Business Referral Agreement

Marketing INCORPORATION

When a business is collaborating with another business to provide referrals, it would be smart to set out the agreement with a Business Referral Agreement. This agreement will set out how much, when, and how the referrer will be paid. This type of agreement can really help support your business development. For more information on Hong Kong business, get in …

CONSIGNMENT AGREEMENT

Marketing INCORPORATION

If the supplier of a good wants to retain ownership of them when they are being sold by another party, a Consignment Agreement is necessary. This document is specially for when a consigner (person or a business) entrusts goods to a middleman for the purpose of selling goods to an end customer. In this arrangement, the consigner typically does not …

Issue invoice

ISSUE INVOICES ON TIME

Marketing INCORPORATION

ISSUE INVOICES ON TIME Getting the money owed to you is key to surviving the startup phase. An Invoice breaks down the costs provided, the total amount due, and how the customer should pay for it. By using an invoice, you can keep track of who’s paid, who hasn’t paid, and how much cash flow you are acquiring.  It is …

Distribution agreement

DISTRIBUTION AGREEMENT

Marketing INCORPORATION

Distribution agreement Besides the sale of goods and the supply of services, there may come an opportunity to collaborate with other companies. There may be the issue that they are not under the same agreements that your company is under. To make sure everyone is in agreement and knows their expectations, you should create a Distribution Agreement to set out …

Limited Company

CAN I REGISTER A LIMITED COMPANY USING THE WORD “ASSOCIATION” IN THE COMPANY NAME?

Marketing INCORPORATION

Limited company YES! You can register a Limited company with the word association in the company name. Thiswill be seen as a normal Hong Kong Limited, limited by shares. Further, if you are planning to setup a ‘group’, that is not a Hong Kong Limited company, you will have to register the ‘Association’ at the police station. This will be …

STEP 4 OF ACCOUNTING PROCESSES IN HK: INCOME STATEMENT AND BALANCE SHEET

Marketing ACCOUNTING & AUDITING

Step 4: Income Statement and Balance Sheet The final step is creating the financial statements. The two most important are the balance sheet and income statement. The income statement shows how the business earned and spent its money over the period. Typically, the income statement will show income received then deduct product costs (see step 1), yielding gross profit. Gross …

STEP 3 OF ACCOUNTING PROCESSES IN HK: SEND IN YOUR OUTSTANDING INFORMATION

Marketing ACCOUNTING & AUDITING

Step 3: Send in Your Outstanding Information As is often the case, while completing the vouchers some information is missing. This could mean the accountant cannot figure out how an invoice is paid, credit card statements are missing, some receipts are illegible, or even the receipts are in another language. When this happens, the accountant will re-check and reach out …

STEP 2 of ACCOUNTING PROCESSES IN HK: CREATING VOUCHERS

Marketing ACCOUNTING & AUDITING

Step 2: Creating Vouchers Now that all your invoices and receipts are sorted (See Step 1), the accountant must create vouchers. A voucher is made for the income earned each month, and the different expenses incurred each month. In accounting, earned income and incurred expense does not necessarily mean money was collected or spent. Earned income means a product or …