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Considerations For Company Deregistration In Hong Kong

Update Date:2021-5-31 12:25:00     Views:216

Considerations For Company Deregistration In Hong Kong
There are further considerations that you need to know before and after applying for your company deregistration in Hong Kong. Below are 3 common deregistering-related matters that you should well adhere to what-to-do list:

Disposal of company property
Before delivering the application for your HK company deregistration to the competent authority, make sure you have done the disposal of your company property in an appropriate way.
In accordance with the Hong Kong regulations, all the company’s property – credit balance in the business bank accounts, landed property or motor vehicle to name a few, will be considered as bona vacantia. All of these assets, upon the dissolution of your company, must be held by the Hong Kong Government’s Special Administrative Region.
In case you still wonder about how to properly dispose of your business assets, you are well-advised to consult with us for further information.

Annual Returns requirements
It should be noted that your Hong Kong business must still satisfy all compliance requirements under the Companies Ordinance until your company is completely deregistered. To simply put, after making the application for deregistration, you still have to maintain your liabilities of:
Filing Annual Returns;
Notifying the Companies Registry the situation of your address of registered office if any change occurs. In this case, a Form NR1 should be delivered to report the changes.
Giving notices of change(s) of company secretary and director(s) as well as their particulars for registration. In this case, a Form ND2B should delivered to report the changes.
Note that any Hong Kong company which fails to fulfill its statutory obligations must be liable to legal penalties. Make sure you are full aware of all liabilities and relevant procedures to make your deregistration process run smoothly.

Restoration of a deregistered company
Should “Can I restore my deregistered company?” be a matter of concern to you, then the answer is Yes. What you need to do to restore your company which has been dissolved via deregistration is to submit an application to the Court of First Instance (pursuant to section 765(2) under the Companies Ordinance).
Note that the restoration procedure generally will take you about 2 months. For what documents to prepare and how this procedure should be followed, you should seek advice from professional experts for further details

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