{"id":92247,"date":"2024-01-17T17:36:27","date_gmt":"2024-01-17T09:36:27","guid":{"rendered":"https:\/\/premiatnc.com\/hk\/?p=92247"},"modified":"2024-09-16T11:59:52","modified_gmt":"2024-09-16T03:59:52","slug":"deregistration-in-hong-kong","status":"publish","type":"post","link":"https:\/\/premiatnc.com\/hk\/blog\/deregistration-in-hong-kong\/","title":{"rendered":"Easy Guide To Company Deregistration In Hong Kong"},"content":{"rendered":"\n<div class=\"wp-block-columns is-layout-flex wp-container-core-columns-is-layout-28f84493 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\">\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"597\" src=\"https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2024\/01\/deregistration-in-hong-kong-1024x597.jpg\" alt=\"deregistration in hong kong\" class=\"wp-image-92769\" srcset=\"https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2024\/01\/deregistration-in-hong-kong-1024x597.jpg 1024w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2024\/01\/deregistration-in-hong-kong-300x175.jpg 300w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2024\/01\/deregistration-in-hong-kong-768x448.jpg 768w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2024\/01\/deregistration-in-hong-kong.jpg 1200w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/api.whatsapp.com\/send\/?phone=85256281754&amp;text&amp;app_absent=0\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"148\" src=\"https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-1-1024x148.png\" alt=\"\" class=\"wp-image-90274\" srcset=\"https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-1-1024x148.png 1024w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-1-300x43.png 300w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-1-768x111.png 768w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-1-1536x222.png 1536w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-1-2048x296.png 2048w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-1.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>How many new business owners are aware of the process of company deregistration in Hong Kong? When starting any project, keep it in mind that the project could end at any time and day.<\/p>\n\n\n\n<p>Today, many people only think about&nbsp;the necessary steps&nbsp;for the registration or incorporation of their organization, such as&nbsp;<a href=\"https:\/\/premiatnc.com\/hk\/service\/company-secretarial-services-in-hong-kong\/\" target=\"_blank\" rel=\"noreferrer noopener\">appointing a company secretary<\/a>, and they fail to plan for worst case scenarios like deregistration.<\/p>\n\n\n\n<p>The decision to deregister a company is always a challenging one. But certain reasons may make this possible. If you wish to dissolve your Hong Kong company, you must do it properly. There are several processes to consider.<\/p>\n\n\n\n<p>This piece will reveal everything you need about company deregistration in Hong Kong.<\/p>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">What Is Company Deregistration In Hong Kong?<\/h2>\n\n\n\n<p>According to previous incorporation agreements, undergoing the process of company deregulation in Hong Kong means that you\u2019re telling the authorities that the business will no longer function or use its name.<\/p>\n\n\n\n<p>A deregistered company will be treated as if they have been liquidated. They will immediately vacate any property they use to conduct their business. It will signal the end of obligations for company officeholders.<\/p>\n\n\n\n<p>The company\u2019s name will also become available to anyone else who wants to claim it. Additionally, you\u2019ll close financial assets, such as bank accounts. Company deregistration in Hong Kong is the direct opposite of incorporation. It\u2019s the&nbsp;<a href=\"https:\/\/premiatnc.com\/hk\/service\/company-secretarial-services-in-hong-kong\/\" target=\"_blank\" rel=\"noreferrer noopener\">process of ending the entity\u2019s existence.<\/a><\/p>\n\n\n\n<p>When the process is complete, it will be as if the company was never created.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">Which Companies Are Eligible For Deregistration In Hong Kong?<\/h2>\n\n\n\n<p>Keep in mind that not all companies can apply for deregistration in Hong Kong. Only Private companies and those limited by guarantee can start this process. If you wish to undergo the process company deregistration in Hong Kong, your company must meet the following conditions:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>All entity members must agree to the deregistration decision, including directors and shareholders.<\/li>\n\n\n\n<li>The company must cease all business operations at least three months before deregistration. A company that hasn\u2019t officially started operations can file for deregistration.<\/li>\n\n\n\n<li>The private company has no outstanding liabilities or debts for operations inside and outside Hong Kong. These include pending payments to suppliers, employees, etc.<\/li>\n\n\n\n<li>The entity must be free from all legal proceedings or lawsuits.<\/li>\n\n\n\n<li>The company should have no immovable situate in Hong Kong.<\/li>\n\n\n\n<li>The entity must have applied for a \u201cNotice of No Objection\u201d from the Commissioner of the Inland Revenue Department (\u201cIRD\u201d). You\u2019ll notify the commissioner of the inland revenue and gain tax clearance.