1. Take cash from bank account first by ATM card. However, banks may not issue ATM card for company bank account if none of the authorized signatures can sign singly.

2. Use signed instruction form and you have to confirm whether the bank accepts fax. Otherwise, you have to send the signed original to the bank by mail or courier. Moreover, please don't forget to take spare copy of those instruction form.

3. Use telephone and internet banking. For most banks, this is free-of-charge service but 3rd party bank account has to be registered before you can transfer money to him. Some banks may not accept such registration over the phone and internet.

Moving fund to another bank account NOT in Hong Kong

As remittance of money is involved, remittance fee will be charged in most of the case:

1. Use signed instruction form and you have to confirm whether the bank accepts fax. Otherwise, you have to send the signed original to the bank by mail or courier. Moreover, please don't forget to take spare copy of those instruction form.

2. Use advanced features of telephone and internet banking and this is not free-of-charge. Approximately, the annual fee is HK$500 and varies according to bank and services provided.

1. Renew business registration (BR) every year. No matter you actually do business or not (dormant), it is necessary to renew BR. If for any reason, you omitted any year of renewal, you still have to pay them up even you want to close the company.

2. File Profits Tax Return. The first thing to do is select a year end. If no other reason, we suggest 31st March. As your company starts not on 1st April, your first year will not has exactly 12 months of record. The first set of Profits Tax Return will arrive around 18 months after your incorporation. However, please don't delay in doing accounting, auditing and report proactively to the IRD. Legally it is tax payer's duty and late report may lead to penalty, especially when IRD finds you're delaying government revenue. There is mis-understanding that a non-active company doesn't need an audit report. This is incorrect. Only a "dormant" company meets certain criteria can be exempted.

3. File Employer's Return for your employees. This is to report to IRD how much salary you paid to your staff in the past year. The year end is always 31st March.

4. To fulfill above, you need an accountant to prepare the financial statements, an auditor to issue an Auditor's Report and to file the tax returns. (Please refer to "Accounting, Tax & Audit" section for further information.)

Company Registry (CR)

1. File Annual Return and pay the filing fee accordingly on every year's anniversary date. The fee is around HK$105. However, the penalty for late filing may be up to thousands and counting day by day.

2. During the year, file to CR any change in company constitution and matters required by the Company Ordinance. Those information filed will be available for public search. You can regard this as a criteria for your company to enjoy the status of "limited liability". Any undue compliance of CR requirement may make a contract not enforceable.

3. Keep proper record of company minutes and information in a Statutory Record Book. This is performed by the post of Company Secretary.

1. the contract is not signed in Hong Kong;

2. the contract is not executed in Hong Kong;

3. goods is not supplied via Hong Kong;

4. business is conducted by staff outside of Hong Kong; etc.

Finally, we have to remind that tax exempt in Hong Kong means nothing when you're challenging by another country for tax chargeability. Advance tax planning is always advised to minimize overall tax.