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FAQs on Bestar's Annual Return Service

Updated: Feb 14



FAQs on Bestar's Annual Return Service


What information do I need to provide for my annual return?


Bestar requires the following information from you for your Hong Kong annual return:


Company Information:


  • Business registration number: This is a unique 8-digit number assigned to your company by the Companies Registry upon incorporation.

  • Registered office address: This is the official address of your company as registered with the Companies Registry.

  • Company name in Chinese and English: The full legal name of your company as registered with the Companies Registry.

  • Date of incorporation: The date your company was officially incorporated.


Directors and Shareholders:


  • Full names and identification numbers of all directors and shareholders: This includes their passport numbers, Hong Kong identity card numbers, or other government-issued identification documents.

  • Nationality and residential address of each director and shareholder: You will need to provide their current residential addresses, including country and full address details.

  • Date of appointment for each director: If any changes were made to the board of directors during the year, you will need to provide the appointment dates.


Financial Information:


  • Audited financial statements: This includes your company's balance sheet, profit and loss statement, and cash flow statement for the financial year. These statements must be audited by a licensed public accountant in Hong Kong.

  • Number of employees: The average number of employees your company had during the financial year.

  • Total turnover: The gross income or revenue generated by your company during the financial year.


Other Information:


  • Registered charges (if any): If your company has any outstanding loans or other liabilities secured by assets of the company, you will need to provide details of these charges.

  • Changes in company name or registered office: If you changed your company name or registered office address during the year, you will need to provide the dates of these changes.


Additional Notes:


  • It is important to ensure that all information provided to Bestar is accurate and up-to-date.

  • You may need to provide additional information depending on the specific nature of your business.


Here are some resources that you may find helpful:



What are the fees for your annual return filing service?


Bestar's fees for their annual return filing service in Hong Kong is HK$4,500. Their website and the resources provided don't explicitly mention pricing.


Here are some options to find out the fees:


  1. Contact Bestar directly: This is the most direct way to get accurate and up-to-date information. You can reach them through their website contact form, email (admin@bestar.asia), or phone (+852 35651861).

  2. Check their social media: Bestar might have shared pricing information on their social media pages (Facebook, LinkedIn). While not always official, it could give you a general idea.


Remember, fees can vary depending on the complexity of your company's situation and the services you require. It's always best to get a quote directly from Bestar to ensure you have the most accurate information.


What is the turnaround time for filing my annual return?


Turnaround time: While no official guarantee exists, most filings are processed within 1 to 3 business days if submitted electronically and completed correctly. Paper submissions may take longer.


The turnaround time for filing your annual return in Hong Kong depends on several factors, including:


  • Whether you file electronically or by paper: Electronic filing is generally faster than paper filing.

  • Your filing method: Filing through a licensed company secretary or professional service provider might expedite the process compared to filing on your own.


You couldn't find specific information about Bestar's turnaround time for filing annual returns in Hong Kong on their website. However, here are some ways to get an estimate:


1. Contact Bestar directly: This is the most reliable way to get accurate information. You can reach them through their website contact form, email admin@bestar.asia, or phone (+852 35651861). Ask them directly about their current turnaround time for annual return filings in Hong Kong.


2. Check their social media: While not always official, Bestar might have mentioned turnaround times in response to queries on their social media pages (FacebookLinkedIn). Look for posts or comments related to filing deadlines or annual returns.


3. Look for reviews: Customer reviews from past clients might mention turnaround times as part of their experience with Bestar. Search online for reviews on platforms like Google Reviews or Trustpilot.


Additional tips:


  • When contacting Bestar, mention the type of company you have (e.g., private limited company) and any complexities you anticipate with your filing (e.g., foreign shareholders, multiple business locations). This will help them provide a more accurate estimate.

  • Be sure to understand the scope of services included in the turnaround time estimate. Bestar includes additional services like preparing the financial statements or liaising with the authorities.


Remember, turnaround times can vary depending on various factors, so it's crucial to get specific information from Bestar directly to ensure you meet your filing deadlines.


Additional tips:


  • Ensure you have all the necessary documents and information before filing.

  • Carefully review your submission for accuracy before submitting it.


Can you handle annual returns for different types of companies (private, public, non-Hong Kong)?


Bestar can assist with filing annual returns for private and public companies registered in Hong Kongand for non-Hong Kong companies


Here's a breakdown:


  • Private companies: Bestar can help file annual returns with the Companies Registry, including NAR1 (annual return) and form D (changes to directors/secretaries).

  • Public companies: Bestar can assist with filing annual reports with the Stock Exchange of Hong Kong (SEHK) and the Companies Registry.

  • For non-Hong Kong companies: Bestar can handle the filing process.


