Deregister your Hong Kong Company - Conditions to satisfy

Sometimes when a business is not able to generate the expected profits, it is better to shut it down and start a new venture. One might not be able to taste success in the first attempt and losses will be common. But, the experience gained from that will help in making even a better and stronger come back than the previous time. For those instances when you would like to deregister your Hong Kong based company, here is the process.

A company can be deregistered provided:

1.       It doesn’t have any unpaid debts – The company applying for deregistration should make sure that it is free from all kinds of debts it owes to various money-lending resources. Either the company clears the debts by paying all the dues or can sign consent to give the debts on some future date that is agreed by both the parties. 

2.       Mutual Consent of the shareholders – All the shareholders must think alike in this case. Any shareholder with a second opinion should express her/his opinion regarding the same. The discussions should move further till the shareholder agrees to the decision made by the entire group. 

3.       Halting business operations – The company must stop involving in any business operations for 3 months and then apply for deregistration to the Hong Kong Company Registry. 

4.       NOC  - A notice of No Objection Certificate needs to be obtained from the Commissioner of Inland Revenue. 

You can also de register search online. One has to satisfy all the aforementioned conditions in order to end the existing venture. Once done, they can easily start a new business any time. One can easily go for a Company Registry search and pick out a new name for their upcoming enterprise. This is one best way to turn around your losses and give them the shape of profits. Find a local and reputed business consultant that can help you in the process.