Points to Keep in Mind
Even though it might seem like something sensible to do, unless it is completely necessary. Otherwise, we have to think deep before the final decision. Before we want to move ahead and de-register the company in Hong Kong. There are other points we have to consider:
- It is the obligation for the business to file any outstanding Annual Returns and follow its duties as per the Companies Ordinance. Until the firm dissolved, prior to submitting the deregistration application.
- To check the Gazette Notice for your company’s deregistration public records.
- In case you change your address, you need to inform the Companies Registry through a letter about it to make the future communications easier.
- If the company’s registered changed office address, or the director address. You would need to fill the necessary form for letting the Government know about the change.
If you are eligible and feel that you meet the requirements and still want to de-register the Hong Kong company. You can go ahead with the steps. As mentioned above, there are two steps to deregister a company and they are:
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.
How do I deal with CR (Company Registry) – Step 2
After the company has received the “Notice of No Objection” from the IRD. You need to fill in the form along with the application for the deregistration and send it to the Registrar of Companies. The structure of the processes are as follows:
- Company Deregistration (CR & IRD)
- Company resolution of directors to dissolve the company
- Appointment of proxy (de-registrator)
Hong Kong Limited Company Deregistration process with the Company Registry
Once the company has received the “Notice of No Objection” letter from the IRD. The company can proceed to de-register the company in the company Gazette. Along with this, the applicant has to submit the following to the Companies Registry:
- A properly completed form NDR1.
- The original copy of the “No Objection” Notice from the Commissioner of Inland Revenue.
- Any further information or documents that the Companies Registry of Hong Kong may request in connection with the application to deregister the company.
De-registration after letter of “Notice of No Objection”
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. Company Registry will move forward with the process and issue the Letter of Approval within five working days.
- The CR will then publish a notice of the intended deregistration in the Gazette of Hong Kong. When there is not objection from the public within three months from publishing of the announcement, It will issue a final notice in the Gazette. 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 company, 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.
- 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.
For further information, please contact us.
You may want to read: http://centreo.hk/closing-business-hong-kong/