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Exempted companies, such as Hong Kong/Singapore companies, are different from traditional offshore companies that are completely exempt from taxation, but taxation is cheaper than that of general entities such as China/Taiwan.

If a local business or capital transactions are involved, taxation is required annually. Information, or an auditor’s report issued by a local accountant, to reconfirm whether local income tax is required.

I.Tax Regulations

  • Overseas exempted companies generally need to make annual declarations once a year, and the local accountants will report and submit them. If there are not many accounts in the current year, you can choose to do the annual account by the local accountant and issue an annual audit. If there is a local business or account. 
  • For a relatively large number of enterprises, enterprises generally cannot wait until the end of the year to start accounting. Generally, they should start to prepare accounting information when there is a business operation. It is recommended that they should be accounted for by the accountant every month to avoid delays in the annual audit and a fine.
  • Inter Area is committed to improving accounting service standardization and accounting information communication. We improve resource efficiency allocation to reduce unnecessary time and cost loss, thereby eliminating the gaps and obstacles in cross-border tax information, and improve the efficiency and value of services for customers. Provide local tax financial information instantly and accurately and present practical solutions to meet the needs of investors and other financial information users.
  • In addition to the accounting and tax treatment of overseas exempt companies such as Hong Kong companies and Singapore companies, Inter Area also helps clients to account for accounts in Shanghai, Shenzhen account bookkeeping, Xiamen agent bookkeeping, or Kunshan agent bookkeeping, which can save the cost of local Chinese companies.

II.Basic Accounting Information

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What do customers
need to provide?

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Bank statement

Bank statement and water list.

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Purchase sales order

invoice, contract.

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Cost Ticket

invoice, contract.

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wages, rent (depending on the lease contract or agreement),shipping costs, etc.

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Other relevant documents

the original of the company’s articles of association, the annual report, all company changes (if any), fixed assets notes, investment-related documents.

III.Accounting Service

| local accounting services item |

  1. Sorting bills; checking bank accounts; preparing general ledgers, binding into books.
  2. Prepare a subpoena.
  3. Prepare profit and loss statements and balance sheets on an annual, quarterly, or monthly basis.
  4. Assist in the establishment of an accounting system.
  5. Clean up the ledger.
  6. Propose a reasonable tax plan and year-end tax return service.
  7. Respond to the tax bureau’s questions.

Since the overseas exemption company has a lower tax burden and can even obtain an exemption, the account declaration is also more flexible. For example, in the invoice requirement, unlike in China, there is no need to open an invoice by the tax bureau. The overseas exemption company can recognize all invoices with the cover company stamp.

IV.Income Tax Filing in Singapore

In Singapore, the annual income tax filing is of utmost importance. The Singaporean government uses the income tax system to support the country’s development and public services. By accurately filing income taxes, taxpayers can ensure compliance with legal requirements and avoid potential fines or legal consequences. The following information will introduce the process of income tax filing in Singapore and important considerations to help you better understand and manage your income tax filing.

1. Basic Concepts of Income Tax:
Income tax is a tax levied on individuals, partnerships, and companies based on their income earned over a specific period. In Singapore, both residents and non-residents are required to file income taxes in accordance with the Singapore Income Tax Act.

2. Income Tax Filing Deadline:
Typically, the deadline for filing income tax in Singapore is April 15th each year. However, specific filing deadlines may vary due to special circumstances, so it is advisable to stay updated with official announcements from the Inland Revenue Authority of Singapore (IRAS).

3. Income Items to Declare:
During income tax filing, you need to clearly list all taxable income items. This includes salary income, self-employment income, investment income, rental income, and more. Additionally, you will need to declare various deductions and allowances to ensure you enjoy the appropriate tax benefits.

V.Income Tax Filing in Hong Kong

1. Basic Concepts of Income Tax:

Income tax in Hong Kong is calculated based on the assessable income of individuals, partnerships, and corporations. In Hong Kong, income tax is classified into three categories based on the source of income: employment income, self-employment income, and investment income. According to the regulations of the Inland Revenue Department (IRD) in Hong Kong, both residents and non-residents are required to file income tax in accordance with the Hong Kong Inland Revenue Ordinance.

2. Income Tax Filing Schedule:
Generally, the deadline for income tax filing in Hong Kong is April 30th each year. However, specific filing deadlines may vary due to special circumstances, so it is recommended to closely monitor official announcements from the Inland Revenue Department. Late filing or failure to file income tax may result in fines and other legal consequences.

3. Important Considerations and Tax Benefits:
During income tax filing, you need to clearly list all taxable income items. Additionally, the Inland Revenue Department in Hong Kong provides various deductions and allowances to help taxpayers reduce their tax burden.

Accounting and tax related services