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The prescribed form for the annual return is Form NAR1. The fee for filing the annual return varies by company type; for a comprehensive fee schedule, please visit the Companies Registry fee schedule.

A company’s first financial year begins on the incorporation date and ends on a date specified by the directors that falls within 18 months after its incorporation date, or if no date is specified by the directors, the last date of the month in which the first anniversary of the company’s incorporation falls (Cap 622, sections 369(5) to (7)).

corporated companies are mandated to submit an Annual Profits Tax Return together with the audited financial statements to the Hong Kong Inland Revenue Department (IRD) each year.

The IRD dispatches notifications for Profits Tax Return submissions to all companies on April 1st. For companies that have been recently incorporated, this notification is typically issued at the 18-month mark post-incorporation. There is a stipulated deadline of one month from the issuance of this notice for companies to file their Tax Return. Companies have the option to apply for a filing extension if necessary. However, failure to comply with the submission deadline may result in penalties or legal consequences.

The documentation required to accompany the Tax Return includes the company’s balance sheet, the auditor’s report, the Profit & Loss Account for the relevant period, and a detailed tax computation demonstrating the calculation of the taxable profits or adjusted losses.

The local statutory obligations for private limited companies incorporated in Hong Kong mainly cover two aspects:

1) Filing to Companies Registry

Registered local and non-Hong Kong companies are required to deliver Annual Returns and other statutory documents (e.g. notice of change of registered office/company secretary/director and return on allotment, etc.) to the Companies Registry for registration. Documents must be signed and delivered together with the correct fees (if applicable) within the prescribed time periods. Otherwise, it is subject to fixed penalty imposed by the Companies Registry (maximum could be up to HK$50,000) plus daily default fine.

2) Tax filing to the Inland Revenue Department

Generally, the Department issues the first Profits Tax return some 18 months after the date of commencement of a new business (or the date of incorporation in the case of a newly incorporated company). Taxpayer shall complete its first Profits Tax return and submit it, together with the audited financial statements of the Company, to the IRD within 3 months from the issuance of the tax return.