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Business Recordkeeping for Hong Kong Businesses: A Comprehensive Guide

Business Recordkeeping for Hong Kong Businesses: A Comprehensive Guide

Hong Kong is a global business hub, and to maintain this position, Hong Kong has imposed several rules for business recordkeeping. Hong Kong business recordkeeping plays a vital role in strengthening the position of Hong Kong businesses on the global stage. It also helps Hong Kong businesses to analyze their profits and losses and allows
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Managing Cash Flow: Best Practices for Hong Kong Startups

The success of a startup depends on many factors. One such significant factor is cash flow. Managing cash flow is extremely important for every startup. Cash flow management is a key component for your startup’s success. A healthy cash flow allows you to pay rent, employees, suppliers, taxes and other operating costs.  For a healthy
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Profit vs Cash-flow in Hong Kong – Differences Explained

Profitability is different from Cash-flow. To run a successful company in Hong Kong, you need to be familiar with both of these words and the advantages they provide. Learning to distinguish Cash flow from profit can improve your ability to analyze your company’s financial health and identify problems or opportunities early on. Even if your
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MPF Withdrawal Before Leaving Hong Kong Permanently

Employers in Hong Kong must contribute to the Mandatory Provident Fund (MPF) by withholding a part of each employee’s wage. Through a variety of individual plans, employer-sponsored plans, and industry plans, the Mandatory Provident Fund assists working citizens, residents, and qualified expatriates in the SAR in their efforts to save money for their retirement. As
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A Step-by-Step Guide to Running Payroll in Hong Kong 

Hong Kong is among the most appealing locations for companies looking to expand operations because it provides a comprehensive payroll structure for both employers and employees. In Hong Kong, payroll is a system that enables employers to manage their employees’ salaries or wages effortlessly.  A software programme or an internet-based service provider can be used
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Tips for streamlining the payroll process for SMEs in Hong Kong

In comparison to other nations, Hong Kong’s payroll is handled differently. However, it does not imply a high level of complexity. An efficient and error-free payroll system is crucial to the smooth operation of any organization. It seems like there are always more things to accomplish than accounting when you’re operating a small company. Small
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How To File a Hong Kong Employer’s Return, Form BIR56A and IR56B?

Filing a Hong Kong Employer’s Return, Form BIR56A and IR56B, is an easy process. All employers are required to file these returns annually with the Inland Revenue Department (IRD). The main objective of filing these returns is to ensure accurate taxation of the employer’s employees. To record the amount of compensation and other employee benefits,
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The importance of Bookkeeping for a Hong Kong Business

Once you’ve set up your business, there are a lot of things that you’ll need to take care of. Accounting and bookkeeping for Hong Kong companies are among some of the most crucial activities needed to run a business. Great bookkeeping helps in maintaining the day-to-day accounts and auditing financial statements that are used in
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Balance Sheet of Your Hong Kong Company – Guide

A balance sheet of a Hong Kong company is one of the most critical financial statements it will produce on a quarterly or monthly basis. Representing your total assets, liabilities, and net worth, this document provides a quick look into your financial health. It can assist in informing lenders, investors, or key stakeholders about your
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Waiver of Hong Kong Annual Return (NAR1) Filing Fee for Two Years

Under Hong Kong companies ordinance, every incorporated company in Hong Kong is required to file an Annual Return form (NAR1) at the Companies Registry on the  anniversary date of its incorporation. However, the Financial Secretary of the Hong Kong Special Administrative Region, Mr. Paul Chan Mo-Po, proposed one new relief scheme for Hong Kong-based companies.
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Quickbooks vs. Xero – Which is better for your Hong Kong Business?

While running a small business in Hong Kong, keeping a tight grip on the finances is a good practice for achieving success. However, handling all the business finances can be a complicated and quite time-consuming task. Some small business find it challenging to cover all the business basics from paying the bills to tracking the
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Difference Between Bookkeeping & Accounting in Hong Kong Business

When you start operating your company activities, you may hear the terms bookkeeping and accounting thrown around. There must be many times when you will also hear these two terms used almost interchangeably. However, there is a difference in bookkeeping and accounting in the business firm. Small businesses may have different functions in both areas,
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How do I set up an MPF for my Hong Kong Company?

Curious about how retirement plans work in Hong Kong? Or what the steps are for setting up a retirement savings plan for your company? Retirement plans are set up under a Mandatory Provident Fund in Hong Kong, introduced by the government in the early 2000s. This has led to the framework of retirement plans that
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