This blog provides a detailed overview of the costs involved in setting up and running your company in Hong Kong, aiming to uncover various invisible fees and expenses that can arise during the company registration process and beyond.
Let's consider something quite confusing and frustrating when registering your business entity in Hong Kong. You have just invested valuable resources to register your Hong Kong company, only to discover that there are additional, unforeseen expenses during the operational phase. It can be quite annoying, isn't it? To make matters worse, some company setup intermediaries may act in their own interest by failing to disclose certain service items upfront. Instead, they gradually impose additional fees during the service process. Unfortunately, this seems to be a common issue faced by many Hong Kong company owners.
In Hongda's this blog, we will comprehensively break down the costs for registering and running your company in Hong Kong. You will not need to be worried about this anymore. Now let's start to explore the detailed costs associated with forming and maintaning your Hong Kong company in 2024!
Major Fees of Registering and Running Your Hong Kong Company
Firstly, let’s understand which elements of Hong Kong company setup will cost money, whether before or after the company is operating.
1. Hong Kong Company Registry Fee
Firstly, registering your Hong Kong company incurs fees that include both government charges and service fees from intermediaries. Government fees are paid during the submission of applications to cover processes like business registration certificate issuance. Service intermediary fees are for handling and submitting your application documents. Choose Hongda as your registration partner for professional, customized services that ensure company setup in just one working day with no hidden fees. For more about Hongda's services, visit our Hong Kong company registration service page.
2. Hong Kong Bank Account Openning Fee
After setting up, you’ll need to open a bank account for your company’s operational finances. Learn more about maintaining a Hong Kong company bank account from our previous blog post. If you haven’t set up your bank account, Hongda also offers services to help you start quickly. Please click this page to view our Hong Kong bank account openning services.
3. Accounting
It may be that you can handle your company's accounting in-house yourself. In this case this is free of charge, aside from your time of course.
However, were you to outsource accounting, or hire an accountant to handle the books, they would be responsible for keeping the books, preparing profit/loss and balance sheet reports, and reporting to management.
A problem may be that any accountant hired by you has a great deal of responsibility, whereas outsourcing is better value but you need to know that the agency will perform very well.
4. Annual Accounts Audit & Tax Returns
As a Hong Kong company, you must have your accounts audited annually by a qualified CPA. The CPA will audit your finances, work out your tax, and complete your profit tax return. The cost of auditing and filing your tax return depends mainly upon the industry of your business, the turnover and the number of transactions.
This cannot be done in house, and so the main issue facing companies is that you are paying the right person who will do an excellent job.
Total Cost of Registering and Maintaining a Company in Hong Kong
Beyond a single setup cost for the company, and the annual audit cost, you may not need to pay anything else unless you decide to outsource accounting too (or hire an accountant). By knowing this and being prepared, you hold the aces and can head off any potential costs.
Hongda Business Services' expert HK business team can handle the setup and running of your company as follows:
| Service | Cost |
| Hong Kong company formation cost |
Fixed price (including government fees and services fees) |
| Annual return cost |
Fixed price (including government fees and services fees) |
| Company notarization cost |
Fixed price (including government fees and services fees) |
| Annual audit cost |
Case-based price (please contact Hongda for detailed price) |
Register Your New Hong Kong Company With Hongda
Now you know what you may need to pay for when opening a Hong Kong company and so there is no need to be confused or fooled by any of the vague information floating around out there!
Hongda offers corporate secretarial services and a registered office address in Hong Kong, which aids in mail processing and provides a local company phone number. This drastically lowers operating expenses and increases efficiency. We can also handle SCR (Significant Controllers Register) registration to assure compliance with Hong Kong government rules, hence reducing the burden of complex legalities. To minimize penalties for delays, we proactively remind you about annual reviews, audits, and tax filings, ensuring your firm remains compliant.
By choosing Hongda's services, you can expect a comprehensive service that includes company creation, bank account opening, bookkeeping, tax filing, auditing, and annual reviews. This saves you time when picking providers and dealing with cumbersome documentation.
In conclusion, choosing Hongda means enjoying professional, efficient, and supportive services that will make your Hong Kong company run smoothly and worry-free.
Let us know if you have any questions and we'll be happy to reply, so leave them in the comments section below for us to answer!
