Deregistration

Criteria:

1. All members of the company agree to the deregistration of the company ; and

2. The company has no outstanding liabilities; and

3. Ether the company has never commenced business or operation or the company has ceased to carry on business or ceased operation for more than 3 months immediately before this application.

 

Deregistration takes around 3 months and must apply to Inland Revenue Department and Companies Registry before next business registration certificate date starts in order to exempt next year’s business registration fee.

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Liquidation

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If the company cannot by reason of its liabilities continue the business, the director can apply to Inland Revenue Department and Companies Registry for voluntary winding up.

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Voluntary winding up is rather complicated, basically it includes:

1.Appoint provisional liquidator

2.Publish in Government Gazette and Chinese and English newspapers for first creditors’ meeting.

3.Appoint liquidator in first creditors’ meeting.

4.Liquidation starts and report to Companies Registry regularly.

5.Publish in Government Gazette and Chinese and English newspapers for final meeting.

6.Liquidator has to prepare a report explaining the liquidation progress and how Company’s assets are to be distributed.

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