I don’t have a Company Bank Account yet, but I have employees in Hong Kong. How can I enroll my company and employees to MPF without a Company Bank Account?

Marketing INCORPORATION

Company enrollment and monthly MPF payment always have to be made through a Hong Kong Company Bank Account. MPF doesn’t accept any cash or other payment ways. Therefore, you can enquire for payroll services where the MPF payment will go through this Hong Kong company. After a couple of months, when you get your own Company Bank Account, you can …

Labor Insurance in Hong Kong

Marketing INCORPORATION

Question: Do I need to purchase Labor Insurance for my employee when I incorporate a company in Hong Kong? Answer: No, if you are only self employed. Yes. if you are hiring the first staff in your business.You are responsible to pay for the labor insurance no matter your employee(s) who work in Hong Kong is/are local or not. According to …

What is MPF ?

Centre O ACCOUNTING & AUDITING, INCORPORATION

MPF refers to “Mandatory Provident Fund”. Nowadays, Hong Kong is facing with a challenge of rapidly ageing population. The percentage of population over the age of 65 will be increased from 15% (in 2014) to 36% (in 2064) and less working aged adults will support the retirees. In order to help the ageing workforce to save for their retirement, the …

Why MPFA is not authorising my request of releasing my money?

Centre O ACCOUNTING & AUDITING

I’m leaving Hong Kong, why MPFA is not authorizing my request of releasing my money?   Answer : You will have to fill in application to request of release of your MPF money back to your bank account, at the same time, you are required to include supporting documents on your application, including new employment contract of where you are …

I’m leaving HK, wen can I get my MPF money back?

Centre O ACCOUNTING & AUDITING

I am leaving Hong Kong and have applied for Mandatory Provident Fund  withdrawal, when can I get my money back?  Answer: In general, it takes 4-5 weeks for your Mandatory Provident Fund agent to proceed with Mandatory Provident Fund Association to get authorization and to release the money back to your requested bank account, which, this is normally a personal bank account you have in Hong Kong.