Since Hubconsult’s Smart Company Solution is designed with cost saving, time saving, organisational and tax efficiency in mind, you would expect it to generate great savings for you.
It does: based on the modest example below, a typical Hubconsult Member freelancer or business start-up will have recouped the subscription cost in just a few months!
These will be your main savings:
- lower company set-up costs
- you will not need a monthly bookkeeper to manage your accounts
- your annual audit and filing of company accounts is covered by your subscription
- your Corporate Tax, and VAT rates will be zero (for non-Hong Kong business) and so this will represent a saving on your Corporate Tax and VAT. (You will still be responsible for filing personal income tax returns wherever you are resident. Hubconsult is not involved in your personal tax affairs. Together this should mean that you will be more tax efficient than before due to your saving in Corporate Tax).
For these examples, we make the comparison in euros (€), whatever currency your business revenues and costs are actually in.
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The process of getting paid is a simple 1,2,3,4:
- Simply invoice your client from Hubconsult
- Hubconsult gets paid
- You invoice Hubconsult including your bank details
- Hubconsult transfers your funds to you at your chosen account
This is a static worked example. (Of course, to calculate your savings more precisely you should plug in your own figures to see how much you could save yourself. Your own company set-up costs, accounting and bookkeeping costs, sales or profit tax rates may be higher or lower than this example. You can also amend to your own currency too.)
* assuming here our recommended Gold Plan to give you an average accounting and auditing cost of €300, which is paid upfront for 5 years. You can also opt to deduct this from your first invoice.
** your Corporate and VAT rates are zero as a Hubconsult Member. (Hubconsult does not make any claim about your personal Income Tax rate which is dependent on your personal circumstances. You are wholly responsible for your own personal tax affairs.)
** special client-specific requirements such as special contracting could be charged extra – for example if you ask us to review your contract details in more depth. (However, you have complete control of that.)