Maintaining an Offshore Company
Whilst a number of the procedures of Offshore companies may less demanding than maintaining a Hong Kong incorporated entity, the requirements to meet deadlines for payment of fees and filing of documents are equally important failure to meet such compliance needs are equally devastating to the company.
Such need to maintain your business and make appropriate filings and payments in a timely manner is a tedious job and the omission to make such filings and payments can result in financial loss, which can be significant, and more importantly, takes your time away from what you do best, "running your business and making money!"
That is why we are here to take this burden away from you and ensure that all your business's compliance needs are properly taken care of. We set out below a few of the commonly required annual compliance requirements and fees that need to be paid. Note that the following is not intended to be an exhaustive list.
The following are some of the common fees and filings that need to be made in respect of Overseas companies, though it is not intended to be an exhaustive list.
Warning: The above list is not intended to be an exhaustive list of compliance requirements or fees payable.
Such need to maintain your business and make appropriate filings and payments in a timely manner is a tedious job and the omission to make such filings and payments can result in financial loss, which can be significant, and more importantly, takes your time away from what you do best, "running your business and making money!"
That is why we are here to take this burden away from you and ensure that all your business's compliance needs are properly taken care of. We set out below a few of the commonly required annual compliance requirements and fees that need to be paid. Note that the following is not intended to be an exhaustive list.
The following are some of the common fees and filings that need to be made in respect of Overseas companies, though it is not intended to be an exhaustive list.
- Most importantly, it needs to pay its Annual Fee on time, failing to do so, not only will it result in penalties being incurred but will also render it to lose its status of being a company having a "Good Standing".
- In addition, failure to pay the Annual Fee 6 months after the deadline could result in it being struck off the Register of companies.
- Likewise, the failure to file changes to directorships within specified time limits could incur stiff penalties.
- On change of directorships and shareholders, stringent due diligence schemes have been put into place and the failure to provide the necessary documentation could potentially result in late filing of documentation and thus incur stiff penalties.
Warning: The above list is not intended to be an exhaustive list of compliance requirements or fees payable.
