For a complete breakdown of IRD deadlines and penalties, read our Hong Kong Accounting Compliance Guide →
1.46 Million Companies in Hong Kong Face Mandatory Audits & HK$100,000 Fines for Poor Records... Yet Finding Qualified, Affordable Accounting Help Takes Weeks
Every Hong Kong company must prepare annual audited financial statements under the Companies Ordinance. With IRD penalties reaching HK$10,000 for late filings plus up to 3× the tax owed, and 7-year record retention requirements, getting your accounting right is non-negotiable. We help you compare verified HKICPA-certified providers with transparent pricing.
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Accounting and bookkeeping services in Hong Kong help businesses maintain compliant financial records under the Companies Ordinance (Cap. 622) and Inland Revenue Ordinance. From daily transaction recording to annual statutory audits by HKICPA-certified CPAs, these services ensure your company meets IRD requirements and avoids penalties of up to HK$100,000 for improper records.
Daily recording of transactions, bank reconciliations, accounts payable/receivable management, and monthly financial reports. Essential for maintaining the 7-year records required by Hong Kong law.
Financial reports, analysis, budgeting, and business insights
Preparation of profit & loss statements, balance sheets, and cash flow statements compliant with HKFRS standards. Required documentation for your annual statutory audit.
Annual audit by HKICPA-registered CPAs as mandated by the Companies Ordinance. Includes audit report, management letter, and IRD submission support. Costs typically range from HK$8,000-HK$30,000 for SMEs.
Profits Tax Return (BIR51/BIR52) preparation, tax computation, and IRD correspondence. Includes Employer's Return (BIR56A) filing and provisional tax management.
Annual return filing with Companies Registry, AGM documentation, director/shareholder changes, and Significant Controllers Register (SCR) maintenance, often bundled with accounting packages.
Monthly salary processing, MPF contributions to MPFA-approved schemes, IR56B form preparation for employees, and year-end tax reporting for staff.
For a complete breakdown of IRD deadlines and penalties, read our Hong Kong Accounting Compliance Guide →
Hong Kong's regulatory environment is strict, the IRD and Companies Registry actively enforce compliance. With mandatory annual audits, 7-year record retention requirements, and penalties that can exceed HK$100,000, professional accounting isn't optional. Here's what's at stake for your business.
Directors face personal liability under the Companies Ordinance for failure to maintain proper accounting records. The IRD can also issue estimated assessments if books are incomplete.
Profits Tax Returns must be filed within 1 month of issue. Miss this deadline and face HK$10,000 fines plus up to 3× the tax owed, and potential prosecution for repeated offences.
Every Hong Kong company must have annual financial statements audited by an HKICPA-registered CPA. No exemptions for active companies, only officially dormant entities are excluded.
The Companies Ordinance requires all accounting records to be kept for at least 7 years. The IRD can request documents anytime, missing records trigger automatic penalties.
Professional accountants identify legitimate tax deductions, claim allowances correctly, and avoid costly errors. Poor DIY accounting often costs more in penalties than professional fees.
Hong Kong hit a record 1.46 million registered companies in 2024. Clean financials and timely audits are essential for bank accounts, investor confidence, and business credibility.
What's included: Transaction recording, bank reconciliations, accounts payable/receivable, monthly financial summaries, receipt organization
Best for: Startups with minimal transactions, sole proprietors, dormant companies with occasional activity
Limitations: No audit preparation, no tax filing, no financial statements, you'll need additional services at year-end
Advantages: Lowest cost entry point, keeps daily records compliant
What's included: Everything in Basic plus: monthly P&L and balance sheet, cash flow tracking, expense categorization, quarterly management reports
Best for: Growing SMEs with 50-200 monthly transactions, e-commerce businesses, trading companies
Limitations: Audit and tax filing typically charged separately, budget an additional HK$15,000-30,000 annually
Advantages: Real-time financial visibility, better decision-making data
What's included: Full bookkeeping, HKFRS-compliant financial statements, statutory audit by registered CPA, audit report for IRD submission
Best for: Established SMEs needing full compliance, companies with investors or bank financing requirements
Limitations: Tax filing may be separate, no ongoing advisory, reactive rather than proactive service
Advantages: Meets all Companies Ordinance requirements in one package
What's included: Complete bookkeeping, financial statements, statutory audit, Profits Tax Return filing, Employer's Return, company secretary services, Annual Return filing
Best for: Most Hong Kong SMEs, handles all IRD and Companies Registry obligations with zero hassle
Limitations: Higher upfront cost, but eliminates risk of missed deadlines and penalties
Advantages: True all-in-one solution: never worry about compliance deadlines again
What's included: Everything in Full Compliance plus: cash flow forecasting, budgeting, financial strategy, investor reporting, board meeting support, tax planning
Best for: Scale-ups seeking funding, companies with complex structures, businesses expanding regionally
Limitations: Premium pricing, overkill for simple businesses with straightforward finances
Advantages: Strategic financial partner, not just compliance support
What's included: Tailored bookkeeping for your sector: inventory management (retail/trading), project accounting (construction), fund accounting (asset managers), F&B cost controls
Best for: Restaurants, trading companies, construction firms, licensed financial services, healthcare providers
Limitations: Requires accountants with specific industry expertise, fewer providers available
Advantages: Understands your business model, proper revenue recognition, industry-specific reporting
Selecting the right accounting partner is crucial for your business success. Consider these key factors
Match the provider's expertise to your needs
Be cautious if you encounter any of these warning signs when evaluating providers:
Running a Hong Kong company from abroad? Here are answers to the most common accounting and compliance questions from non-resident business owners, based on IRD requirements and Companies Ordinance regulations.