Beijing company cancellation means a company must file an application with related government department. According to the Company Law of People’s Republic of China, bankruptcy and dissolution are the two factors that will result in the termination of a company. And there are three reasons for the dissolution of a company provided by the Company Law, namely, the voluntary dissolution, compulsory dissolution and judicial dissolution. Owners should follow all the other steps to proper company dissolution.
Procedures of Beijing Company Cancellation
In Beijing, the procedures for Company Cancellation is rather complicated, particularly in face of different kinds of departments. For a Beijing foreign-funded enterprise to be properly dissolved, the following procedures should be taken adopt of:
1. Adoption of resolution by the board of directors;
2. Approval by the investors (shareholders);
3. Approval by the commercial authority;
4. Establishment of the liquidation committee, liquidation of assets, public announcement and issuance of the liquidation report;
5. Cancellation of the tax registration certificate with the tax authority;
6. Approval of cancellation by customs, finance and statistic authorities;
7. Cancellation of the certificate of foreign exchange registration;
8. Cancellation of the business license;
9. Cancellation of the Organization Registration Code Certificate;
10. Cancellation of the labor registration certificate.
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Circumstances for Will Beijing Company Cancellation
According to the related company law, a Beijing company may have to be deregistered because of one of the following reasons:
1. The business operation term as agreed in the company’s Articles of Association becomes expired or other condition for dissolution as agreed in the Articles of Association for dissolution occurs;
2. Resolution of dissolution is made by the meeting of shareholders;
3. The company is merged or separated and the company will not exist any more;
4. The business license is revoked by government, or the company is ordered to be closed or canceled;
5. There is serious difficulty in company’s operation and management and the shareholder’s interest may suffer great loss if the company continues to operate. Shareholders who holding ten percent or above voting right may file to the court for dissolution if negotiation among shareholders fails.
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