Yes, a Hong Kong company limited by guarantee required for all companies, including companies falling within the reporting exemption, except dormant companies.
In Hong Kong, a company limited by guarantee (CLG) may required to have an audit depending on its size and other factors. In general, a CLG is exempt from audit if it meets certain criteria:
- It has total gross income of HKD 500,000 or less for the financial year;
- It has total assets of HKD 3 million or less at the end of the financial year;
- It has fewer than 5 employees on average during the financial year; and
- It is not a subsidiary of a company that requires to be audited.
- If a CLG does not meet the above criteria, it is generally requiring to have an audit. However, there are some exceptions. For example, All members agreeing to the exemption or meeting certain criteria allows a CLG so it can exempt from audit.
It is important to note that the above information is for general guidance only and that the audit requirements for a CLG in Hong Kong can be complex.If you are unsure about whether your CLG requires an audit, you should consult a professional accountant or seek advice from the Companies Registry or the Inland Revenue Department.