Abandon a company in Hong Kong

[Jose1]

Hello,

I created a company in Hong Kong in 2021, but I never used it, no bank account, no debt, nothing.

But every year I am asked for fees and more fees, I received a month ago a fee of 100 dollars for a declaration that I have no employee and today I received an email that I must make a declaration of my profits since the creation of this company and I have until July 14.

The agency in charge of my file is asking me for 1400 dollars. I would like to give up this business because I can't afford to pay these management fees, even though this business has never been used.

What are the risks if I abandon this company, knowing that I do not live in Hong Kong and that I do not intend to go there?

Thank you in advance for your answer,

Sincerely,
José

 

[CyprusLawyer101]

Explain the situation to your agent , he should be able to advice on best way forward. Maybe he could take the company in.

 

[Jose1]

Thank you for your answer, but he absolutely wants to charge me closing costs.

I have never used this company and I have never created a bank account with it.

I want to give it up and I would like to know if it is really serious or not?

Especially since I don't live there and I don't plan to go there.

 

[bibing]

If you don't plan to ever open a HK company again just tell the agent you don't want to keep the company and you are not going to pay closing fees.

It will be striken off

 

[CyprusLawyer101]

Thank you for your answer, but he absolutely wants to charge me closing costs.

I have never used this company and I have never created a bank account with it.

I want to give it up and I would like to know if it is really serious or not?

Especially since I don't live there and I don't plan to go there.

This question can be answered by a local HK professional who understands local rules, common practice and the Registrar's effective policy.

 

[Mike Forman]

This topic was already covered.
Ofcourse an agent will follow the correct way and charge.

You can just not renew the license and let the company be struck off automatically. We have done it on recommendation of our local auditor and know several others who did it, even they had millions usd of income and never files an audit report (not recommended).

You can still create other HK companies in the future.

Again this is not the way it suppose to be and everything not according to regulations brings some risk. Here the experience dictates you can abandon the corporation with extreme low risk of any consequences