Annual renewal

The Professional Accountants Ordinance (the Ordinance) provides that the issue of a practising certificate (PC) shall expire on 31 December each year and is re-issued annually on application.

 

Under section 30 of the Ordinance, PC holders may apply to the Registrar in the month of November in any year in the form specified by the council for the issue of a PC for the following year. If the council is satisfied that the applicant has complied with the re-issuance requirements, the Registrar shall, on payment of the fee fixed by the council, issue to the certified public accountant a PC in the form specified by the council for the period of one calendar year from 1 January next following the date of the application.

 

In addition to the payment of the membership subscription and PC renewal fees, each PC holder is required to complete and return an Annual Return to the Institute which includes the following declarations:

 

  1. Declaration of compliance with continuing professional development (CPD) requirements through the Annual Return for membership renewal 
    • The applicant is required to meet the mandatory CPD requirements in accordance with Statement 1.500 "Continuing Professional Development".
  2. Declaration for the re-application of a practising certificate through the Annual Return for PC renewal 
    • A PC shall not be issued to a certified public accountant who is or has become bankrupt or has entered into a voluntary arrangement within the meaning of the Bankruptcy Ordinance (Cap. 6).
    • Applicants are required to satisfy the mandatory requirements in relation to being ordinarily resident in Hong Kong.
    • Applicants are required to confirm that they are currently practising public accountancy and they shall continue to practise as such in the next calendar year upon the issuance of a practising certificate to them for that year.

 

The council may refuse a re-application of a PC if the holder fails to return the duly completed Annual Return.

 

On receipt of the required registration fees (both member and PC fees) and duly signed Annual Returns, a PC valid from 1 January to 31 December of the year will be available for collection at the Institute's office.