Hong Kong CPAs Can Now Become Partners in Mainland CPA Firms

The Hong Kong Institute of Certified Public Accountants announces that Hong Kong CPAs can now become partners in Mainland CPA firms, as long as they satisfy certain criteria, based on the extension of the scope of the Closer Economic Partnership Arrangement (CEPA).

Previously, Hong Kong CPAs were only allowed to be partners in Guangdong province- based firms. Now, as long as a Hong Kong CPA obtains a Chinese Institute of CPAs qualification, maintains a place of abode and resides in the Mainland for more than six months annually, and is at a firm controlled by Mainland partners, the Hong Kong CPA can be a partner at a firm in the Mainland.

The Ministry of Finance has outlined the regulations for this CEPA initiative as such: Hong Kong audit experience and Mainland audit experience are equal, Hong Kong/Macau permanent resident with Chinese nationality can be the managing partner of a Mainland CPA firm, while Mainland resident partners should have majority voting rights on operation and management decisions, and the admitted applicant will be subject to Mainland laws and regulations. 

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