Closing or selling dormant co

[techjunkee]

I'm in the same situation, not a ton of activity and tired of yearly auditing fees. Any other jurisdiction suggestions besides HK with lower yearly audit fees or requirements? What firms are people using for accounting and auditing these days for HK companies?

[shri]

No audits needed for owning a BVI.. but best of luck getting a bank account opened in HK for a BVI

[SirNotAppearing]

All I know is that starting an Inc. in the states was a piece of cake and winding it down was a pain in the arse. I wonder if you could sell your company simply for its bank account? Our CPA for personal taxes is/was about half of what you pay and we learned by seeing a few years' filings how to do it on our own. I know that's not applicable to a company audit, of course, but we also found other CPAs willing to do it for a bit less, so wondering if there's some wiggle room there in that line? Good luck in whatever you end up doing.

[shri]

I wonder if you could sell your company simply for its bank account?

That is more of an urban legend. Of you change signatories the bank will (should!) restart the KYC on the new signatories and directors.

Unless it's a proper self co, you could take on unforeseen liabilities.

[shree711]

No audits needed for owning a BVI.. but best of luck getting a bank account opened in HK for a BVI

HSBC tried asking us for $36200 to open an overseas company account. We negotiated to get it waived based on years of our relationship but they may not be so forgiving to a completely new client.

Singapore companies don't need audits until they hit certain revenues.

[SirNotAppearing]

HSBC tried asking us for $36200 to open an overseas company account. We negotiated to get it waived based on years of our relationship but they may not be so forgiving to a completely new client.

It was a test and you passed.

[Anahan]

Singapore companies do need at least one Singapore-resident director, though. The cost of a Singapore nominee director is similar to the cost of a HK audit (in my experience)