When you say ‘deregistering a company’ that simply means that there’s no need for you to continue the obligations that you have as an officeholder. If the company is no longer trading, then it is best to consider deregistering. If you are considering this option, then there are so many things that you have to learn first, especially if you are not familiar with the process.
Deregistration – Can Any Company Apply?
Now you have to remember that application for deregistration HK is not for all companies. Aside from the companies that are specified in Section 749(2) of the Companies Ordinance, only local private, or a local company can apply but is still limited by guarantee. Also, it should be a defunct solvent company.
Requirements And Conditions For Deregistration Application
In order for the company to be qualified to apply for deregistration, there are certain guidelines and conditions to be followed before the application would be accepted. Here are the conditions that need to be followed:
- All members of the company should agree to the deregistration application.
- The company has not yet started operation or business. It should also not have been in operation or have done any business for the last three months before the application was submitted.
- The company or business should not have any outstanding liabilities.
- The company is not part of any legal proceedings.
- The assets do not include immovable properties in Hong Kong.
- For a holding company, there should be no immovable property situated in Hong Kong for its subsidiary assets.
- The company has the “Notice of No Objection” or also called the “Notice of No Objection to a Company Being Deregistered” from the Commissioner of Inland Revenue.
Filing Of Outstanding Returns
Any company should file all outstanding Annual Returns before submitting their application for deregistration. This is a requirement under the Companies Ordinance. If the company fails to do so may make the company accountable for prosecution.
Deregistration Application And Business Registration
If you have already delivered your application for deregistration, a letter that is acknowledging receipt of the application will be provided by the Companies Registry which you will receive within five business days. If you are wondering whether you still need to pay for the business registration fee now that you have already applied for deregistration, you should get in touch with the Business Registration Office of the Inland Revenue Department for more details.
Dissolved Company Restoration Request
For any dissolved company, it should apply for administrative restoration within 20 years after the dissolution date. If it is a non-Hong Kong company, the application should be done within 6 years after the striking off date. Both dissolved local companies or non-Hong Kong companies’ directors or members can apply for restoration.
Companies like Deep Blue Business Services Ltd in Hong Kong can help you with your deregistration application. You will also learn here processes regarding profit tax as well as other information that your business needs.