Why You Need to Retain Company Records in Good Condition

 

 

For startup companies with a few years of history, while they are in the rapid expansion, there are also different complicated issues they have to face.  For example, as the scale of staff grows, the office space becomes one of the critical issues they have to tackle with.  Besides this, the following may be one of the challenges the companies have to consider.

 

As the business grows, the papers and files in office escalate and eventually they eat up lots of your costly office space.

 

In Hong Kong, all companies regardless of company scale, they should comply with the following regulation:

According to Cap.112 Inland Revenue Ordinance ─ Section 51C, every company in Hong Kong shall keep sufficient records in the English or Chinese language of his income and expenditure and shall retain such records for a period of not less than 7 years after the completion of the transactions, acts or operations to which they relate. Those records shall be ascertained by the Inland Revenue Department.

 

In view of this, the companies have to make a smart decision on how to retain their records according to the law and at the same time, they are able to free up space for future business expansion. But how?

 

By getting a professional document storage consultant, you can ease your burden on storage and concentrate on the business development.

 

Established in 1997, Hongkong Storage has been providing professional document storage solutions to over a thousand commercial clients.  Hongkong Storage’s facilities are safeguarded by renowned G4S security system while the inventories are managed by SAP ERP system.  With the professional logistics team, Hongkong Storage is confident in providing our clients with swift, reliable storage and transportation service in the territories.