Charitable Organization S.88
The "88 license," also known as a charitable institution, refers to a non-profit organization that has been granted tax-exempt status under Section 88 of the Hong Kong Inland Revenue Ordinance. Charitable institutions holding the 88 license enjoy privileges, including exemption from income tax and property tax in Hong Kong. These organizations are dedicated to advancing social welfare causes such as education, healthcare, poverty alleviation, environmental protection, and more. They fulfill their charitable missions through various means, including fundraising initiatives, accepting donations, and engaging volunteers.
Obtaining the 88 license requires meeting specific legal requirements, which encompass demonstrating charitable purposes and activities, adhering to regulatory obligations, and maintaining transparent financial management practices. The tax-exempt status bestowed upon these charitable institutions allows them to effectively raise funds, implement impactful charitable projects, and attract greater support from donors and partners. Holding the 88 license holds significant importance as it enables sustained development and amplifies the social impact of these organizations. By actively contributing to the Hong Kong community, charitable institutions with the 88 license play a vital role in promoting social welfare and making a positive difference in society.
Identifying your needs is crucial before establishing a charitable organization
1. Institutional charitable purposes and objectives.
2. Composition of the governance structure.
3. Methods of conducting meetings.
4. Limited liability amount for registered members
服務及程序
1
Drafting company articles of association or association articles in compliance with relevant regulations.
4
"Submission of application documents for review by the Hong Kong Inland Revenue Department
7
Administrative services include customizing green boxes and company seals, among others.
2
Writing activity plans/activity records for the upcoming 12 months.
5
Contacting the Inland Revenue Department for communication and submission of additional documents or information.
8
Other services: Providing registered office address, handling annual returns, audit reports, and offering professional consulting services related to operating charitable institutions.
3
Application for the establishment of a guarantee limited company
(Not applicable if the guarantee company has already been established)
6
Obtaining the 88 license issued by the Hong Kong Inland Revenue Department.
Why choose Step First Corporate Service Limited?
We possesses extensive experience in handling 88 license applications and has a professional understanding of the requirements and key points involved in the application process.
The application documents must be complete and accurate
Incomplete or lacking essential information in the application can lead to delays or rejection. Start Enterprise Services Limited is well-versed in the document requirements for applying for the 88 license. We can accurately prepare the necessary documentation to minimize any potential concerns or considerations by the government regarding the documents.
Charitable direction of the organization
The success of an 88 license application largely depends on whether the charitable direction is appropriate. The Hong Kong Inland Revenue Department requires charitable companies to have purposes that involve aiding the poor, promoting education, advancing religion, or benefiting society in general. Purposes that involve political objectives, promoting the interests of founders or donors, advocating specific movements, or providing benefits solely to employees are considered unacceptable. Start Enterprise Services Limited will work closely with your organization to prepare an application that is suitable and meets the requirements, ensuring a successful application.
Comprehensive knowledge of charitable organizations
In addition to our extensive experience in 88 license applications, Start Enterprise Services Limited possesses professional expertise in various administrative matters, allowing us to provide end-to-end services for charitable organizations. For example, although charitable organizations are exempt from taxation, they still need to prepare audited financial statements reviewed by practicing accountants within specified timelines. These statements, along with annual returns to be submitted to the Companies Registry within designated deadlines, are crucial. The Hong Kong Inland Revenue Department may also require businesses to submit annual reports to report on the charitable organization's activities in the past year. Without proper expertise, businesses may overlook reporting requirements or struggle to navigate through the process. With our professional knowledge, Start Enterprise Services Limited can assist your organization in addressing all these concerns, ensuring compliance and peace of mind.