Businesses can find themselves operating in multiple jurisdictions, each with its own unique taxation system. This can lead to a scenario known as double taxation, where a company is required to pay taxes on the same income in more than one country.

To shed light on this complex issue, we'll explore the concept of it, its implications for businesses and individuals and how Double Taxation Agreements (DTAs) are applied.

We'll walk you through the fundamentals of Hong Kong Financial Reporting Standards (HKFRS), compliance requirements, and key considerations that can impact your business's financial health.

In Hong Kong, accounting standards play a crucial role when running a business. Let’s begin with a few key questions.

An essential part of the payroll compliance process in Hong Kong is to file forms with the Hong Kong Government through the Inland Revenue Department (IRD).

The fiscal 2023/24 Hong Kong tax year wraps up on 31 March 2024, which means employers have to prepare for the annual Employer’s Return filing that begins in April. Collecting sufficient information upfront can ensure smooth operations for your business.

Hong Kong offers a favourable business environment with a stable legal system, transparent regulations, and a skilled workforce. The government's support, easy business setup procedures, and tax benefits make it an attractive destination for companies looking to expand their operations.

Entering a new market can be challenging, and the Hong Kong market is no exception; here are the four things you should know when entering the Hong Kong market. While Hong Kong offers numerous business opportunities, it's crucial to navigate the market effectively and avoid common mistakes. In this article, we will explore some of the pitfalls often encountered by businesses entering Hong Kong and provide valuable insights to help you succeed.

The Talent List is a compilation of professions identified by the Hong Kong Government where there is a recognised shortage of skilled individuals. This list aims to address the scarcity of talent in specific industries and make the immigration process easier for professionals in these fields. By simplifying immigration arrangements, the government looks to enhance Hong Kong's competitiveness and foster the growth of the local talent base.

In Hong Kong, an employee is an individual who works under a contract of service, which establishes a relationship of employer-employee. This contractual agreement outlines the rights and obligations of both parties, including working hours, wages, benefits, and other employment terms. The employer has a significant degree of control and direction over the employee's work, including how tasks are performed and the provision of necessary tools and resources.

Hong Kong aims to simplify the Financial Reporting Standards (FRS) by offering a “reporting exemption” for small-to-medium-sized enterprises (SMEs) that meet specific criteria. This can speed up the reporting process and reduce the administrative burden on smaller companies.

The company registration process in Hong Kong is fast, and many industries do not require specific licensing as they would in other countries.

If you have employees in Hong Kong, they will need to file their salaries tax return each year with the Inland Revenue Department (IRD). This guide aims to navigate the process and covers the tax filing and payment process, taxable and non-taxable income, tax rates, common allowances and deductions, and common tax issues.

The low tax rates and pro-business environment in Hong Kong will allow your company to maximize profits. In addition to the tax benefits, Hong Kong also offers a stable legal system, transparent regulations, and a highly skilled workforce with expertise in finance, legal, and intellectual property matters.

Most small to medium-sized companies entering Hong Kong will elect for a ‘limited company’ setup, but it’s important to be aware of the alternatives. In this article, we will explore the company structures, in particular for well-funded startups and scale-ups from overseas, as well as what a business should consider before incorporating.

As a financial centre, Hong Kong can offer a variety of banks to choose from, ranging from international institutions to online banks. The options vary depending on your company’s requirements, as well as the type of services or transactions required.

If your business is in Hong Kong or you plan to relocate, you are likely wondering about the types of taxes businesses are subject to, the capital gains tax rate, and how to estimate your tax obligations. Let's delve into these topics to gain a comprehensive understanding. Additionally, we’ll discuss best practices when to be fully prepared for your tax return.

The Hong Kong Employer’s Return of Remuneration and Pensions is a document that you must complete if your business is paying salaries. This form, also known as BIR56A and Form IR56B, tells the Inland Revenue Department (IRD) how much you paid individuals working for your company in Hong Kong.

The financial year is a 12-month period used to prepare company financial statements, among other accounting purposes. In Hong Kong, the end of this period is known as the Financial Year End, or FY end. You might also see this term referred to in Hong Kong asthe ‘Fiscal Year’ or ‘FYE’, while in other countries you might speak about the ‘Accounting Year’. 

Hong Kong is a popular destination for foreign workers seeking employment opportunities, and the process to apply for an employment visa in Hong Kong can be confusing for those unfamiliar with the system.

There are several types of visas available for those seeking employment in Hong Kong, including the General Employment Policy (GEP) and the Admission Scheme for Mainland Talents and Professionals (ASMTP).

On 22 February 2023 the Hong Kong Government announced the budget for the upcoming year 2023/24. The budget outlines where the Government is allocating resources through tax and fiscal policies, as well as support measures.

Here you will find a breakdown of the most relevant budget items for small to medium-sized businesses. We will also cover measures relevant to foreign-owned businesses.

Hong Kong offers a range of government and private funding options to startups. They aim to help entrepreneurs get their businesses off the ground or expand in Hong Kong. Funding ranges from covering initial company registration and operating costs, through to streamlining an existing business and even providing support for international exports. With the right information and resources, you can secure funding to set up your business for success.

When hiring your first employees in Hong Kong, it's important to consider your obligations when it comes to payroll/and statutory requirements. In this article, we give practical advice on the recruitment and hiring process, including remuneration and reference checks.