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!
A FEW TIPS FOR YOU
Some tips here for you to find 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.
SERVICE PROCEDURE
Step 1
File & Submit
Docs
Step 2
Close Company
Bank Account
Step 3
Receive Letter
of Approval
Step 4
Final Notice
in Gazette
Review
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From Clients
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Additional Services
Change of Co. Secretary
Appointing a Company Secretary is required until a company is deregistered. Talk to us today to see how we can arrange for you.
Registered Address
Corporate address can be provided as your registered address and we’ll help to manage your mail like Government letters.
Audit Coordination
If your company has operated with activities, you can get our help in coordinating your last audit reports for IRD submission.
Tax Reporting
To prevent penalties, our team is here to manage all steps with the IRD including outstanding tax returns.
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