Shareholders usually are not familiar with the related formalities when planning to terminate the company, so this may possibly result in the breach of relevant laws due to ignorance, and if the infractions are severe, they could lead to arrest or impact future exit and entry of Hong Kong.
TRIPITAL’s services cover all sectors in company deregistration, and with extensive knowledge and experience, we can help shareholders to terminate their company successfully through our professional services.
Under Section 291 of the Companies Ordinance (Cap. 32) of the Laws of Hong Kong, a company applying for deregistration with Companies Registry must meet the following conditions:
- Consent by all shareholders;
- The company has not commenced operation or business, or has ceased operation or business at least 3 months before the application of deregistration;
- No outstanding indebtedness, including governmental license fee and tax;
- The company is not a party to any legal proceedings;
- The company has no immovable property situate in Hong Kong;
- If the company is a holding company, none of its subsidiary’s assets consist of any immovable property situate in Hong Kong; and
- Obtain the Written Notice of No Objection issued by the Commissioner of Inland Revenue.
In addition, if someone has an objection to this deregistration, he/she can file application for re-registration with the court within 20 years from the effective date of deregistration, when the court shall order the Companies Registry to resume business of the deregistered company.
TRITIPAL offers a comprehensive range of de-registration services, drafting services, including revocation of registration files and meeting minutes, notice of application for no objection from the Companies Registry and the proposed deregistration, the entire program takes about 6 – 9 months.