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 …

Purchase Order Document

ALWAYS CONFIRM A SALES ORDER WITH A PURCHASE ORDER

Marketing INCORPORATION

Purchase Order Document While the Supply of Services Agreement and the Sale of Goods Agreement outline the basics of how to do business, a Purchase Order and Invoice takes care of transactions. A Purchase Order is a document that confirms the purchase between a client and a supplier. It describes the items the buyer agrees to purchase at the price it …

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 …

Late payment

LATE PAYMENT

Marketing ACCOUNTING & AUDITING

Late payment in Hong Kong Late payment is something to be expected for small businesses. However, with the right Website Payment Terms in place, you can ensure that you will get paid as agreed upon. Website Payment Terms state how the customer will pay. It is a good idea to set up a clearly outlined and accessible payment plan. If …

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 …