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">Who Can Apply For Deregistration In Hong Kong?<\/h2>\n\n\n\n<p>As mentioned earlier, a private company or those limited by a guarantee can deregister their company. However, some entities are not allowed to undergo&nbsp;the process of company deregistration&nbsp;in Hong Kong. They include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Registered non-Hong Kong company (specified under Part 16 of Companies Ordinance)<\/li>\n\n\n\n<li>Any company that\u2019s specified by section 749 of the Companies Ordinance. There are eight company categories:<\/li>\n<\/ul>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Any authorized institution defined by section 2(1) of the Banking Ordinance Cap. 155<\/li>\n\n\n\n<li>Insurers that fall under the conditions of section 2(1) and (2) of the Insurance Ordinance (Cap. 41) (Amended 12 of 2015 s. 167)<\/li>\n\n\n\n<li>Companies whose business activities are licensed according to Part V of the Securities and Futures Ordinance (Cap. 571)<\/li>\n\n\n\n<li>An associated entity, according to the definition in Part VI of the Securities and Futures Ordinance (Cap. 571)<\/li>\n\n\n\n<li>An approved trustee, according to the definition in section 2(1) of the Mandatory Provident Fund Schemes Ordinance (Cap. 485)<\/li>\n\n\n\n<li>Registered trust companies, according to the definition under VIII of the Trustee Ordinance (Cap. 29)<\/li>\n\n\n\n<li>Any subsidiary companies that fall under any of the above categories.<\/li>\n\n\n\n<li>Any companies that belong to any of the above-listed categories formed at least 5 years before the regulations under section 750 of the commissioner of inland revenue<\/li>\n<\/ol>\n\n\n\n<p>Private companies that can apply for deregistration in Hong Kong must be defunct solvent companies. A defunct solvent company is no longer functional and has no debts and liabilities.<\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-group is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">5 Reasons Why Companies Choose To Undergo Deregistration In Hong Kong<\/h2>\n\n\n\n<p>Undergoing the process of company deregistration in Hong Kong is a tough decision. No business owner ever wants to witness<a href=\"https:\/\/premiatnc.com\/hk\/service\/company-secretarial-services-in-hong-kong\/\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;the closure of his firm<\/a>. However, this may be the&nbsp;best alternative under certain conditions.&nbsp;These are difficult situations that cannot be overcome easily.<\/p>\n\n\n\n<p>The following are some of the reasons why companies may undergo deregistration in Hong Kong<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The business has failed to stick to statutory obligations. This means it has failed to handle its business administration properly.<\/li>\n\n\n\n<li>It has stopped conducting its business operations. Therefore, the entity is no longer profitable.<\/li>\n\n\n\n<li>The business is unable to deal with debts<\/li>\n\n\n\n<li>There\u2019s a disagreement between the entity\u2019s shareholders<\/li>\n\n\n\n<li>Corporate restructuring that affects the company<\/li>\n<\/ol>\n\n\n\n<p>Regardless of your reason to undergo company deregistration in Hong Kong, you need to&nbsp;take the process&nbsp;seriously. Ensure that you follow each step in an orderly manner.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">What Is The Process Of Deregistration In Hong Kong?<\/h2>\n\n\n\n<p>If you\u2019ve decided to deregister your company, what are the steps to do so? Companies can apply for deregistration in Hong Kong&nbsp;in two steps:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:20px\">Step 1<\/h3>\n\n\n\n<p>The first step also relates to one of the conditions to begin deregistration in Hong Kong. You\u2019ll need a \u201cNotice of No Objection\u201d from the IRD. This process is also called Tax Clearance.<\/p>\n\n\n\n<p>To complete the form IR1263 and this form can only be filled out by a director or anyone chosen by the company for this purpose, such as the company secretary, accountant, etc.<\/p>\n\n\n\n<p>You\u2019ll need to clear any outstanding taxes before the IRD issues this notice.&nbsp;<a href=\"https:\/\/premiatnc.com\/hk\/service\/company-incorporation\/\" target=\"_blank\" rel=\"noreferrer noopener\">Prep<\/a><a href=\"https:\/\/premiatnc.com\/hk\/service\/company-secretarial-services-in-hong-kong\/\" target=\"_blank\" rel=\"noreferrer noopener\">a<\/a><a href=\"https:\/\/premiatnc.com\/hk\/service\/company-incorporation\/\" target=\"_blank\" rel=\"noreferrer noopener\">re your final audited financial statement<\/a>&nbsp;up to the business cessation date and submit it to the IRD. The cessation date is when the company stopped operations.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" style=\"font-size:20px\">Step 2<\/h3>\n\n\n\n<p>After receiving the \u201cNotice of No Objection\u201d, the company can begin to fill out the following documents:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Application for Deregistration form (Form NDR1). It can be downloaded on the official website.