29 Sept 2016
Enquiry: Can Hong Kong and Macau Accountants be Partners of Accounting Firms on the Mainland?
According to the Mainland and Hong Kong Closer Economic Partnership Arrangement Agreement on Trade in Services signed by the mainland and Hong Kong, Hong Kong accountants who are permanent residents of Hong Kong and have obtained the Chinese Certified Public Accountants (CPAs) qualification can be partners of partnership accounting firms on the mainland, subject to the following conditions:
- The right of control over such partnership accounting firm should be in the hands of mainland residents. Details of the requirement shall follow the regulations promulgated by competent mainland financial authorities.
- Hong Kong accountants are required to maintain a place of residence on the mainland and reside on the mainland for not less than six months every year.
- When applying to become partners of accounting firms on the mainland, the length of auditing experience that Hong Kong accountants have acquired in Hong Kong is considered equivalent to the length of auditing experience acquired on the mainland.