The day a company is formed feels like the finish line. In practice it is the start of a yearly cycle of filings, renewals and record keeping. Founders who plan for that cycle early avoid late fees, lost good standing and last-minute stress. This guide sets out what usually comes up in the first year in each of the three jurisdictions we work with.
Set up a compliance calendar on day one
Before anything else, create one calendar for the company. Add the formation date, the financial year end, and every filing date you are told about. Put reminders a month before each deadline, because most filings need information from someone else, such as an accountant, a registered agent or a company secretary.
United States: LLC duties
- State annual report or franchise tax. Many states require an annual or biennial report, and some charge an annual tax or fee. The date and amount depend on the state you chose.
- Registered agent. The agent service usually renews every year. If it lapses, the company can fall out of good standing.
- Federal tax reporting. What the IRS expects depends on how the LLC is owned and taxed. Foreign-owned single-member LLCs generally have an annual information return even without US income. Confirm your position with a US tax professional.
- Keep the EIN letter safe. Banks and platforms will ask for it again.
United Kingdom: LTD duties
- Confirmation statement. Filed with Companies House at least once a year to confirm the company's details are up to date.
- Annual accounts. Every company files accounts with Companies House, including companies that did not trade.
- Corporation Tax. The company registers with HMRC and files a Corporation Tax return for each accounting period.
- Registered office and email. Keep an appropriate UK registered office address and a registered email address in place, and verify the identity of any new directors or people with significant control.
Check the current rules on GOV.UK, as Companies House requirements have been changing.
Hong Kong: private limited company duties
- Annual return. Filed with the Companies Registry each year around the anniversary of incorporation.
- Business registration. The business registration certificate must be renewed on time.
- Company secretary and registered office. Both must stay in place and meet local requirements throughout the year.
- Audited accounts and profits tax. Hong Kong companies generally prepare audited financial statements to support their profits tax return. Speak with a Hong Kong CPA early in the year.
- Significant controllers register. Keep it up to date whenever ownership or control changes.
The Companies Registry publishes the current requirements and fees.
Keep records from the start
Most first-year problems come from missing paperwork. Keep a single folder with your formation documents, registration numbers, share or membership records, bank statements and marketplace reports. If you sell on Amazon, download settlement reports every month rather than at year end.
When to ask for help
If you are unsure which filings apply, or you have already missed one, act early. Our company formation services include a post-formation checklist, and we can coordinate with licensed professionals where that is part of the agreed scope. Request a quotation and tell us where your company is registered.
About the author
Zoya Shahbaz is Managing Director of ECom Seller Core and writes about company formation. Meet our team.
This article is general information, not legal or tax advice. Rules and procedures change; check current official sources or ask a licensed professional about your situation.