Company deregistration is the optimum strategy and the most cost-efficient method of winding up an entity. No. The time frame to officially strike off a Hong Kong company is about 4 - 6 months. Upon dissolution, all the company's property, if any, is vested in the Hong Kong Government as bona vacantia. Application procedure. Company Deregistration. By contrast, winding up is the legal process by which all the assets of a Hong Kong company are sold off and converted to cash to reimburse debts. Company deregistration is an inexpensive procedure of closing down defunct solvent companies, and most companies in Hong Kong are closed down by this procedure. However, if the fund continues in existence in the form of a partnership after the deregistration and carries on business in Hong Kong, the registration fees and levies will not be held over. Company Incorporation HK$2980 up. For deregistration of a company a director of the company a member of the company or any person nominated by the company (with a copy of authorization letter signed by a director of the company) For deregistration of an LPF a general partner in the LPF an authorized representative of the LPF appointed under the Limited Partnership Fund Ordinance The company is a separate legal entity so the company is regarded as selling its shares to the shareholders who pay for them in cash or other assets. The company must be a solvent private company incorporated under the Hong Kong Companies Ordinance, other than those companies specified in section 291AA(16) or registered under Part XI of the Companies Ordinance, and must meet the following requirements: De-registration of a company Requirements The company must be a solvent private company incorporated under the Hong Kong Companies Ordinance, other than those companies specified in section 291AA (16) or registered under Part XI of the Companies Ordinance, and must meet the following requirements: All types of companies so long as they are solvent. There are two liquidation options. Deregistration is a summary procedure to dissolve a defunct and solvent private company or a company limited by guarantee. Company Deregistration - XtartBox However, one aspect of running a business that many business owners fail to recognise is the Hong Kong company deregistration process.Closing a business once the decision has been made to do so, is not always as easy as people assume. If the Registrar does not receive any "no objection" notices within three . Even though both the processes lead to the closing of the company, the processes of both companies are different. Transfer of Shares - Get Started HK There are two ways to close down a Hong Kong Company: (a) De-registration; and. The creditors of the company can usually look at the company's assets for payment, share capital . How to deregister a HK company and its restoration and ... Closing the operations of a solvent company in Hong Kong ... For further information or assistance, please feel free to contact us . The company's assets do not consist of immovable property situated in Hong Kong; and; If the company is a holding company, and its subsidiaries' assets do not consist of immovable property situated in Hong Kong. Deregistration Services Hong Kong | Deregistration HK Company application for deregistration under Section 750 of the Companies Ordinance (Cap 622). L & C Secretarial Limited - Company Service Provider When the company is dissolved, all its property is given to the Hong Kong Government. The services of a professional can ensure no breach in-laws occur during this process. the company has obtained shareholders approval and a "Notice of No Objection" from the relevant authority in Hong Kong Time frame Starting from the shareholders approval date, it normally takes 4 - 6 months to complete the deregistration. Hong Kong currently doesn't offer any means of directly changing the structure of a foreign company. legal deregistration. This is necessary in order to comply with Hong Kong law and also to be notified of no objection. Hong Kong Company Liquidation/Deregistration - Hong Kong ... Hong Kong Company Deregistration Service | Prism (1) The company has never conducted any business, or ceased operation or has ceased to carry on business for at least three months, at the time when the application for deregistration. for deregistration. Only a local private company or a local company limited by guarantee, other than those companies specified in section 749 (2) of the Companies Ordinance, may apply for deregistration. In addition, there is no restriction on the amount of share capital. Tel: (86.20);37887606 Mobile: 13928789801 (You can inquire in English) Company Formation. Q: . China Company Deregistration. Application form IR1263 can be downloaded from the website of the Inland Revenue Department. This is a step that must be taken after your HK business has received the "Notice of No Objection." Both the "Notice of No Objection" and the needed fee must be submitted along with the form. Applicable to private companies only. Prism has more than two decades of experience in serving expatriates moving to Hong Kong. A Hong Kong private company may make an application to the Companies Registry for deregistration in Hong Kong if : • All the members of the company agree to deregistration; • The company has never commenced business or operation, or has ceased to carry on • business or ceased operation for more than 3 months immediately before the . Only a local private company or a local company limited by guarantee, other than those companies specified in section 749(2) of the Companies Ordinance (Cap 622), may apply for