The answer first
Incorporation is the start, not the end. In the first three months, a new company usually needs to hold its first board meeting, issue share certificates, open a bank account, set up its books and, if it hires, put insurance, MPF and tax notifications in place. Doing these in the right order avoids delays and penalties later.
At a glance
- Share certificates
- Issue within 2 months of incorporation
- Bank account
- Start early; it is often the step that takes longest
- Bookkeeping
- From day one, before the bank account opens
- MPF enrolment
- Within 60 days of each employee's start date
- IR56E
- Within 3 months of each employee's start date
- First Annual Return
- Within 42 days after the first anniversary of incorporation
Weeks 1 to 2: organise the company
| Action | Notes |
|---|---|
| First board meeting | Confirm officers, registered office, financial year end, bank mandate and authorised signatories |
| Share certificates | Issue to shareholders within 2 months of incorporation |
| Statutory registers | Members, directors, secretaries and Significant Controllers Register in place |
| Designated representative | Appoint and record in the Significant Controllers Register |
| Company chop and seal | Order if needed for banking and contracts |
| Display | Display the company name and Business Registration Certificate at the business premises |
Weeks 1 to 6: banking and money
- Prepare a consistent account-opening pack and apply to a bank or payment provider suited to your business.
- Pay in share capital and record any shareholder loans in writing.
- Keep company and personal money separate from the first transaction.
Key takeawayDo not wait for the bank account to start your bookkeeping. Keep receipts and records of every expense paid by founders on the company's behalf from day one.
Weeks 2 to 8: systems and staff
| Action | Deadline or notes |
|---|---|
| Accounting system | Set up cloud accounting and a monthly bookkeeping routine |
| Employees' compensation insurance | Before the first employee starts |
| Employment contracts | Before employment starts |
| MPF enrolment | Within 60 days of each employee's start date |
| IR56E | Within 3 months of each employee's start date |
| Trade mark | File for the brand name and logo |
| Contracts and terms | Customer terms, supplier agreements, website terms and privacy policy |
By day 90: plan the year
- Diarise the first Annual Return (within 42 days after the first anniversary of incorporation).
- Diarise the Business Registration renewal date.
- Confirm the financial year end and plan the first audit.
- Expect the first Profits Tax Return roughly 18 months after incorporation.
- Agree who is responsible for each deadline.
Please confirmTiming of the first Profits Tax Return varies; the date on the return issued by the Inland Revenue Department is the one that applies.
How DBMS Global can help
- A tailored 90-day plan for your company.
- Board minutes, share certificates and statutory registers.
- Banking preparation, bookkeeping set-up, payroll and MPF.
- A compliance calendar with reminders sent in advance.
In summary
- Organise the company first, then banking, then systems and staff.
- Start bookkeeping immediately.
- Diarise every first-year deadline now.
Official references
- Companies Registry: Filing Requirements of a Local Limited Company after Incorporation, www.cr.gov.hk
- Mandatory Provident Fund Schemes Authority, www.mpfa.org.hk
- Inland Revenue Department, www.ird.gov.hk