When you need to close down a Hong Kong business, you need to deregister the company legally instead of just abandoning it. There are two ways of closing down a company – by company deregistration and winding up.
How do I close a sole proprietorship in Hong Kong?
Cancellation of Business Registration
- If you cease your business or any branch business you must notify the Business Registration Office in writing within 1 month of the date of cessation. …
- Every company incorporated in Hong Kong under the Companies Ordinance (Cap.
How long does it take to deregister a company?
The process can take up to two weeks. Deregistration will take place two months after ASIC publishes its notice. If you change your mind about deregistering the company, you may be able to stop deregistration.
How do I deregister a private company?
To deregister your company or close corporation, follow these steps:
- Step 1: Write a letter to CIPC. …
- Step 2: Prepare supporting information. …
- Step 3: Scan and e-mail. …
- Assessment. …
- Step 2: Deposit funds. …
- Step 3: Apply for re-instatement of your company. …
- Step 1: Register as a Customer. …
- Step 2: Deposit funds.
How long does it take to deregister a company in Hong Kong?
A letter acknowledging receipt of the application for deregistration will be issued by the Companies Registry in about five working days.
What is the difference between limited liability and sole proprietorship?
The main difference between a sole proprietorship and an LLC is that an LLC will protect your personal assets if your business is sued or suffers a loss. … a sole proprietorship because an LLC legally separates the owner’s personal assets from the business. This is known as personal liability protection.
How much does it cost to deregister a company?
There are no costs involved. Another option is that the client does not pay the annual return and then CIPC will automatically deregister the company for them.
What happens when you deregister a company?
When you deregister a company, it will cease to exist as a legal entity and is no longer able to trade. Until you deregister the company, it must continue to meet all the legal requirements of a company. This includes annual review fee payments, even if it is no longer trading.
What happens to assets of a deregistered company?
After the deregistration date the company (or anyone else) may not dispose of or deal with its property. Any disposition or transfer by the deregistered company (or anyone else) will be invalid.
How long does it take to close a private limited company?
How long does it take for a company to be dissolved under fast track exit scheme? After filing the application with the Ministry of Corporate Affairs, it takes about 90 days for striking off the Company from MCA records.
How do I deregister a director?
Apply for the director change online
- Click on On-line transacting, and then on Company Director Changes.
- Login, using your customer code and password and follow the prompts.
- Click on Amend Company Director Details.
- The Enterprise Details and Current Director Details will be displayed.
How do I write a deregistration letter to a company?
The letter must include the following statement confirming that:
- The company or close corporation is not carrying on business or is dormant; and.
- Has no assets, or because of the inadequacy of its assets, that there is no reasonable probability of the close corporation being liquidated.