Like Tree9Likes

Can you suggest me a reliable, honest & cheap CPA for taxation? HK does not welcome to foreigners..

Closed Thread
Page 1 of 3 1 2 3 LastLast
  1. #1

    Join Date
    Jan 2018
    Posts
    2

    Can you suggest me a reliable, honest & cheap CPA for taxation? HK does not welcome to foreigners..

    Hello all,

    Incorporated my 100% online business in HK 18 months ago and now I got first Profits Tax Return letter from IRD. It's time to pay taxes!

    My business is a very small online business and the biggest reason I choose HK to incorporate was it's offshore tax claim advantage. 100% of the income of the company is from non-HK residents and non-HK companies.

    My annual turnover is less than 120000HKD, whenever I try to contact a CPA firm they ask like 20000HKD for whole process including accounting auditing filling profit tax return etc. That's 1/6 of my annual turnover and I don't believe the price they offer is a realistic one. I'm a foreigner and they know I'm a new company so more cut they can get from me is better for them. If I also can't claim that offshore claim to be honest I see no reason to sustain this company because such costs are pretty high.

    Really looking for a cheap and honest CPA who can offer me realistic prices and I can work on a long term basis as well.


  2. #2

    Join Date
    Feb 2005
    Location
    Manchester, UK
    Posts
    7,789
    HK does not welcome to foreigners..


    HK welcomes MONEY$$$$$$ lol
    shri likes this.

  3. #3

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,317

    You want someone to handle your business and you're not here.

    Come here, and likely you can find someone to do it for 2-5k.

    Negotiate -- I've learned that there are people who will pay more or pay less, up to you who you work with. Expecting everyone is at the same wages and price is insanity.


  4. #4

    Join Date
    Nov 2007
    Location
    Wanchai
    Posts
    5,063

    Try KTC Prima, they should be able to do it for 6-8k HKD. This is assuming your books are in order and you can present them with a P&L and Balance sheet. If you need them to do the book keeping also then it will be much more expensive.

    You wont find it any cheaper than this as the audit is compulsory.

    KTC Prima CPA Limited

    chuckster007 likes this.

  5. #5

    Join Date
    May 2008
    Location
    DB
    Posts
    3,699
    Quote Originally Posted by rolovan:

    My business is a very small online business and the biggest reason I choose HK to incorporate was it's offshore tax claim advantage. 100% of the income of the company is from non-HK residents and non-HK companies.
    So you produce nothing for our economy, employ none of our people and you balk at having to pay to have your books audited (at least that will put some money into HK). Shop around for auditing services, they run the whole gamut of prices in HK, or maybe just close your business and go elsewhere. Mind you there's a cost to that too.

    It doesn't sound like you did your homework when you set up here.

  6. #6

    Join Date
    Feb 2008
    Location
    Mid-levels
    Posts
    145

    Hi,

    I'm paying about $2000/month for book keeping and I paid $7000 for my accountant to audit and file the taxes for me. If you are not doing your own book keeping then 20k sounds about right? I am not local but I don't think my accountant is charging me the "foreigners rate". I would pass on my contact except she doesn't speak English well for me to communicate with her. I am also looking for another accountant as replacement.

    Let me know if you have any luck.


  7. #7

    Join Date
    Dec 2013
    Location
    Hong Kong
    Posts
    12,323
    Quote Originally Posted by thisislondon:
    Hi,

    I'm paying about $2000/month for book keeping and I paid $7000 for my accountant to audit and file the taxes for me. If you are not doing your own book keeping then 20k sounds about right? I am not local but I don't think my accountant is charging me the "foreigners rate". I would pass on my contact except she doesn't speak English well for me to communicate with her. I am also looking for another accountant as replacement.

    Let me know if you have any luck.
    THat's pretty much the same as we pay for the same services.

    No need to pay anyone for bookkeeping, you can do that yourself. All you actually need to pay for (legally) is the audit. Which MUST be done. Having done the audit, filing the taxes is piss easy - sign up for etax so you can do everything yourself online.

  8. #8

    Join Date
    Jul 2012
    Posts
    10

    How much does a CPA earn in a month?

    A CPA can earn up to HK$50K per month and it is not easy to get certified for CPA in Hong Kong.

    Besides, the standard of living is pretty high in Hong Kong. HK$20K is not a big sum if you want everything to be done by the CPA.

    If you want to do accounting on your own, you can try Quickbooks Online.

    https://quickbooks.intuit.com/hk/oa/...mall-business/

    shri likes this.

  9. #9

    Join Date
    Sep 2007
    Location
    Yuen Long
    Posts
    1,563

    OP ask the CPA if they will calculate the fee based on the number of transactions. Some will do that for start-ups as they don't have many transactions at first.


  10. #10

    Join Date
    Apr 2015
    Posts
    53
    Quote Originally Posted by rolovan:
    Hello all,

    Incorporated my 100% online business in HK 18 months ago and now I got first Profits Tax Return letter from IRD. It's time to pay taxes!

    My business is a very small online business and the biggest reason I choose HK to incorporate was it's offshore tax claim advantage. 100% of the income of the company is from non-HK residents and non-HK companies.

    My annual turnover is less than 120000HKD, whenever I try to contact a CPA firm they ask like 20000HKD for whole process including accounting auditing filling profit tax return etc. That's 1/6 of my annual turnover and I don't believe the price they offer is a realistic one. I'm a foreigner and they know I'm a new company so more cut they can get from me is better for them. If I also can't claim that offshore claim to be honest I see no reason to sustain this company because such costs are pretty high.

    Really looking for a cheap and honest CPA who can offer me realistic prices and I can work on a long term basis as well.
    sent you PM

Closed Thread
Page 1 of 3 1 2 3 LastLast