Running away from HK company

[newguyintown]

Hi,

Ok here is the problem.
I have a HK company that opened in 2009 but it now at a loss and is no longer worthwhile.
I dont owe any tax, debtors etc. Looking at ways to close a company but thought what are the likely (I know all the legal) implications if I just walk away from the company (I have NO money to pay, or not enough at the moment). Im not living in HK, have no assets in HK and never want to go there.

Would they try and take my assets that I have in other countries (EG apartment, salary etc).
Will the HK g'ment arrest me in another country over a company that hasnt made/lost anything in 3 years?

[Gruntfuttock]

Er, what a bizarre post. Closing the company down is a very simple (and basically free) process if it has no debts.

[shafiq]

Hi,

Ok here is the problem.
I have a HK company that opened in 2009 but it now at a loss and is no longer worthwhile.
I dont owe any tax, debtors etc. Looking at ways to close a company but thought what are the likely (I know all the legal) implications if I just walk away from the company (I have NO money to pay, or not enough at the moment). Im not living in HK, have no assets in HK and never want to go there.

Would they try and take my assets that I have in other countries (EG apartment, salary etc).
Will the HK g'ment arrest me in another country over a company that hasnt made/lost anything in 3 years?

Is it a limited company or a sole prop? Closing a sole prop.company takes no time!!!

Sent from my GT-N7105 using GeoClicks mobile app

[JAherbert]

IF LIMITED company:

failing to file the annual return is an offence;
failing to file tax return is an offence;

allow the above accumulate, and compound for a few years, then visit Hong Kong.....or close it ASAP

[TT88]

I agree with JA Herbert
The accumulated penalty of annual return is high. Cant remember how much but it seems a few thousand.

Closing down the limited company that does not have debts is not that expensive. It only cost $3k - $3.5k. It would buy peace of mind. I know someone do that. PM me if you need referral

[Fly Boy]

The IRD & Business Registry have a special unit to deal with cases... they'll hunt you down no matter where you go... because HK doesn't tolerate loser wannabe businessmen that can't hide their dirty laundry properly.