Section 51C of the Hong Kong Inland Revenue Ordinance requires every person carrying on a trade, profession or business in Hong Kong to keep sufficient records in the English or Chinese language of his income and expenditure to enable the accessable profits to be readily ascertained and shall retain such records for not less than 7 years.

Failure to comply with the record-keeping requirements under Section 51C of the Ordinance shall be guilty of an offence and will be subject to a maximum fine of HK$100,000.

Advantages of Accounting and Book-Keeping services

1. 1. Getting to know the company’s financial position regularly.
   2. Early revealing of the company’s crises and assisting on seeking solutions.
   3. Maintaining a clear and systematic system for the company.
   4. Prevention of misappropriation of the company’s assets.

Companies can subcontract its accounting and book-keeping duties in order to minimize its operating costs and enabling you to use the time to explore more revenue opportunities. The service has the following characteristics.

1. 1. Standard fee with a pre-determined fee schedule, clients can estimate the service fee according to the actual number of transactions.
   2. Computerized accounting records for permanent storage
   3. Prepare General ledger, Cash account, Bank account, Accounts Receivable and Accounts Payable
   4. Prepare Bank Reconciliation Statement
   5. Preparation of financial statements including Balance Sheet and Income Statement.