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Guangzhou Company Deregistration

Updated:2017-11-22 12:14:03    Source:www.tannet-group.comViews:44

Guangzhou company deregistration happens when shareholders decide to terminate the company, due to difficult business operation or financial crisis which cannot be dissolved. In China, the procedure for company deregistration is rather complicated, particularly in face of mainland customs and tax departments. Tannet’s Taxation Team is familiar with every sector of company deregistration, so we can assist enterprise in completing the procedure of deregistration successfully and free client from worry of disturbance in the rear, by virtue of our experience of processing company deregistration in various industries.

Company Law and the Liquidation Process
The procedures for closing a wholly foreign-owned enterprise (WFOE) are no easier or shorter than the process of setting up such a company, and normally take between 12 to 14 months to complete.

According to PRC law, a WFOE must be dissolved if any of the following circumstances apply:
Its term of operation expires;
It experiences financial difficulties and the board deems it necessary to dissolve the company;
It is unable to carry out its business due to major losses caused by force majeure;
It is bankrupt;
It is terminated by the government; for example because it commits illegal acts damaging the public interest;
Dissolution of the company is necessary due to any merger or de-merger to which the company is a party to;
Other reasons for dissolution stipulated in the original Articles of Association have occurred.

General procedures for Company Deregistration in Guangzhou
1. Pre-Authorisation
Shareholders decide to liquidate Company;
Company selects a firm to assist with the process;
Preparation of related documentation;
Application for liquidation with the Bureau of Commerce (“BOC”) and Administration of Industry & Commerce (“AIC”);
Formation of a Liquidation Commitee;
Pre-Liquidation Audit and compliance work completed.

2. Post-Authorisation
Public announcement issued in local newspapers;
Employees should be laid off (although certain key roles can be retained to assist with the liquidation;
Valuation and sale of company assets;
Creditors paid off;
Final Audit conducted (including all liquidation transactions).

3. Deregistration
Businesses trading, importing/exporting across borders must deregister from China Customs;
Deregistration from the local governing Tax Authority;
Destruction of company chops and seals.

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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