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Nanchang Company Dissolution

Updated:2018-4-23 17:05:31    Source:www.tannet-group.comViews:309

Nanchang company dissolution is also referred to as Nanchang company dergistration, Nanchang company cancellation or Nanchang company termination. Many entrepreneurs are attracted by the potential for business growth in the China market. While the ultimate goal for a business is survival and then success, it is fundamental for any business owner to plan for unforeseen circumstances. In the most extreme cases, dissolution and deregistration of the company may be the only available option.

Being a complex and challenging process, professional advice and guidance should be sought when dealing with liquidation. Tannet has rich experience in this area, we can guide small and medium sized enterprises (“SMEs”) through this challenging scenario smoothly.

Main Procedures of Company Deregistration
1. Engagement of certified public accountant to audit company's accounts;
2. Establishment of liquidating group;
3. Issuance of notice and announcement of application for creditors' rights by liquidating group
4. Tax clearence;
5. Recognition by relevant governmental departments;
6. Distribution of properties.

Authorities Involved in the Deregistration Process
(1) Local Tax Bureau;
(2) National Tax Bureau;
(3) Customs Office;
(4) Foreign Exchange Authorisation;
(5) Industrial and Commercial Administration Bureau;
(6) Technology Supervision Bureau (if required).

Consequences of Non Duly Liquidation
Non-duly liquidation can come from a spectrum of different activities. These include: bad faith asset disposal, failure to file Liquidation Audit Report, failure to properly notify creditors of the liquidation proceedings, as well as unpaid taxes, debts, salaries or social insurance contributions. The consequences depend on the action, but can generally result in fines, imprisonment and asset confiscation. However, it’s not just about immediate penalties. Non-duly liquidation can become a barrier for future investments in China.

Doing business will always have its success and failures. However, in the case where it really comes down to needing to liquidate your company, there are formal steps in which you should closely follow. If you have gone out of business, you need to officially dissolve your with the relevant government. It's critical that you formally dissolve your company, because letting it lapse or allowing the government to dissolve it involuntarily could create a number of problems.

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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