1. No fees owed to the tax bureau;
2. There is no annual report fee owed to the Companies Registry;
3. No foreign debt. If you deliberately conceal debts, once you are found out, you will be investigated for criminal responsibility;
4. The company has never started or operated, or closed down or operated for more than three months;
5. All members of the company agree to cancel.
What are the precautions for cancellation of Hong Kong companies?
1. Before cancellation, the company needs to dispose of all assets under the name of the Hong Kong company, including bank account balance, vehicles, property and intellectual property rights. Otherwise, once the company is dissolved, the assets will be owned by the Hong Kong government as ownerless property.
2. Before cancellation, the company still needs to fulfill its legal responsibilities as stipulated in the Companies Ordinance, including conducting annual review and submitting annual returns on time. Therefore, it is generally recommended to submit the cancellation application at least one month in advance on the due date of the annual review, otherwise the annual review fee will be paid when the annual review expires.