What will happen if Hong Kong companies do not conduct audits

Since January 1, 2017, the implementation of the CRS policy has meant that global tax information will be shared, and zero declaration is only applicable to companies without actual operations or opening bank accounts. On the contrary, if your Hong Kong company has actual operations and has opened a bank account, it is recommended to conduct an audit. If you do not timely file accounts and declare taxes, you will face a huge fine once investigated.