HK Company Deregistration
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Are you running a HK Business that has come to a stand still where it hasn’t conducted business or any revenue for a while and you wish to de-register it? Keeping in mind that your business is no longer functional and that it does not have any debts or liabilities to fill for, there are chances that you can deregister the company.
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Closing a business in Hong Kong holds some particular number of orderly steps, and the overall process takes some months to get completed. The costs of the process depend on how the company is being closed, which is why it is better to think carefully about it and consider accordingly.
Which companies can apply for the deregistration?
Any HK business that is a local limited company or a local private company by guarantee is the one that is qualified to de-register itself. Also, these companies have to be listed in the Companies Ordinance under the section 749(2) or registered under the Part XI of the Companies Ordinance. It also needs to be a company that is a defunct solvent business.
“Defunct” here means a company that is no more a functional company and “solvent” is when the company does not have any debts or liabilities and can be dissolved or get closed easily. In short, your company needs to be clear from any debts and legal issues along with the fact that it is no longer operating.
Requirements & Conditions to Deregister a Company
Any HK business that wants to get de-registered has to meet the following requirements and conditions:
The firm has not been involved in any legal procedures.
There are no outstanding debts of the company.
There hasn’t been any operation or business that was conducted in the company since three months before the application to de-register the Hong Kong company.
Every member in the business has agreed for the de-registration of the company.
There isn’t any immovable property located in Hong Kong of the business.
In case the HK business is a holding business, none of the company’s additional property has any immovable ones that are located in Hong Kong.
The HK business has received the “Notice of No Objection” also known as the “Notice of No Objection to the Company being Deregistered” from the Inland Revenue’s Commissioner.
Process with Inland Revenue Department – Step 1
In this process, the company would need to get the notice that has been written by the Inland Revenue Department. For this, you would need to fill the Form IR1263 and submit it along with the fee to the Inland Revenue’s Commissioner. This fee is a non-refundable fee regardless the outcome of the situation and application.
How do I deal with CR (Company Registry) – Step 2
After the company has received the “Notice of No Objection” from the IRD, you would then need to fill in the form along with the application for the deregistration and send it to the Registrar of Companies. The processes are as follows:
Company Deregistration (CR & IRD)
Company resolution of directors to dissolve the company
Appointment of proxy (de-registrator – like appointing Tannet)
De-registration after letter of “Notice of No Objection” – Step 3
With the documents in place, the company can submit these to the CR. The final steps of the de-registration would take place, as the following.
If the Companies Registry sees that all the documentation is in right order, the process would be taken forward, and the Letter of Approval would be issued for the company’s deregistration application within five working days.
The CR would then publish a notice of the intended deregistration in the Gazette of Hong Kong. If there have been no objection notices that were received by the Registrar within three months of publishing the announcement, it will proceed with the process to deregister the company by issuing a final notice in the Gazette announcing the business to be deregistered. Along with this, the applicant or nominated person would also be duly notified of the same.
Upon the announcement of the final notice, the firm will be dissolved.
The entire procedure will be executed within five months.
Upon dissolution of the organization, all the company’s assets that also includes the balance of the credits in the bank account of the business would be deemed to be bona vacantia and would be held by the Hong Kong Government’s Special Administrative Region. You are greatly encouraged to endeavor legal or professional advice to guarantee the proper disposal of the firm’s assets before proceeding with an application to deregister the company.
It is vital to notify the Business Registration Office of the Inland Revenue Department within one month of the date of discontinuance of business, to apply for a cancellation of Business Registration.
Until the company has been deregistered, it is still required to adhere to compliances that include the notification of situation of registered office and the filing of annual returns.
Contact
Hire Tannet to assist you with the proper guidance, giving you the details and advice for a better knowledge at each step. Either visit us, give us a call or just email us at 2355725085@qq.com.