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Why Outsource Accounting Services is The Best Choice for Your Company

Why Outsource Accounting Services is The Best Choice for Your Company

Running a company is a big responsibility. As your business seeks more profits, you can press more budgets. One of the most significant budgets you need to reduce is the employees’ operations. For example, you need to pay for their salary and bonuses.

Using an outsourced accounting agency is important. Why outsource accounting services? It is a common thing nowadays. Many companies use accounting services to make their business more efficient and easier to operate.

As it might be one of the most common things in the industry, you need to be careful before choosing them. So, we’re going to give you some practical tips to find a reliable accounting service agency.

3 Reasons to Hire a Professional Accounting Agency

Why outsource accounting services

Hiring an outsourced accounting service will be a good thing for your company. It assures you of having a functioning team. However, a good accounting agency will also give you many benefits. So, you need to also know the reasons to hire them.

  1. Hiring an accounting agency will get rid of your burdens. When it comes to you to get along with an accounting agency, it becomes an efficient thing. If you ever get an agency to do so many accounting tasks, then getting a trusted one will surely help your business. An audit is one of what services do accounting firms provide.
  2. When you hire a professional agency, you will find a team of trained, professional accountants. Of course, it will give you the best team to handle your company’s finance. They will work professionally, and efficiently, and will not burden you with their salary. You will simply pay for the agency’s services, which include the staff’s salary and services.
  3. Their services are top-notch. You can request what you need from the agency, who will provide it. Finding a professional agency will not be a hard thing, as you can choose the services from Smebrother. It is a good company with professional teams, ready to bring the best to your company. The services are also complete. 

Those are some of the reasons why outsource accounting services should be hired for your company. Hiring them will also make your company more efficient in hiring in-house staff. It makes your company runs in a much simpler way.

Best Accounting Service Agency

If you’re looking for a good agency to help you with your company, then you need to know which one is the best. Smebrother is one of the most professional companies you can get. They provide the best services in the industry and give professional assistance for your business.

They grow with you and will assist you along the way. Building your business with Smebrother will be a perfect thing to do. With a complete service set and perfect work, this agency is the best for everyone who’s looking for a good accounting assistant.

So, why outsource accounting services? You need to know the most important things to make sure your business gets the best from the chosen accounting service agency

Bud Fund In Hong Kong, What Is It About?

Bud Fund In Hong Kong, What Is It About?

From early 2020 to 2022, the Hong Kong government issued their support to open their branch, entering Hong Kong, and then later for Mainland China and South East Asia. This includes the release of Bud Fund which was launched way back then in 2012, as the funding for foreign companies to open their company on Hong Kong, South East Asia, and Mainland China soil.

So, what is Bud Fund and how does it work? Well, BUD is an acronym for Branding, Upgrading, and Domestic Sales, so the Bud is funds that have been launched to support the Branding, Upgrading, and then Domestic sales for a foreign private company that wants to establish their company in Hong Kong soils, or later into Mainland China. 

These funds were used to support several non-listed Hong Kong companies and enterprises to open their market to the growing sales and productions in Mainland China. These funds would help support the Hong Kong enterprises to create their projects, develop their brands, promote domestic sales growth, and promote their sales into Mainland China, supported by the Bud Fund. 

What Is The Bud Fund?

So what are exactly Branding, Upgrading, and Domestic sales fund? Between 2018 and 2020 the Hong Kong government issued a verdict to boost their economic and geographical scope, especially among the ASEAN (Association of South East Asian Nations), alongside many other countries that comes and signed the Free Trade Agreements, with Hong Kong. 

Thus, there have been created two parallel programs that were created to boost Hong Kong's international economy, as well as the geographical strength among these countries, and this agreement is named the Mainland Programme, and FTA (Free trade agreements) program. From these two initial programs, the government then issued the Bud Fund to further boost the productivity of Hong Kong enterprises. 

Bud Fund Application and Its Markets

bud fund

This fund are created and is now available for most of the Hong Kong enterprises that are looking for a way to undertake projects, in foreign soils, but only for those who had Free Trade Agreement or FTA with Hong Kong, alongside Mainland China that included in the Mainland program. 