<\/li>\n\n\n\n<li>The \u201cNotice of No Objection\u201d<\/li>\n<\/ul>\n\n\n\n<p>The authorities will take some time to review the documents you have sent. If everything is in order, they will issue a letter of approval within five working days. After this, the Gazette of Hong Kong will publish a deregistration notice.<\/p>\n\n\n\n<p>Now, the Companies Registry will wait three months from the date. The deregistration will move to the next stage if they don\u2019t receive a \u201cno objection\u201d notice.<\/p>\n\n\n\n<p>The Hong Kong Gazette will publish another deregistration notice. Any nominated person will be notified of the approval of deregistration. You\u2019re free to choose your nominations.<\/p>\n\n\n\n<p>The entire process can take up to 5 months. When everything is complete, the business and its assets will be considered&nbsp;<em>bona vacantia.<\/em><\/p>\n\n\n\n<p>The Companies Ordinance clearly states that<a href=\"https:\/\/premiatnc.com\/hk\/service\/company-secretarial-services-in-hong-kong\/\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;companies must fulfil&nbsp;all their obligations<\/a>&nbsp;before they can be deregistered. The company director is expected to keep the organization\u2019s records for at least 6 years after the dissolution date. These records may come in handy at a later date.<\/p>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button aligncenter is-style-fill\"><a class=\"wp-block-button__link has-background wp-element-button\" href=\"https:\/\/premiatnc.channel.io\/\" style=\"background-color:#174a77\" target=\"_blank\" rel=\"noreferrer noopener\">Appoint Us as Your Company Secretary Today!<\/a><\/div>\n<\/div>\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">What Should You Do Before Deregistration In Hong Kong?<\/h2>\n\n\n\n<p>Before&nbsp;proceeding with your desire&nbsp;to undergo company deregistration in Hong Kong, ensure you do the following:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/premiatnc.com\/hk\/service\/company-secretarial-services-in-hong-kong\/\" target=\"_blank\" rel=\"noreferrer noopener\">File any outstanding annual returns<\/a>&nbsp;till the date your business no longer exists. This filing will be done with the Companies Registry.<\/li>\n\n\n\n<li>Settle all tax liabilities. This should be done before submitting Form IR1 This filing is done with the IRD.<\/li>\n\n\n\n<li>Settle business and branch registration fees. If you\u2019ve commenced deregistration before getting a business registration demand note, contact the commissioner of the IRD.<\/li>\n\n\n\n<li>Send a business deregistration notice to the Business Registration Office.<\/li>\n\n\n\n<li>Close your bank accounts and clear all credit cards.<\/li>\n\n\n\n<li>Dispose of company property.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">Is It Possible To Restore A Deregistered Company?<\/h2>\n\n\n\n<p>Yes, it\u2019s possible for business owners to restore a deregistered company. They\u2019ll need to submit an application to the Court of First Instance to approve this registration.<\/p>\n\n\n\n<p>However, a company can only be restored within 20 years from the date a director or company representative deregistered the company. This is a long period that makes numerous companies eligible for restoration.<\/p>\n\n\n\n<p>For administrative restoration to happen, the company must have been completely dissolved. Also, its name must have been struck off by the Companies Registry.<\/p>\n\n\n\n<p>A company which was dissolved by way of deregistration or winding up cannot apply for administrative restoration.&nbsp;Administrative restoration&nbsp;is only available for companies have been dissolved by striking off only.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:25px\">How Can We Help &#8211; Our Company Secretary Services<\/h2>\n\n\n\n<p>Now that you have a better understanding of company deregistration in Hong Kong, it may still sound like a challenging process. If you\u2019re looking for a reliable service provider to handle the process and let you relax, look no further than&nbsp;<a href=\"https:\/\/premiatnc.com\/hk\/about-us\/\" target=\"_blank\" rel=\"noreferrer noopener\">Premia TNC<\/a>.<\/p>\n\n\n\n<p>We\u2019re a top-rated business consultancy firm. We have a track record of satisfying many Hong Kong clients. Our&nbsp;<a href=\"https:\/\/premiatnc.com\/hk\/service\/company-secretarial-services-in-hong-kong\/\" target=\"_blank\" rel=\"noreferrer noopener\">company secretary services<\/a>&nbsp;will give you access to our professional company secretaries, public solicitors, and accountants.<\/p>\n\n\n\n<p>We\u2019re ready to assist you in fulfilling the requirements for deregistration. We can also help you with the application process.&nbsp;Our experts&nbsp;are familiar with dealing with the Companies Registry. Therefore, we\u2019ll help you complete the process in the fastest possible time.<\/p>\n\n\n\n<p>Reach out to us to help you complete the company deregistration process. You can hire us in a few simple steps.<\/p>\n\n\n\n<p>We also have other services, including company incorporation, accounting, taxation, etc. It\u2019s our job to work with you to create results. But our solutions are dependent on the problem at hand.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-do-you-change-your-registered-office-address\" style=\"font-size:25px\">Frequently Asked Questions<\/h2>\n\n\n\n<div style=\"height:5px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\t\t<div class=\"wp-faq-schema-wrap wp-faq-schema-accordion\">\n\t\t\t\t\t\t<div class=\"wp-faq-schema-items\">\n\t\t\t\t\t\t\t\t\t<h3>1. What are the requirements for deregistration?