China Ningbo Company (WFOE) Cancellation Service
Hotline: 86-755-82148419 Email: susiehu@citilinkia.com
Over the years an increasing amount of foreign companies have a presence in Ningbo,China. Consequently, it is only natural that the number of foreign companies wanting to dissolve their entity has been increasing over the years. The reasons these companies leave China for are as varied as the companies themselves. Perhaps a market segment has been drying up over the years, Chinese competitors become too strong or the owner just wants to retire. In any case, this brings the necessity to close the WFOE or JV. Just like the set-up of these companies, the dissolution can be overwhelming.
Ningbo Company (WFOE) Cancellation refers to that a Ningbo company files an application to the related government department when shareholders decide to terminate the company. And the Ningbo company should follow all the other procedures to proper company dissolution.
In What Cases Will Ningbo company(WFOE) Cancellation Happen?
According to the related company law, a Ningbo company may have to be deregistered because of one of the following reasons:
1. The business operation term as agreed in the company’s Articles of Association becomes expired or other condition for dissolution as agreed in the Articles of Association for dissolution occurs;
2. Resolution of dissolution is made by the meeting of shareholders;
3. The company is merged or separated and the company will not exist any more;
4. The business license is revoked by government, or the company is ordered to be closed or canceled;
5. There is serious difficulty in company’s operation and management and the shareholder’s interest may suffer great loss if the company continues to operate. Shareholders who holding ten percent or above voting right may file to the court for dissolution if negotiation among shareholders fails.
Documents required for Company(WFOE) Cancellation in Ningbo
To start WFOE cancellation, you will need to prepare the following documents:
1. Originals of Certificate of approval, Letter of approval, Business License;
2. Foreign exchange accounts permits;
3 Written board resolution of Cancellation of WFOE;
4. Copy of Legal Representative’s passport;
5. Bank Account Certificates;
6. All chops of WFOE;
7. All accounting related documents: bank statements, invoices of WFOE expenses.
Procedures of Ningbo Company (WFOE) Cancellation
In Ningbo, the procedures for company Cancellation is rather complicated, particularly in face of different kinds of departments. For a Ningbo company to be properly dissolved, the following procedures should be taken adopt of:
Tax Cancellation, both a the local and national tax bureaus
Liquidation Audit
(For trading companies) Customs Registration Certificate cancellation
Administration for Industry and Commerce cancellation
Newspaper Announcement of Dissolution
Commerce Commission cancellation
Bank Account cancellation
Certificate cancellation
Seal cancellation
Please note that before filing the application for Cancellation, you should close the corporate bank account and also make sure that there is no outstanding accounts receivable.
Time Required For Ningbo Company (WFOE)Cancellation
In general, an officially whole process of Ningbo Company Cancellation will take around six months.
If you fail to comply to the above, or if you think it is just too time consuming and troublesome, please consider again. When one fails to cancel your company, the names of the people involved (including legal representative and board of directors) are placed on a black list. If you are on this list, you will not be able to enter or leave to China.
ATAHK services about Ningbo Company (WFOE) Cancellation mainly include:
• Assessment of The Necessity of Company Cancellation
• Assessment of Taxation Risk in Deregistering Company
• Contemplation of Cancellation Scheme
• Preparation of Relevant Documents
Contact Us
If you have further queries, don’t hesitate to contact ATAHK anytime, anywhere by simply visiting ATAHK’s website www.3737580.net , or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82148419, or emailing to susiehu@citilinkia.com.