Explain the ease of accounting in China vs Hong Kong.
When you consider setting up a company in either HK or in China, one thing you should look at is how the Corporate functions of the company need to be arranged and what reporting requirements you have to follow.
Here Hong Kong and China are very different:
In China, Bookkeeping has to be done once per month and companies also have to report their financial statements once per month to the local Tax authorities in China. In addition, every company requires an annual Audit, an annual inspection and a Foreign Exchange Clearance.
In Hong Kong, the rules are different. Not only for taxation but also for financial reporting. With a Hong Kong Limited company you are basically required to only conduct annual bookkeeping and to report once a year to the Inland Revenue Department. Every Hong Kong Limited company requires an Audit.
If you’d like to know more about this topic, please visit our website.www.fiducia-china.com
Thaddaeus Mueller, Associate Director of Business Development/Personnel Management.
Thaddaeus’ area of expertise is to find innovative solutions for clients seeking to establish their presence in Hong Kong or China. He evaluates situations and strategies to identify the right tools and services and is experienced in advising both SMEs and large companies from many different parts of the world. He also manages Fiducia’s executive search in finding and placing high-level professionals for various industry leaders.
Thaddaeus is a frequent speaker at China-focused events in Hong Kong and Germany on topics ranging from setting up viable sourcing strategies for SMEs in Hong Kong and China to identifying suitable acquisition targets in China. His articles are printed regularly in various publications, such as China Contact, Asia Bridge and in Fiducia’s China Focus newsletter. Thaddaeus is Chairman of the board for AGN Asia Pacific, advisory board member of the China Sourcing Information Center and a member of the Europe Committee of the Hong Kong General Chamber of Commerce (HKGCC).
Thaddaeus joined Fiducia in January 2005, prior to which he worked in the automotive industry and for the fabrics and fibres division of W.L. Gore, a large US technology company. Thaddaeus holds a Master’s degree in Economics and Business Administration from the Catholic University of Eichstaett, Germany. During his studies he has completed research on the automotive industry in South Africa and studied at Stellenbosch Business School, South Africa. Thaddaeus is a native German speaker and speaks English fluently.