<\/h3>\n\t\t\t\t\t<div class=\"\">\n\t\t\t\t\t\t<p>These are some of the requirements that must be fulfilled before the company can be dissolved:<\/p>\n<ul>\n<li>The entity must be a defunct solvent. This means all outstanding liabilities or debts have been settled until the cessation date.<\/li>\n<li>The entity must not be part of any legal proceedings or involved in lawsuits. Any legal cases have to be settled before deregistration.<\/li>\n<li>The company must not have any immovable property in Hong Kong. They must dispose of any such assets before commencing the process.<\/li>\n<li>All business operations must have ceased at least three months before filing for deregistration.<\/li>\n<li>Every member of the organization must give their consent to this deregistration.<\/li>\n<li>The commissioner of the Inland Revenue Department must approve \u201cNotice of No Objection\u201d.<\/li>\n<\/ul>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<h3>2. How can a Hong Kong company be deregistered?<\/h3>\n\t\t\t\t\t<div class=\"\">\n\t\t\t\t\t\t<p>Any eligible Hong Kong company be deregistered in a few steps. The first thing to do is gain a \u201cNotice of No Objection\u201d from the IRD. You can get this notice by visiting the official website of the IRD, downloading and filling Form IR263.<\/p>\n<p>After you fill out the form, you\u2019ll have to pay a non-refundable fee and submit any other documents that have been requested. The IRD will go through your documents to determine their validity.<\/p>\n<p>After about five working days when submitted the form Application for Deregistration with Notice of No Objection, it will issue a Letter of Approval. Following this, the Gazette of Hong Kong will release a deregistration publication.<\/p>\n<p>The deregistration will proceed if they don\u2019t get any \u201cno objection\u201d notice. When the process is completed, the business will be dissolved and assets will be treated as bona vacantia. The entire process may take up to 5 months.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<h3>3. What are business owners expected to do before deregistration is complete?<\/h3>\n\t\t\t\t\t<div class=\"\">\n\t\t\t\t\t\t<p>File the annual returns for your firm for all the time it has been operational. Notify the Business Registration office that your company has been dissolved. This notice should be sent within one month of your company\u2019s dissolution.<\/p>\n<p>Close your bank accounts and any financial assets. Don\u2019t forget to clear credit cards too.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<h3>4. Is it possible to restore a deregistered company?<\/h3>\n\t\t\t\t\t<div class=\"\">\n\t\t\t\t\t\t<p>You can restore your deregistered company. However, you must apply for this restoration within 20 years of the company\u2019s dissolution. To restore your deregistered company, you must send an application to the Court of First Instance.<\/p>\n<p>Restoration is only possible for companies completely dissolved and removed from the Companies Registry.<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\n\n\n\n<div style=\"height:10px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/api.whatsapp.com\/send\/?phone=85256281754&amp;text&amp;app_absent=0\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" width=\"1024\" height=\"148\" src=\"https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-1024x148.png\" alt=\"\" class=\"wp-image-90270\" srcset=\"https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-1024x148.png 1024w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-300x43.png 300w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-768x111.png 768w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-1536x222.png 1536w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4-2048x296.png 2048w, https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2023\/05\/BTN-4.png 1920w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<div style=\"height:20px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p><span class=\"span-reading-time rt-reading-time\" style=\"display: block;\"><span class=\"rt-label rt-prefix\">Reading Time: <\/span> <span class=\"rt-time\"> 6<\/span> <span class=\"rt-label rt-postfix\">minutes<\/span><\/span>How many new business owners are aware of the process of company deregistration in Hong Kong? When starting any project, keep it in mind that the project could end at any time and day.<\/p>\n","protected":false},"author":2,"featured_media":92769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[94,226],"tags":[],"class_list":["post-92247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-company-deregistering"],"featured_image_src":"https:\/\/premiatnc.com\/hk\/wp-content\/uploads\/2024\/01\/deregistration-in-hong-kong.jpg","author_info":{"display_name":"premiatnc","author_link":"https:\/\/premiatnc.com\/hk\/author\/premiatnc\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Deregistration In Hong Kong | Top 5 Reasons Companies Do It<\/title>\n<meta name=\"description\" content=\"If you undergo the process of company deregistration in Hong Kong, you must do it properly. 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