Zetland offers a comprehensive range of accounting and bookkeeping services for Hong Kong, Singapore, China and offshore companies.
Timely accounting and financial management information are among the most important functions when it comes to running your business. Not only does accounting provide insightful and crucial information for strategic decision making for a business, maintaining proper accounting records are also part of a company’s statutory requirements.
Outsourcing the accounting and bookkeeping function is a cost-effective measure running a business in Hong Kong. Zetland employs seasoned experts with accounting, CPA and tax backgrounds who are ready to lend you a hand. Our accounting services can be easily linked to the preparation of a company audit and tax returns.
Financial statements in Hong Kong must follow the issued Hong Kong Financial Reporting Standards (HKFRS). Private companies and SMEs can opt, subject to the qualifying criteria, for relaxed accounting standards, the HKFRS for Private Entities and SME-FRF & SME-FRS respectively.
The Hong Kong Companies Ordinance requires that a company’s financial statements of a financial reporting period must be audited by a Certified Public Accountant practising in Hong Kong. The audited financial statement form part of a Director’s reporting requirements. Zetland will coordinate and liaise on your behalf with a suitable audit practice in Hong Kong.
A Singapore company is required to file its financial statements that close a financial reporting period with ACRA. The filing is done electronically on the authority’s online portal. The financial statements must follow the definitions and disclosure requirements according to the Singapore Financial Reporting Standards (SFRS), SFRS for Small Entities, Singapore Companies Act as well as the Singapore Exchange Listing Manual as they apply to each business. Outsourcing the accounting and compliance function to experienced specialists ensures that the reports meet the requirements and filing deadlines.
Small private companies are exempted to have their accounts audited if the company meets at least 2 of 3 criteria for the immediate past two consecutive financial years:
When establishing a company in China, the responsible accountant must already be specified. Zetland can be appointed as the accounting service provider when setting up a China company with us. Chinese accounting in practice emphasises tax accounting due to strict tax filing deadlines. Accounts must be prepared at least quarterly to match the tax reporting requirements. Having an experienced accountant prepare the financial and tax reports is important to avoid tax penalties and enforcement.
Zetland provides holistic accounting services for companies. When engaging Zetland, you will be assigned an accountant who will work with you personally on your business accounting and management information. We keep track of your compliance reporting and deadlines. Our flexible accounting service keeps your company’s headcount and payroll lower and adaptable to your business needs.
Other Zetland Guides and Info Sheets available on request: Asset Protection; Belize Companies & Trusts; Belize International Foundations; Foundations; Hong Kong Trusts; Hong Kong Visas; Effective Offshore Operations; Seychelles; Mauritius; Singapore Residency; Trusts; Wills and Probate in Hong Kong; Offshore RMB and info sheet on Hong Kong company ongoing obligations.