Essential Compliance Checklist for New Companies in Hong Kong
- Kristina Coluccia
- Jun 4
- 4 min read
Starting a company in Hong Kong is a streamlined and efficient process, attracting entrepreneurs from around the world. But incorporation is just the beginning. To operate smoothly and maintain good standing, all Hong Kong companies must meet a set of post-incorporation regulatory and tax compliance requirements.
Failing to comply can result in penalties, fines, business disruptions, or even striking off by the authorities. To help founders stay ahead, this article provides a complete compliance checklist for newly registered companies in Hong Kong.
Company Registration Documents
Upon incorporation, ensure that you have received and securely store the following:
Certificate of Incorporation (issued by the Companies Registry)
Business Registration Certificate (issued by the Inland Revenue Department)
Articles of Association
Incorporation Form (NNC1/NNC1G) with company and director details
Company Seal (optional) and company stamp
These documents are required for setting up a bank account, entering into contracts, and future compliance filings.
Registered Office and Company Secretary
Every Hong Kong company must:
Maintain a registered office address in Hong Kong (not a P.O. Box)
Appoint a Hong Kong resident company secretary or a corporate secretary licensed in Hong Kong
The company secretary is responsible for maintaining statutory records, preparing filings, and ensuring corporate governance compliance.
Open a Business Bank Account
A corporate bank account is required to manage company finances, accept payments, and pay expenses. Businesses can choose between traditional banks or digital banking platforms, depending on their structure and industry.
Prepare incorporation documents, business proof (e.g. website, contracts), and ID documents of directors and shareholders for the application.
First Board Resolution
After incorporation, the board should hold an initial meeting (or pass a written resolution) to:
Appoint directors and company secretary
Approve the company’s registered address
Authorise the opening of a bank account
Allot initial shares and approve the share register
Documenting these resolutions helps maintain transparency and statutory compliance.
Maintain Statutory Records
Under the Companies Ordinance, companies must maintain the following at their registered office or a designated address:
Register of Directors, Shareholders, and Secretaries
Register of Significant Controllers
Minutes of board meetings and resolutions
Share certificate book and transfers
Common seal (if applicable)
These records must be available for inspection by authorities upon request.
File Annual Returns
Companies must file an Annual Return (Form NAR1) with the Companies Registry within 42 days of the anniversary of incorporation each year. This return confirms the company's registered details, director/shareholder structure, and registered address.
Late filing results in escalating penalties, starting from HKD 870 and increasing to HKD 3,480 or more depending on the delay.
Comply with Tax Filing Obligations
Every Hong Kong company must meet tax filing obligations with the Inland Revenue Department (IRD), including:
Profits Tax Return (PTR): Filed annually along with audited financial statements and tax computation
Employer’s Return (Form BIR56A and IR56B): Issued each April to report salaries paid to employees and directors
Estimated Profits Tax Payments: Companies may be required to make advance payments based on previous year’s profits
Newly incorporated companies typically receive their first PTR 18 months after incorporation.
Conduct Annual Audit
All active companies (unless declared dormant) must appoint a Hong Kong Certified Public Accountant (CPA) to conduct an annual statutory audit. The audited financial statements are submitted alongside the Profits Tax Return.
Maintain proper bookkeeping and accounting records to ensure a smooth audit process. Records must be retained for at least seven years.
Maintain Business Registration Certificate
The Business Registration Certificate (BRC) must be renewed annually or every three years, depending on the initial selection. Renewal notices are issued by the IRD, and payment is mandatory to avoid penalties or deregistration.
Comply with Employment Regulations
If your company hires staff, you must comply with employment laws in Hong Kong, including:
Issuing proper employment contracts
Enrolling employees in the Mandatory Provident Fund (MPF)
Filing IR56 forms upon hiring, departure, or permanent relocation
Providing statutory benefits (e.g. paid leave, rest days, severance pay)
Misclassification of employees or non-compliance with labour standards can lead to prosecution and fines.
Keep Track of Deadlines
Establish an internal compliance calendar or use professional software to track all important dates, including:
Annual Return filing
Profits Tax Return filing
Audit deadlines
MPF contribution payments
Business registration renewal
IR56 form submissions
Being proactive helps avoid penalties and ensures long-term operational continuity.
How Woodburn Accountants & Advisors Can Help
At Woodburn Accountants & Advisors, we support new and growing companies in Hong Kong with comprehensive corporate compliance services. From incorporation and secretarial maintenance to audit coordination and tax filing, we manage your entire regulatory lifecycle, so you can focus on running your business.
Woodburn Accountants & Advisors is one of China and Hong Kong’s most trusted business setup advisory firms.
Woodburn Accountants & Advisors is specialized in inbound investment to China and Hong Kong. We focus on eliminating the complexities of corporate services and compliance administration. We help clients with services ranging from trademark registration and company incorporation to the full outsourcing solution for accounting, tax, and human resource services. Our advisory services can be tailor-made based on the companies’ objectives, goals and needs which vary depending on the stage they are at on their journey.
