must be kept. It is recommended to scan and archive them for easy sharing or submission.
Contact the bank to reissue the statements and request duplicate copies of the missing invoices from customers or suppliers.
For businesses with higher transaction volumes, Xero is recommended. FastLane Group clients can receive discount codes for Xero.
It is not mandatory, but accounting software helps with internal record management. If you do not use software, you can provide the data to FastLane Group for processing.
Xero is ideal for businesses with high monthly transaction volumes. It offers robust functionality but comes at a higher cost, making it beneficial for companies requiring detailed record-keeping.
Audit and Compliance Requirements
Yes, all Hong Kong-registered companies must be audited by a Hong Kong-certified accountant and submit financial reports.
Yes, we offer audit services that comply with Hong Kong Financial Reporting Standards, ensuring accuracy and meeting the requirements of the Inland Revenue Department (IRD).
Businesses must maintain at least seven years of financial records, including profit and loss statements, cash flow statements, and other relevant documents.
Failure to submit reports on time may result in penalties and could trigger further investigation by the IRD.
Audit reports by a Hong Kong CPA comply with local regulations and provide professional financial analysis to support business operations.
Offshore Company Special Requirements
Bank statements, invoices, and expense receipts must be provided to demonstrate that the business operates entirely outside Hong Kong.
Yes, all Hong Kong companies are required to report their financial status to the IRD, even if operations are limited to overseas activities.
Yes, income from agency activities is considered taxable income and must be recorded and reported.
A company qualifies if its profits are derived from outside Hong Kong, and it has no office or employees in Hong Kong.
Offshore accounting focuses on proving the source of income and requires detailed documentation to meet compliance requirements from the IRD.
