If the Hong Kong company is more than one month late in filing and this is the first time this has happened, the fine starts from USD 155. If the term of delay exceeds one month and this is not the first time, the penalty will be significantly higher (from 1,300 US dollars). The preparation of financial statements may take several months. Therefore, if you have a lot of transactions, it makes sense to prepare reports on a quarterly or even monthly basis rather than once a year before the audit in order not to delay submission of statements and avoid fines.