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Tel：+86 400 118 5939Companies that do not operate must apply for company deregistration early on. After registering a company in China, they may not be able to manage it. In the long run, the legal representative and shareholders of the company will be punished. Similarly, what are the impacts of registering a Hong Kong company without deregistration? Below, Hongyuan International Consulting will analyze this.
1、 The impact of not deregistering Hong Kong companies that are no longer operating can usually be divided into two types based on the actual situation:
1. Hong Kong companies that no longer operate but have maintenance work such as annual audits and tax declarations in accordance with regulations every year will not be affected if they do not handle deregistration.
2. If a Hong Kong company ceases to operate and fails to complete annual audits and tax declarations in accordance with regulations every year, a certain fine will be imposed, and if ignored for a long time, it will affect the normal existence of the Hong Kong company, as well as the board of directors and shareholders of the Hong Kong company being blacklisted, affecting entry and exit, and the Hong Kong company being expelled.
For Hong Kong companies that do not want to continue operating, it is generally recommended to proactively handle the cancellation of company registration procedures to avoid unnecessary trouble. Although the procedures are cumbersome and the requirements are high, due to the legality of its deregistration process, the Hong Kong company will not leave any stains, nor will it bring any negative impact to the company's directors and shareholders. The original directors and shareholders of the Hong Kong company still enjoy all the rights and benefits stipulated by law like normal citizens, making it the best way to deregister the company.
2、 To legally cancel a Hong Kong company, certain conditions must be met, as follows:
1. All directors and shareholders of the Hong Kong company have agreed to cancel the company and signed the "Resolution to Agree to Cancel the Hong Kong Company"
2. Hong Kong companies will no longer engage in business activities, or have never engaged in business activities
3. There are no outstanding matters related to Hong Kong companies, including unpaid debts, unresolved annual reviews, unreported taxes, etc
4. The Hong Kong company has no outstanding fines, taxes, and court fees;
5. Hong Kong companies should pay attention to the cancellation process of unsold inventory, properties, and bonds
If you have opened a Hong Kong bank account with a certain balance, you need to transfer the funds from the account and cancel the bank account first. Otherwise, after the Hong Kong company is deregistered, the funds in its bank account will become unclaimed assets and will be transferred to the ownership of the Hong Kong government. If the Hong Kong company wants to retrieve the funds transferred to the government in the future, it needs to apply for the restoration of the cancelled Hong Kong company and bank account, which is more complicated.
For more questions about the subsequent maintenance and cancellation of the Hong Kong company, you can consult Hongyuan International.
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