An international boutique firm specialised in Tax Law, Accounting, Audit, Incorporation of Companies & Company Secretarial Services, Business Advisory Services, Digital Marketing and Human Resources Solutions. For many people taxes can be a dreadful and even be a fearful experience. At HKWJ, a Hong Kong based international exclusive boutique firm since 2009, we understand that and offer both our private and corporate clients’ tailor-made solutions and advice. Our accountants and tax law advisors have all a professional background in either accounting or tax laws and gained in-depth accounting & tax knowledge from large accounting & law firms. As your trusted accounting and tax advisor, we can make your taxes issues less stressful and worrisome, and hopefully, make them even go away. In addition, our consultants can assist with business advisory services, digital marketing and human resources solutions.
Please reach out to us if you want to know more about the various services we offer. They include, but are not limited to: Advice on Profits/Corporate Income Tax & Return Filings including Tax Resident Status & Employers Return Filings, Advice on Salaries/Income Tax & Return Filings & Tax Clearance Services, Advice on Property Tax, Advice on Stamp Duty, Advice on International Tax & Transfer Pricing (Filing Documentation), Advice on Mainland China Tax, Tax Disputes & Investigations, Accounting, Audit, Incorporation & Company Secretary including Nominee Shareholder, Third Party Director & De-registration Services, Process Agent. Further, Business Advisory Services, Digital Marketing and Human Resources Solutions. Only together, we all grow.
It’s a daunting challenge: How do you move forward at speed despite enormous uncertainty? Radar Strategy provides the answer. Our unique “Today Forward, Future Back” approach enables you to create value now as you move toward your future vision, with the flexibility to adapt as scenarios change. We’ll help you make critical choices and choreograph your transformation journey as you bring your core to full potential and build new growth engines.
Our team of global experts help you achieve sustainable, organic growth by focusing on three critical building blocks: an outside-in approach that puts customers first, a uniquely great customer experience and internal capabilities that ensure you deliver optimal customer interactions at every touchpoint.
Hong Kong adopts the territorial source tax system, whereby only income arising in or derived from a trade, profession or business carried on in Hong Kong is subject to profits tax.
Personal salaries tax in Hong Kong may not be as straightforward as one may think. There are various tax reporting and notification obligations with stipulated deadlines imposed to different parties.
Certain additional deductions (e.g. mortgage interest) are available when the taxpayer concerned elect for personal assessment, subject to certain conditions and proper application.
Stamp duty is a duty imposed on specified instruments or documents required by the Hong Kong government. It is important to only use duly stamped instruments or documents..
For international businesses with operations in or through Hong Kong, proper tax planning and advice are highly recommended. It has to be noticed here that Hong Kong currently has about 43 double taxation.
Mainland China adopts a sophisticated tax system, which is now composed of 18 kinds of taxes, including turnover taxes, income taxes, property & behaviour taxes, resources taxes and special purpose taxes.
Hong Kong has a relatively simple tax system in comparison to most other of the tax systems in the world. However, regardless how simple the tax system is.
All businesses and companies in Hong Kong are required to do bookkeeping and audit these accounts. HKWJ is here to assist you in this area.
Although accounting requirements in Hong Kong seem to be quite burdensome (compared to some other jurisdictions where such requirements do not exist or where exemptions apply), for purposes of creating tax substance, it is quite an advantage to have these management and audit accounts in place.
Having organised accounts in place help to have a good understanding of your company’s financial performance.
Every year, a Hong Kong company must audit their accounts by a Certified Public Accountant (CPA) and file the audited accounts together with tax return to the Inland Revenue Department (IRD). This is called statutory audit.
An independent CPA should be hired, which should be separate from the CPA or external bookkeeping firm who has been hired for ding the bookkeeping or management accounts to ensure the audit report is an independent and professional report.
The mandatory auditing includes the following procedures:
Dealing with auditors can be rather challenging because it does require patience and bookkeeping knowledge on the part of those being audited. Our Company will arrange the audit for your company. We will handle all enquiries that are being raised during the audit process provide supporting documents. We also manage the time to ensure the audited financial report will be submitted on time before the deadline of filing taxes lapses.
Alternatively, if you already have a CPA, we can give you business advice on how to improve the financial performance of your business.
Different business settings and opportunities may require special audit services not included in the statutory audit. We can accommodate our clients’ unique needs to perform the following services among others:
Contact us for a free consultation on the required services that you would like to engage and we will provide you our professional assistance to implement the necessary course of actions.
Estate planning is process that designates how an individual’s assets will be preserved, managed, and distributed after death or in the event of incapacitation. Estate planning ensures beneficiaries receive assets in a way that minimizes tax liabilities in the correspondent jurisdictions such as estate tax, gift tax, income tax among other taxes
Although some of us might have a Will in place, the majority does not have one. One reason for this could be because one is still not aware of the negative consequences of not having created a Will at all.
However, it seems that the more likely reason for having no Will is simply because lack of time: having a busy work and family life and the fact that drafting of a Will requires some preparation are often the main contributors for not having yet started the Will’s process.
Although it is appreciated that we all have a busy work and family life, one should at least have a basic Will in place for the same reason as why most of us do have a health insurance.
Passing away without a Will means that one’s estate will be divided according to the Hong Kong Intestates’ Estates Ordinance (“Rules”), which Rules amongst others do not regulate or provide any insurance for:
Please note that the testator inside his/her Will should also stipulate his or her domicile, for example Hong Kong, and that his or her Will should therefore be construed and effected according to the laws of Hong Kong.
However it should be noted that in international context, such as when a person is ‘also’ having a domicile somewhere else or when overseas real estate is involved, different laws of succession might apply.
Therefore, whenever a larger estate is involved and/or there is an estate that is spread across the world, next to drafting a more extensive Will instead of just a basic Will, it is also recommended to set-up a Trust or a Foundation.
Although a Will itself also can provide for a trust, i.e. for a so-called testamentary trust, such trust is often set-up by the testator for the benefit of his or her minors, whereby the assets that are being transferred into the trust are still subject to probate and the trust itself might even become subject to regular control checks by the courts.
However, a trust that has been set-up during life time, i.e. a so-called intervivos trust, is not subject to any probate (neither the assets it contains) as such trust, simply speaking, cannot ‘die’. Intervivos trusts are therefore used:
It should be noted that as a foundation like a trust also provides for asset protection, most people that are from a civil law jurisdiction would have a preference to use a foundation instead of a trust as they tend to be more familiar with the civil law terminology that surrounds the foundation.
In addition, next to a Will and potentially also a Trust or Foundation, it is recommended to have as well an Enduring Power of Attorney (“Power”) and Directions of Medical Treatment (“Directions”) in place. The Power basically grants certain powers by one person (“Grantor”) to another (the “Attorney”) in the event that the Grantor becomes mentally incapacitated.
The rules that are surrounded by this Power are governed by the Enduring Powers of Attorney Ordinance and have to be in a prescribed form. The Power itself is however limited to the control of the Grantor’s properties and his/her financials only.
Therefore, in case one also wants to give directions (although not binding) to a person such as a family member on how to deal with certain medical treatments when one becomes mentally incapacitated, for example what to do when one becomes dependent on a life machine support, separate Directions of Medical Treatment should be stipulated.
The opportunity has in here to draft your will and to work on your estate planning. Our services include but are not limited to:
If interested, please contact us to book for a estate planning consultation. After our assessment of your needs, we will forward you a relevant questionnaire after the duly enrolment procedure and payment of deposits have taken place.
