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Shenzhen Company Termination

Updated:2018-4-26 15:18:13    Source:www.tannet-group.comViews:134

How to terminate a company incorporated in Shenzhen?
Hotline: 86-755-82143422, Email: tannet-solution@hotmail.com

Shenzhen company termination is also called Shenzhen company dissolution, Shenzhen company cancellation, or Shenzhen company deregistration. Over the years an increasing amount of foreign companies have a presence in China. Consequently, it is only natural that the number of foreign companies wanting to dissolve their entity has been increasing over the years. The reasons these companies leave China for are as varied as the companies themselves.

Steps of Dissolution
The main steps of the dissolution are almost the exact opposite of setting up the entity, except the company chops will be in use to almost the end. An outline of the process is:

1. Tax Cancellation, both a the local and national tax bureaus;
2. Liquidation Audit;
3. Customs Registration Certificate cancellation (For trading companies);
4. Administration for Industry and Commerce cancellation;
5. Newspaper Announcement of Dissolution;
6. Commerce Commission cancellation;
7. Bank Account cancellation;
8. Certificate cancellation;
9. Seal cancellation.

All steps are following up one another. A main cause for delay is at the start of the cancellation. Your company needs to be fully compliant to all current rules and regulations. This is including, but not limited to:

Active office address (Yes, this implies that you need to keep paying rent during the entire process cancellation);
Monthly tax declarations and bookkeeping;
No outstanding depts or lawsuits;
All relevant outstanding taxes paid.
This often includes checking IIT payments for registered staff over the last years.
Up to date audits and renewals of licenses. Including annual inspection for tax and foreign exchange, preferably before dissolution starts.
Making sure everyting is settled accordingly with your (Chinese) employees at the end of registration.

Important Notice
Everything should be squeaky clean, or a fine needs to be paid. This fine is paid to the tax authorities, effectively setting the process back to step. If you fail to comply to the above, or if you think it is just too time consuming and troublesome, please think again. When one fails to cancel your company, the names of the people involved (including legal representative and board of directors) are placed on a black list.

Contact Us
If you have further inquires, please do not hesitate to contact Tannet at anytime, anywhere by simply visiting Tannet’s website english.tannet-group.com, or calling Hong Kong hotline at 852-27826888 or China hotline at 86-755-82143422, or emailing to tannet-solution@hotmail.com. You are also welcome to visit our office situated in 16/F, Taiyangdao Bldg 2020, Dongmen Rd South, Luohu, Shenzhen, China.

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