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Closing A Hong Kong Business

Update Date:2023-2-8 17:36:55     Views:207

Closing A Hong Kong Business – Which to choose: Striking off/Winding up/Deregistration?
Striking off, winding up and deregistration are three typical methods used to dissolve a company in Hong Kong. Note, however, that each process bears a significant distinct in the requirements as well as steps to be entailed.

• Deregistration: This is the most popular chosen method by many Hong Kong businesses by virtue of its simplicity, inexpensiveness and quickly-done process. Notwithstanding, there are some specific requirements in order that a defunct solvent company can be dissolved via the deregistration process.

•  Winding up: The company will appoint a liquidator who is responsible for settling all the accounts to pay the company’s debts, liquidating the assets as well as distributing the net assets to members or shareholders, ensuring the company will be completely dissolved. This method often contains more complicated steps and parties, taking much of your time and money as well. You can get more information about this method here.

• Striking off: Unlike the other two methods, striking off is a statutory power given by the Registrar of Companies. In other words, a company is not able to make the application for striking off itself, but it depends on the Registrar. When your business in Hong Kong is no longer operating or conducting business, the Registrar will strike your company name off the Companies Register. And once your company name is struck off, the company will be dissolved.

By dint of its convenience and simplicity, the deregistration process is much more preferred than the other two options. In what follows, we will delve into ins and outs of how company deregistration in HK works.

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