Cancellation Of Offshore Profit Tax Exemption Company

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Cancellation Of Offshore Profit Tax Exemption CompanyGreenLineXXS

Offshore Profit Tax Exemption Company must declare their profits tax according to regulations. If the company does not operate, it should also apply to the tax bureau and other relevant units for cancellation in accordance with regulations. If the Hong Kong company or the Singapore company has no automatic delisting procedure, the company should be legally canceled through the normal company cancellation procedure. If a company is not expected to conduct business in the country or continue to operate, it must be legally revoked in accordance with the regulations. Once it does not need to continue to pay the government fees of the country, secondly, it no longer needs to hand the data reports to the tax bureau. The most important thing is the company ‘s shareholders and persons in charge do not have to worry about future entry inspections and restrictions on entry. Therefore, it is important for the company to write off legally and completely, and to avoid unnecessary risks of entering the country in the future. Enterprises could ask an agency company with professional experience to carry out related affairs of company cancellation. 

 Cancellation Conditions Of Profit Tax Exemption Company

 

  1. The company's shareholders and directors agreed to cancel.
  2. The company makes tax declarations normally, and there are no taxation problems left.
  3. The company has no unpaid debts.
  4. The company has not carried out any legal proceedings.
  5. The company's assets do not include domestic real estate.

 Company Cancellation Processing Time

It takes about half a year to eight months after the company meets the requirements for cancellation and submits the cancellation documents to the review unit. The application will be announced twice. After the first announcement is published, there will be a three-month deadline for objections.

If the review unit does not receive any objection during this period, after conducting checks of the company, it will publish a second announcement, at which time the company will be dissolved. Applicants will be notified after the deregistration process is completed when the company is dissolved.

Notice of Company Cancellation

The cancellation of the company requires a long trial time. The company should apply at least 3 months before the expiration of the anniversary, so that during the first announcement period if no one issues an objection and the trial goes smoothly, no corresponding fees will occur.

If the cancellation is not processed, the annual inspection and tax return are not conducted, the company will receive the fee. If there is no processing, there will be a court summons, and the directors and shareholders will be included in the government blacklist. Later, when entering the country, they may be repatriated.

On the other hand, after the company's cancellation, including the property (such as trademarks, patents, etc.), it is necessary to complete the transfer or cancellation procedures before the company's cancellation being completed; after the company is canceled, the assets in the bank account also need to be transferred.

If the bank finds that the company has been disbanded without closing the account, it will be freeze. It will be a complicated project to transfer the funds out later.

Company establishment project

  1.  According to the government's application for revocation of the meeting minutes, the company registration document will be revoked.
  2. Revocation of relevant tax registration applied to the tax bureau.
  3. Cancellation of the company bank account.