Dissolution of Limited Liability Company - Frequently Asked Questions

• How long does it take to deregister a company?
  The time required for company deregistration depends on the company's circumstances and the requirements of the deregistration procedure, and typically takes 6 months to 1 year. If the company has outstanding financial, legal, and tax matters, the deregistration process may take even longer.
• What fees are involved in deregistering a company?
  Deregistering a company involves various fees, including company liquidation and processing fees, legal and tax advisory fees, government deregistration fees, etc. The fees depend on the company's circumstances and the requirements of the deregistration procedure.
• What's the difference between company deregistration and liquidation?
  Company deregistration is suitable for "three-no" companies (companies with no operations, no assets, and no liabilities). The procedure is relatively simple and the cost is low. Company liquidation, on the other hand, is divided into voluntary liquidation by members and voluntary liquidation by creditors. It is suitable for operating companies that have assets or liabilities that need to be disposed of. The procedure is more complex, takes longer, and is more expensive.
• Can a company apply for deregistration if it was once operating but has ceased operations for many years?
  Yes, but certain conditions must be met. The company must have ceased operations for more than 3 months, and all tax liabilities incurred before the cessation of operations (including profits tax returns submitted to the year of cessation) must have been fully settled.
• What procedures do directors and shareholders need to handle personally during the deregistration process?
  You only need to sign the relevant authorization documents and appoint Easy Marketing as your agent. We can handle all communication with government departments and document submissions on your behalf. Shareholders only need to sign the initial meeting minutes; the rest of the procedures can be completed by our professional team.
• How long does it typically take for the Inland Revenue Department to approve a "Letter of No Objection"?
  Generally, the processing time is about 1-2 months. However, if the company has a history of operations or the Inland Revenue Department requires more information, the time may be longer.
• Does deregistering a company require settling all debts?
  Yes, deregistering a company requires settling all debts and liabilities, including paying all taxes, settling all debts and liabilities, and handling all legal proceedings and tax matters.
• Do I still need to pay taxes after deregistering a company?
  Yes, you still need to pay all taxes and fees due after deregistering a company, including liquidation tax, corporate tax, stamp duty, etc.