Hong Kong company deregistration is the process of deregistering a company with the Hong Kong Companies Registry and the Inland Revenue Department, which is the step of notifying the Registry and the Inland Revenue Department, which are part of the Hong Kong government, that a particular business will be closing down its operations or ceasing to use the company on a certain date. This is a procedure chosen to legally terminate the existence of a Hong Kong company when it decides to cease operations permanently and there is no longer a need to retain the corporate entity. Deregistration applies when the company no longer has any substantial business activities, its assets have been liquidated, and there are no outstanding debts or tax problems.
A Hong Kong limited company may apply for deregistration under the Companies Ordinance subject to the following conditions:
1. The company has never commenced business or has closed its business three months (or more) prior to the application for deregistration;
2. The company has no outstanding debts and cannot have outstanding government fees or taxes;
3. If the company has an open account with a business record, the conditions for applying for deregistration are: all members of the company agree to the deregistration; and a written notice is obtained from the Commissioner of Inland Revenue that there is no objection to the deregistration.
1. Original certificate of incorporation, business registration certificate and by-laws.
2. Signing of documents such as "Notice of No Objection to Deregistration" and "Notice of Closure of Business".
3. The latest annual return of the company, and documents related to changes in the company (if any).
4. If the company has done an audit, a closing report is required.
1、Self-check whether there are any outstanding matters in the company, if not, then you can submit the Application for Revocation of Registration without Objection to the Inland Revenue Department.
2. Upon receipt of the information, the IRD will verify the overall situation of the Hong Kong company, and after confirming that there are no outstanding matters, issue a Letter of No Objection to Withdrawal and remove the company from the tax rolls.
3、Submit the Opinion of No Objection to Deregistration and the Application Form for Cancellation of Hong Kong Company Registration to the Hong Kong Companies Registry. /4. Registry to clear whether the company has outstanding debt relationship and legal procedures, if not, then gazetted.
5. Two gazette notices are published, with a three-month period for objections after the first notice; if there are no objections, the company is dissolved after the publication of the second gazette notice.
The cost of Hong Kong company deregistration varies from case to case, including the cost of data preparation, submission of application, tax clearance and registry clearance. Please consult Fung Investment Consultant for the specific cost.
Financial penalties: If the business registration certificate is overdue for renewal, a fine will be incurred.
Legal Penalties: Failure to cancel and file annual audits and tax returns can incur high fines, and you may also receive a court summons and further penalties.
Obstruction of entry into Hong Kong: The Hong Kong government may restrict entry visas, affecting work and life.
1. Tax issues:
If a company does not file a tax return, it will directly affect the company's deregistration. Before deregistration, you must check whether the company has filed a tax return, and if not, you must pay the back taxes.
2. Annual review issues:
If a Hong Kong company is not up to date with its annual audit, then it needs to go and pay the annual audit fee.
3. Liquidation of company finances:
Before writing off a company, business owners need to ensure that the company's finances are clear and liquidated. This includes paying off all debts, repossessing all assets, and settling all outstanding contracts and disputes.
4. Disposal of company assets:
Before a company is written off in advance, all assets in its name should be dealt with, including bank account balances, vehicles, properties, intellectual property rights, etc. Otherwise, once the company is dissolved, the assets will all be treated as unclaimed property and vested in the Hong Kong government.
5. Avoid incurring fines:
Failure to deregister a Hong Kong company and to file an annual audit and tax return will incur a hefty fine, and you may also receive a summons from the Hong Kong court.
Hong Kong company annual audit is the key to the compliance of the operation of the enterprise, every year need to be completed on time annual audit annual inspection, Hong Kong and Shanghai Feng Group annual audit service fees transparent, to provide efficient and professional secretarial services.
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Hong Kong and Shanghai Banking Corporation (HSBC)
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