Hi
Possibly some of the HK based traders can help
The nightmare goes on. It's fiscal year end and my accountant in HK is quoting me the audit and accounting in the company, planning to detail the PnL for every security I traded through brokers individually, rather than calculating a global PnL for all non HK securities and separately the only HK security (2800.hk). In fact it doesn't need to calculate the global PnL, but only needs to copy the result from the broker's download.
My position if we only need to give the global PnL (separately possibly for HK and non HK securituities) and possibly attach a transaction download to the audit if the IRD wishes to check. Similar methods are used in the US and they are cheaper.
I can hardly imagine the cost of detailing every security and transaction for a High Frequency Trader. Dealing through this accounting office has been an administrative nightmare but i can't believe HK is harder than western countries in audit requirements. (besides trading through a Belize company with a postal adress and a bank account in HK has been a breeze)
Do you know how a HK corporation is supposed to files its stock trades (several hundreds of them last year) ?
Thanks in advance
Possibly some of the HK based traders can help
The nightmare goes on. It's fiscal year end and my accountant in HK is quoting me the audit and accounting in the company, planning to detail the PnL for every security I traded through brokers individually, rather than calculating a global PnL for all non HK securities and separately the only HK security (2800.hk). In fact it doesn't need to calculate the global PnL, but only needs to copy the result from the broker's download.
My position if we only need to give the global PnL (separately possibly for HK and non HK securituities) and possibly attach a transaction download to the audit if the IRD wishes to check. Similar methods are used in the US and they are cheaper.
I can hardly imagine the cost of detailing every security and transaction for a High Frequency Trader. Dealing through this accounting office has been an administrative nightmare but i can't believe HK is harder than western countries in audit requirements. (besides trading through a Belize company with a postal adress and a bank account in HK has been a breeze)
Do you know how a HK corporation is supposed to files its stock trades (several hundreds of them last year) ?
Thanks in advance