Abandoning a Hong Kong corp?

[drpreobrazhensky]

I've recently moved all business operations away from my Hong Kong limited company to a simpler structure (a US LLC owned by a BVI; yes, believe it or not that's much simpler).

I began the process of de-registering the Hong Kong company but it's such an enormous pain in my balls that I'm exploring alternatives.

One option I guess is just to abandon the company.

But I don't want to fly through Hong Kong one day and find myself detained and on the hook for thousands in government fees, etc.

Is it possible to sell the company as a shelf corp?

I don't have a Hong Kong bank account but I do have a Hong Kong Paypal account which has to be worth something.

The reporting, paperwork and incessant fees seem to have doubled since China took over, coupled with an aggressive and arrogant tone from my service provider (Jumpstart).

Combine that with broken English that makes the whole thing even less comprehensible, and I'm just ready to get out of dodge, cut and dry.

Any suggestions?

 

[AY7uf]

Do you have any debts or liabilities? Any services you are in contract for / are expected to pay?

 

[drpreobrazhensky]

No debts, no liabilities, no contracts. Everything has been moved over to the US LLC.

I also have a Hong Kong Paypal account but no HK bank account.

 

[bibing]

Do you still have this company?

 

[Mike Forman]

This is an old topic but to respond on it, took can just abandon a HK Ltd company, the government will automatically remove it from the register and leave you alone if you are not a HK resident.

No problem to visit HK or open a new corporation as well, unless you abandon the company and have debts or litigations.

 

[dreamlute]

Mike Forman said:
This is an old topic but to respond on it, took can just abandon a HK Ltd company, the government will automatically remove it from the register and leave you alone if you are not a HK resident.

No problem to visit HK or open a new corporation as well, unless you abandon the company and have debts or litigations.
Click to expand...

When you mean abandon, do you mean just don't renew the business on that year?

 

[saponaire]

how realistic is the worry about hong kong? also you don't really have to travel there with resident directors