This includes many ASEAN countries' markets, including Singapore, Indonesia, Thailand, Brunei, Malaysia, Laos, Cambodia, Vietnam, Myanmar, and the Philippines. 

Outside of the ASEAN countries, the BUD also included the funding for projects and trade agreements for many FTA countries' markets, including the four European states included in Free Trade Association: Iceland, Norway, Liechtenstein, and Switzerland. Many other FTA countries such as New Zealand, Macao, Chile, and Georgia.

In the newly released Hong Kong budget, per February 2021, the Bud Fund Hong Kong now covers more countries, including a total of 37 countries that have been newly added to the FTA with Hong Kong. This included but was not limited to the investment promotion, signed pacts, and trade treaties with the FTA countries such as Austria, Belgium, Canada, Luxembourg, Denmark, France, Finland, Germany, Italy, Japan, Korea, Kuwait, Indonesia, UAE, UK, Mexico, Mainland China, and many other including ASEAN nations.

Bud Fund Programs and What They Provide

The initial funding program provided most of the matching basis that covers a maximum of 50% of the total Branding, Upgrading, and Domestic sales project cost. The enterprise alone has to contribute at least 50% or no less than it has to make its projects approved by the Hong Kong government. 

The total cumulative costs of the projects that have been contributed by the company are approximately around HKD 4.000.000. These are the funds required for the company to be included in the Bud Fund lists, for their projects to be approved to create foreign projects, mainly on the ASEAN trade, Mainland pacts, and the FTA country projects.

Limited Company and Unlimited Company in Hong Kong

Limited Company and Unlimited Company in Hong Kong

There are many kinds of different companies, other than what they sell or produce, the company is also divided based on its ownership and the type of its company shareholder liabilities. In many parts of the world, a private company, and sometimes a state company is divided into Limited Company and Unlimited Company. What are their differences, and what is the definition for each of them?

In this article, we will show you the definition of both Limited company and Unlimited Company alongside their differences, and how you set up a company in Hong Kong. We will take Hong Kong as an example of how you should set up a company in Hong Kong, especially for both Limited and Unlimited companies. 

What Is The Definition of Limited Company and Unlimited Company?

Most of the time, the differences between a Limited Company and Unlimited Company lie in the position of their shareholder, alongside their liability and obligations to the company. Some of us might have heard about the Limited Company because it is one of the most popular types, however, it might be quite rare to find or hear about the Unlimited Company.

The Limited Company is a company model where its shareholders aren’t responsible and are liable for the company's debts, or obligations. Meaning that any debts or obligations owed by the company aren’t the responsibilities of their shareholders. However, the company itself is still liable for every obligation and debt that it owes from third-party contracts. 

As for the Unlimited Company, The unlimited company shareholders have unlimited liability, meaning that shareholders are responsible for every debt, liability, and obligation of the company, even when the company when bankrupt and cannot pay. The nature and responsibilities of the shareholders are determined based on the company’s constitution.

The Differences between Limited Company and Unlimited Company

Limited company and Unlimited Company

From the point of view of the shareholders themselves, we can see the difference here. One of the key differences is in the shareholder position and liabilities. Normally, unlimited company shareholders have more power, but at the cost of more liabilities and responsibilities, whereas the limited company shareholders have less power, but they don’t have many obligations and liabilities from their company.

Here are key differences between Limited and Unlimited Companies, especially for privately owned companies.

  • Minimum Capital requirement – For both private limited and unlimited companies, there has no minimum capital requirement to become shareholders, but for Public limited companies, there will be a minimum capital requirement.
  • Limited liability for their shareholders – Private limited company will have limited liability and obligations for its shareholders, whereas an unlimited company has unlimited liability for its shareholder. 
  • Needing Publishing account – For the limited company, they will need a publishing account, but for the private unlimited company, usually, they won’t need it.
  • Several maximum shareholders, and directors – Both Limited and Unlimited Company have their maximum number of directors with a minimum of one, and the shareholders also minimum of one shareholder.