Profits Tax - Registration of Business
Any person carrying on a
business in Hong Kong must apply for business registration. The statutory time
limit for the registration is one month from the start of business. Failure to
do so may lead to a fine of $5,000 and one-year imprisonment.
The application requires
payment of a registration fee. It should be lodged with Business Registration
Office of Inland Revenue Department. On approval of the registration, a business
registration certificate will be issued. A fee is normally required for
the annual renewal of the registration.
If there are any changes
of particulars of the registration, the applicant should report such changes
within one month after the change. The changes encompass business nature,
name, address, or retirement or admission of new partners… etc.