Hong Kong company annual review mainly includes two core components:

1. Annual Return (NAR1): Submitted to Companies Registry to update company shareholders, directors, registered capital and other latest information, fee HK$105

2. Business Registration Certificate renewal: Apply to Inland Revenue Department for new annual Business Registration Certificate, 2023-24 fee is HK$2,150

Additionally, proper secretarial service should include: registered address renewal, registered secretary reappointment, Significant Controllers Register (SCR) update and other supporting services.

According to Hong Kong Companies Ordinance, "small companies" meeting the following conditions can apply for simplified audit requirements:

• Annual turnover not exceeding HK$100 million
• Total assets not exceeding HK$100 million
• Number of employees not exceeding 100

Note:

1. Even if qualifying as small company, still need to submit financial statements and directors' report
2. Banks and financial institutions usually require full audit reports
3. Group company standards need to be calculated on consolidated basis

Recommend consulting professional accountant to evaluate specific applicability.

The restoration process for companies with multiple years of overdue annual review is relatively complex, main steps include:

1. Calculate accumulated penalties: Annual Return overdue penalty up to HK$34,800, Business Registration Certificate late levy is 3 times annual fee

2. Court application: Through lawyer apply to High Court for restoration, publish gazette notice

3. Submit overdue documents: Submit all overdue annual review documents and explanatory letter

4. Pay fees: Settle all government fees and penalties

The whole process usually takes 2-3 months, fees start from about HK$15,000. Recommend handling as soon as possible, overdue more than 3 years may lead to compulsory deregistration.

Hong Kong company audit cycle relates to fiscal year end date, typical timeline as follows:

Fiscal year end date: Can be set freely (usually same as incorporation date)
Audit deadline: Within 9 months after fiscal year end
Profits tax filing: Within 1 month after receiving tax return from IRD

Example:

• Company fiscal year April 1 - March 31 next year
• Audit report needs completion before December 31
• Tax return usually issued in April, submission before end May

Recommend starting account preparation 3 months in advance to avoid late penalties (from HK$1,200).

Changing Hong Kong company secretary requires following these procedures and considerations:

1. Document handover: Ensure obtaining full set of company registration certificates, articles, past meeting minutes and other important document copies

2. Statutory notice: New secretary needs submit ND2A form to Companies Registry within 15 days of appointment

3. Significant Controllers Register: Need update SCR and keep at new secretary's registered address

4. Bank update: Notify bank to update authorized signatories and contact details

5. Service continuity: Confirm continuity of annual review, audit and other services to avoid gaps

Recommend selecting professional firm holding Trust or Company Service Provider (TCSP) license to ensure service compliance.