Should I Continue or Not?
A: Check Specified Fees + Time Involved, & Company Potential
KEEP GOING OR DEREGISTER THE COMPANY?
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Crucial Matters During Deregisteration?
A: Duties You Must Maintain Before Deregistration Is Done
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Any Smart Tips for Me?
A: File All Annual Returns, Close Bank Account & Some More
Completed!
HOW BRIDGES ASSISTS IN DEREGISTRATION?
COMPANY DEREGISTERATION
One-Stop Package
To comply with all legitimate requirements of the whole company deregistration process.
To act as your Company Secretary for the required period.
To provide address as your company’s Govt registered address for daily correspondence like receipt of bank letters for the required period.
Inclusive of all deregistration Govt fees
Apply Now
HK$10,000
General client fee
HK$8,000
Co. secretary client fee
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SOMETHING YOU MUST KNOW BEFORE DEREGISTRATION
Sometimes you may find yourself standing at the crossroad. We’ve prepared some clues here for you tofind your way or manage the deregistration properly.
Processing Time
Basic Requirements
Fees of Different Options
Important Notes
- It normally takes around 6 to 9 months to complete the whole process.
- All members of the company agree to the deregistration.
- The company has never commenced business or operation, or has ceased operation for more than 3 months immediately before the application.
- It has no outstanding liabilities which include Profits Tax, Property Tax, Stamp Duty, Business Registration License fee, fines and penalties in connection thereof and court fees.
- It has obtained a written "Notice of No Objection to a Company being Deregistered" ("Notice of No Objection") from the Commissioner of the Inland Revenue Department (IRD). This includes submission of tax returns which have been issued by the IRD, and liability to notify the Commissioner of the IRD in writing that the company is chargeable to tax for any year of assessment in which a return has not been received.
- If you opt to continue your business, the fees for Company Secretary, registered office address, Business Registration (BR) License renewal and timely tax filing with accounting & audit report preparation in each year would be required.
- On the contrary, if you go for the deregistration direction, the above fees are also required before completion of the dissolution, with additional deregistration arrangement fees applied. Also, you will have to file your Annual Return to the Companies Registry until the deregistration process is officially accomplished.
- If you are wavering between two options, one more alternative you might consider is to declare the company dormant. According to the Companies Ordinance, a company will become dormant from the date of delivery of a special resolution declaring the dormant status to the Companies Registry, or any later date that is specified in the special resolution. To keep a dormant company, the minimum spending is appointing a mandatory Company Secretary and settling BR fees, while the accounting and audit reports can be paused from preparing temporarily (some people may still opt to finish their accounting and audit reports every year in order to maintain a good financial practice).
- If your company has operated with activities, it is compulsory to prepare the last accounting and auditing reports for submission to the IRD before the company can be deregistered.
- If your company has been dormant since incorporation, it is recommended to close the corporate bank account once you confirm to proceed with the deregistration. However, please be reminded that if there are any bank movements since incorporation, you’ll have to explain why there are bank movements in a declared dormant company and explain in detail why they are not in relation to the company’s business operation.
GET YOUR COMPANY DEREGISTERED IN 4 EASY STEPS
Step 1
File & submit
Docs to Govt
Step 2
Close Company
Bank Account
Step 3
Receive Letter
of Approval
Step 4
Final Notice
in Gazette
What People are asking?
Hot query
Can I restore my deregistered company?
- Sure! With certain professional help, you are able to restore your deregistered company more easily since the restoration requires lots of know-how on regulations.
- For this, you have to make an official application to the Court of First Instance.
- Once the court order is obtained and all documents are in order, it normally takes about 2 months to restore a deregistered company.
What if I waver between ‘moving forward’ vs. ‘closing down’?
- When you opt to continue, surely there will be some fixed expenses like co. secretary, registered address, renewing BR License, as well as tax filing with financial report preparation.
- Contrarily, if you go for the degistration process, the above mentioned fees are also required before the company is fully dissolved, with additional deregistration arrangement fees.
- Out of the above, you can actually consider declaring the company dormant, that is letting the regulatory bodies know it does not have any active activities now. With this option, you can earn a 'cool down' period. To keep such a company, min. spending like appointing a co. secretary and settling BR fees is required, while accounts and audit reports can be temporarily paused. However, some people would still prefer to finish their financial reports every year to maintain a good practice.
Need to file Annual Return or renew BR once lodging deregistration?
- Yes, you are required to file all Annual Returns to the Companies Registry until the company is officially dissolved. Should you fail to file the Annual Returns, your company may face prosecution and the deregistration application might be suspended immeidately. Therefore, all Annual Returns must be filed till the deregistration process is accomplished and the company is declared as deregistered by the Government.
- However, you are not required to renew your BR once you have lodged a deregistration application, even when the whole process is not finished yet.
- Check out our top tips article: ‘8 Clues to Find Your Way or Deregister the Company Properly’ here to know more before making final decision.
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Change of Co. Secretary
Appointing a Company Secretary is required until a company is deregistered. Talk to us today for how to change to us.
Registered Address
Corporate address can be provided as your registered address and we’ll help to manage your mails like Govt letters.
Audit Arrangement
If your company has operated with activities, you can get our help in arranging your last audit reports for IRD submission.
Tax Reporting
To prevent you from facing penalties, our team is here to manage all steps with the IRD including outstanding tax returns.
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