deregistration. Deregistration is a relatively simple, inexpensive and quick Slotine explains the nuts and bolts of the two routes towards closing down a solvent company in Hong Kong: members' voluntary winding-up and deregistration. At first, if nothing goes wrong with your documents, you can receive a letter approval for the deregistration application within 5 working days. A person who was a director or member of the company may apply to the Registrar for the restoration of . Asia SGE will assist you with all steps needed to close a Hong Kong business through the deregistration process. How to deregister a HK company and its restoration and objection. Upon dissolution, all the company's property, if any, is vested in the Government of the Hong Kong Special Administrative Region as bona vacantia. Deregistering Hong Kong companies . The company has either never started operation or has not been carrying on any business activities 3 months . Deregistration of a defunct solvent company Step 1 - Apply for a Notice of No Objection Apply for a "Notice of No Objection to a Company being Deregistered" ("Notice of No Objection") from the Commissioner of Inland Revenue. Compared with the liquidation procedure, deregistration is a convenient and inexpensive means to dissolve a company. . Solvent companies in Hong Kong have three ways to close their operations. Exempt from those companies restricted. From our experience, it usually takes around 6 months to close a company in Hong Kong. Conditions for Deregistration. The company deregistration period in Hong Kong The entire process for company deregistration in Hong Kong typically takes around 5 months. . A Hong Kong private company (limited liaility company) requires one shareholder, one director, a Hong Kong addresss and a Company Secretary. There are several conditions that the company must meet to apply for the deregistration: All members of the company must agree to the de-registration. Members' voluntary liquidation D. Summary Key Contacts Company deregistration is the optimum strategy if the company has ceased operation. Why can't a company limited by guarantee apply for deregistration? Is Saturday a weekday in Hong Kong? The process of closing a company in Hong Kong is called "liquidation." There are two ways of closing a company, one is by winding it up and the other is done through the deregistration process. Some tips here for you to find your way or manage the deregistration properly. Legal deregistration is the process of dissolving a defunct and solvent private company . A notice of deregistration is then published in the Gazette of Hong Kong. In Hong Kong, when a company needs to close down, the process is called liquidation. Processing Time Basic Requirements Fees of Different Options Important Notes Processing Time It normally takes around 6 to 9 months to complete the whole process. The company must meet the following conditions before making an application for deregistration: The process of closing a company in Hong Kong is called "liquidation." There are two ways of closing a company, one is by winding it up and the other is done through the deregistration process. Conducting a client to ensure trade deposits or utility deposits have been paid for. Hong Kong has two types of companies, sole proprietorship or partnership company, the establishment procedure will be more straightforward, but the proprietor or partner needs to undertake unlimited liability. PLEASE CONTACT US AT 852-2234-0477. Hong Kong business owners are always concerned about how to incorporate a company and the logistics around running one. They may become dormant, or they may be dissolved by way of deregistration, or members' voluntary liquidation. All members agree to the deregistration • Deregistration procedure is extended to companies limited by guarantee (with certain exceptions) Deregistration is a relatively simple, inexpensive and quick procedure for dissolving defunct solvent companies. SERVICE PROCEDURE Step 1 File & Submit Docs Step 2 Close Company Bank Account Step 3 Receive Letter An application for deregistration must be accompanied by a Notice of No Objection issued by the Commissioner of Inland Revenue. company. The chart below shows the number of dissolution by both the application of deregistration and MVL. Normally, the procedures for closing a Joint Venture Company in China - its dissolution and liquidation - takes approximately 6 months to complete. The company has either never started operation or has not been carrying on any business activities 3 months . Deregistration III. Deregistration is a relatively simple, inexpensive and quick procedure for dissolving defunct private companies who meet certain specific requirements. Learn More. Hong Kong Company - Deregistration H(11) The Client has the responsibility to verify the following items before the application of deregistration, including: 11.1 All members of the company agree to process deregistration. you were instrumental in setting up of my Hong Kong based company, the whole process was completed in a . MVL. In this seminar, the speaker will discuss: Ways to wind up a Hong Kong private limited company Brief introduction of the various forms of liquidation in Hong Kong Major procedures for Members' Voluntary Liquidation ("MVL") and application for deregistration Major pros and cons of MVL and deregistration FOR MORE INFORMATION, PLEASE VISIT. The Registrar of Companies will publish a notice of the proposed deregistration in the Gazette. And although both the processes lead to the closing of a company, they follow entirely different methods. 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