In the absence of an explicit agreement on the payment of rent and cancellation conditions in case of non-payment of rent, your rental agreement means that the tenant must pay the rent on the day of due date and that the rental agreement expires for a period of 15 days after non-payment. Phone, On, Email, Holidays, Hong Kong, About Leaving Hong Kong Account Opening / Business Account Verification Page 2/5 a Hong Kong-based sole proprietorship hk-sop-hk 517r25e-m (180518) i (1) Account opening in Hong Kong – Hong Kong-based sole proprietorship 8 This is a one-year term and therefore does not fall into the 1-year category. Example 2A lease will begin on January 1, 2010 and end on January 1, 2011. It is a duration of 1 year and 1 day and therefore falls into the category greater than 1 year, but not more than 3 years. (b) A fixed-term lease and thereafter up to the fixed-term estimate or a fixed-term, fixed-term lease shall be treated as a fixed-term lease. Example 3A lease with a term of 2 years and an extension of 2 additional years is considered to be a term of two years. (c) A temporary lease, but terminated in a previous case, shall be considered to be a lease for that fixed term. As a rule, a rental document is made in counterparties which are both transmitted to the stamp office of the tax office to be stamped within thirty days of the date of execution. You and your tenant can in principle decide between themselves the terms of the rental agreement, unless these are contrary to the landlord and tenant regulation (consolidation regulation).
9 Example 4A 4-year lease agreement with the tenant`s right to break at the end of the second year is treated as a 4-year term. Calculation of stamp duty Calculations are made on the basis of the stamp of the documents within thirty days from the date of signature of the contracts. Otherwise, sanctions will be imposed. Fixed rent On July 1, 2010, an 8-month lease was signed with an example of a 5-month rent of $US 5,000. The amount of stamp duty is $100 [ $5,000 x 8 x ]. Fixed rental On January 4, 2010, a lease of 2 copies was signed for a period of 2 years with a monthly rent of 7000 $US. Please click on “Online Demo” on www.gov.hk/estamping for the e-stamping demonstration. 6 The rental agreement shall mention the consideration, even if the rent must be paid after the lease. Otherwise, tax identical to that of a sale of a real estate duplicate or equivalent of $5 per unit Note: 1 If the calculated stamp duty contains a fraction of $1, round up the tax to the next $1. 2 The annual rent, the average annual rent and the total rent must be rounded to the next 100 $US. The rental deposit mentioned in the rental agreement is not taken into account in the calculation of stamp duty.
[You can refer to the examples in the appendix.] Penalty in case of delay STAMPING 6. Late stamp and omission of stamp are subject to payment of a penalty as follows:- Penalties for late stamp Not more than 1 month 2 times the amount of stamp duty Exceed 1 month but not more than 2 months 4 times the amount of stamp duty Each other case 10 times the amount of stamp duty 7. A more important consequence is that the court cannot accept an unstamped rental document as evidence in civil proceedings. In other words, one party will have difficulty asserting the rental document in court against the other party (who has breached the lease or lease). Hong Kong hk, Hong Kong – Sole proprietorship based in Hong Kong, INLAND REVENUE DEPARTMENT In addition, a rental document must be stamped before it can be submitted for registration in the cadastre. . . .