Additionally:


  • It's always recommended to consult directly with Bestar Hong Kong to confirm their specific services and expertise related to annual returns. You can visit their website or contact them directly for more information.


Do you offer any additional services related to annual returns, such as financial statement preparation?


Bestar does offer additional services related to annual returns in Hong Kong, and financial statement preparation is one of them. However, they do offer other services that can be helpful in preparing for and filing your annual return, such as:


  • Tax return filing: Bestar can help you prepare and file your Hong Kong tax returns, which are due by November 21st of each year.

  • Audit and assurance: If your company is required to have an audit, Bestar can help you find a qualified auditor and ensure that your audit is conducted in accordance with Hong Kong accounting standards.

  • Business advisory: Bestar can provide you with advice on a variety of business matters, including corporate governance, risk management, and financial reporting.

  • Company secretarial services: Bestar can help you with a variety of company secretarial tasks, such as maintaining your company's records, filing annual returns, and attending board meetings.


In addition to these services, Bestar can also provide you with information on the latest changes to Hong Kong company law and accounting standards.


If you are looking for a company to help you with your annual returns in Hong Kong, Bestar is a good option to consider. They have a team of experienced professionals who can provide you with the advice and support you need.


What happens if I miss the filing deadline?


Missing the Annual Return filing deadline in Hong Kong can lead to several negative consequences for your company, depending on the type of company you are and how late you are in filing. Here's a breakdown:


Type of Company:


Local Private Company:


  • Late Payment Penalty: A substantially higher registration fee will be charged, ranging from HK$870 to HK$3,480, depending on how late you file.

  • Compliance Action: The Registrar of Companies may issue a compliance order requiring you to file the return and may publish details of the non-compliance.

  • Strike Off: If you persistently fail to comply, your company could be struck off the Companies Register, meaning it will cease to exist legally. Registered Non-Hong Kong Company:

  • Late Payment Penalty: Similar to local private companies, a higher registration fee is charged, ranging from HK$1,200 to HK$4,800.

  • Compliance Action: You may receive a compliance order and details of the non-compliance may be published.

  • Removal from Register: If you don't comply, your company will be removed from the Register of Companies in Hong Kong and will no longer be able to do business there.


General:


  • Reputation Damage: Missing the deadline can damage your company's reputation and raise concerns about its compliance with regulations.

  • Difficulties in Obtaining Services: Some banks and other service providers may be unwilling to work with companies that are not compliant with filing requirements.


Recommendation:


It's highly recommended to avoid missing the deadline by filing your Annual Return on time. If you have already missed it, act immediately to file and pay the late penalty to minimize the negative consequences. 


How can I ensure the accuracy of my annual return?


Ensuring the accuracy of your annual return in Hong Kong is crucial for both legal and financial reasons. Here are some steps you can take:


Maintaining Accurate Records:


  • Regular Bookkeeping: Throughout the year, meticulously maintain comprehensive and organized records of all financial transactions. This includes invoices, receipts, bank statements, and details of any business assets and liabilities.

  • Detailed Documentation: Ensure proper documentation for all significant financial activities, including contracts, agreements, and supporting paperwork for expenses and claims.

  • Internal Controls: Implement internal controls within your company, such as segregation of duties and regular reconciliations, to minimize errors and improve data integrity.


Preparing the Annual Return:


  • Understand Requirements: Thoroughly read and understand the Companies Registry guidelines and the specific requirements for your company type.

  • Cross-Checking: Carefully cross-check all information entered in the annual return against your company records and financial statements. Double-check names, addresses, dates, and other details for accuracy.

  • Professional Help: Consider seeking assistance from a qualified accountant or company secretary with experience in Hong Kong regulations, especially for complex situations.


Review and Verification:


  • Management Review: Before submission, have company directors or management review the completed annual return for completeness and accuracy.

  • External Audit: Depending on your company size and type, consider an external audit of your financial statements before submitting the annual return. This adds an extra layer of assurance and helps identify any potential discrepancies.

  • Government Resources: Utilize the Companies Registry website for resources and support, including online guides, calculators, and contact information.


Additional Tips:


  • Stay Updated: Remain up-to-date with any changes in Hong Kong company law or filing requirements.

  • Timely Filing: Submit your annual return well before the deadline to avoid penalties and potential administrative hassle.

  • Keep Records: Maintain copies of submitted annual returns and supporting documents for future reference and potential audits.


Remember: It's essential to consult with a qualified professional accountant or company secretary if you have any doubts or complexities regarding your specific situation. They can provide personalized guidance and ensure your annual return complies with all regulations and accurately reflects your company's financial position.


FAQs on Bestar's Annual Return Service

It is recommended that you consult with a professional accountant to ensure that you are filing your annual return correctly and meeting all legal requirements.

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