What will happen if the Hong Kong company does not cancel?

If HK Company does not operate or use it, it is better to cancel it as soon as possible, otherwise the annual review of HK Company will still be carried out. If left unchecked, the cost of annual review will always be superimposed, and the subsequent fines will be more and more. If the government forcibly cancels the Hong Kong company, then the directors and shareholders will be blacklisted by the Hong Kong government, which will affect the travel to and from Hong Kong or transit through Hong Kong abroad.

Regarding the cancellation of Hong Kong companies, the following suggestions are given:

If a Hong Kong company fails to apply for a new business registration certificate and make an annual declaration when registering, it will be ignored after receiving a ticket from the Hong Kong Registry and a summons from the Hong Kong court, so that the Hong Kong Registry will forcibly cancel the Hong Kong company after 3-5 years. However, doing so will also leave a bad record for Hong Kong companies in the Hong Kong government and be blacklisted. If the company does not take the initiative to cancel, the future entry of the company's directors into Hong Kong will be seriously affected.

Under normal circumstances, it takes about 6-9 months to cancel a company. If the annual review expires, you need to pay the annual review fee before you can continue to go through the cancellation procedures. If there is any business, the company's accounting vouchers, audit reports and completion reports need to be audited by Hong Kong accounting firms to pay off the taxes and fines that should be paid or owed.