South China Morning Post: Finding the Right Fit in a Bank Opening a commercial bank account in HK is pretty straightforward, but there are two important steps to keep in mind: make in-depth inquiries before picking the bank which is the best fit for your requirements and present everything needed by the bank for opening the bank account, to save time and effort. "It is suggested that clients should provide documents and information such as the operation’s status, transaction records and business proof to the bank,” said Fion Sen, Managing Director of BRIDGES. “The bank will review the documents and analyse the client’s situation first. After the account is opened, it can even offer personalized trade products and credit facilities for the client’s business development."


South China Morning Post: Registering in the City When forming a new company in HK, you need to consider the pros and cons of HK registered and offshore registered companies as different business registrations have different advantages. "If the company gains its profits in HK, it will be liable to pay taxes here, therefore it is advisable to form a HK company," said Fion Sen, Managing Director of BRIDGES. "Although the guidelines of opening a corporate bank account have always been relatively rigorous in HK, a local bank account is easier to set up for HK companies, while more documentations and proofs are needed for offshore companies."


South China Morning Post: Vital to Keep Track of Your Accounting and Audit Work Many new business owners think that accounting and audit only concerns large and profitable companies, but it is not so. "Some people might underrate the significance of a good financial report structure and foundation but, in fact, it is easy for you to miss out some important details, especially if you are new to HK," said Fion Sen, Managing Director of BRIDGES. "With a proper system of accounting and audit report built, your company will stand a good chance to execute a tax efficiency plan in the financial reports when it starts making profit at a later stage."


South China Morning Post: A Taxing Time for Businesses HK companies might have received the Employer’s Return and Profits Tax Return on 1 Apr from the IRD. With a tax rate of 16.5% for incorporated and 15% for unincorporated business, all companies are subject to the same tax rate regardless of size and profit level. If you don't have sufficient time to complete your tax returns on or before 30 Apr, the good news is that you can apply for permission for late submission. “The length of extension is usually seven-and-a-half months from the end of the company’s financial year.” said Fion Sen, Managing Director of BRIDGES.


South China Morning Post: Modern Makeover for Business A new HK Companies Ordinance takes effect 3 March 2014, with new regulations that affect many business start-ups and some existing businesses including restriction on corporate directorship, abolition of Memorandum and abolition of par value for shares. "We think the overall effect is good," said Fion Sen, Managing Director of BRIDGES. "With the enhanced accountability of directors, business owners have to take doing business more seriously, and a prudent practice in business is required to maintain a high quality company. With more quality businesses opening in HK, the local economy will benefit."


South China Morning Post: A Decade of Successful Growth BRIDGES has just celebrated its 10th anniversary, and the company's development over the past decade demonstrates the changing needs in the business centre industry. "On top of the administrative support, BRIDGES was among the first to provide quality value-added business advisory solutions like HK and offshore company setup, accounting and auditing arrangements, tax filing and planning, offshore claims, payroll, working visa and immigration services," says Fion Sen, Managing Director of BRIDGES. "We raised the platform to an even more professional level in helping clients successfully establish and develop their business presence in HK."

In our experience, BRIDGES is a highly professional and responsive company to work with.
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