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Sole Proprietor leaving HK with MPF?

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  1. #1

    Join Date
    Apr 2022
    Posts
    4

    Sole Proprietor leaving HK with MPF?

    Hi all,
    Wondering if someone can provide some advice in here as it's getting a bit complicated for my brain.

    I'm going back to the UK next month and want to withdraw my MPF with me and want to know if there are any implications when withdrawal due to my situation below:

    To give a bit of background on myself :
    - I'm UK born Chinese with 3 star HKID and UK passport
    - I am a contractor and have been a sole proprietor for about 8yrs with Business Registration and Business HSBC bank account.

    My concerns:
    1) Can I still withdraw the MPF and keep my HKID with 3 stars? Or is it revoked or stars are deducted?

    2) Would I need to close the company in order to withdraw, to prove I'm leaving for good? Or can I still keep it open and pay the annual BR fee, just incase I come back in a few years?

    3) I read I need to hand in a final tax return form, does that also mean I need to close the business for good in order to do so?

    4) If I do need to close the company, can I keep the bank account open? Incase some payments or future issues arise?


    Any other advice on this topic and next steps would be greatly appreciated!
    Or if you know of some people or company that can just take care of this for me, it would be great too.

    Many thanks!


  2. #2

    Join Date
    May 2021
    Posts
    1,735

    As far as i know,

    1) Can I still withdraw the MPF and keep my HKID with 3 stars? Or is it revoked or stars are deducted?
    3 Star (Chinese Nationality) doesn't change irrespective of your moving in/out of place or immigration..

    2) Would I need to close the company in order to withdraw, to prove I'm leaving for good? Or can I still keep it open and pay the annual BR fee, just incase I come back in a few years?

    Even foreigners can register a company in HK using passport, there you get the answer

    3) I read I need to hand in a final tax return form, does that also mean I need to close the business for good in order to do so?

    Businesses can have dues coming in future so closing the business should not be the requirement, your final tax return should be based on current books (including dues).

    4) If I do need to close the company, can I keep the bank account open? Incase some payments or future issues arise?

    Again withdrawal of MPF does not prohibit one from keeping bank account in HK..


    Still your best bet is to head on to IRD and talk with the officer, quite helpful..

    shri likes this.

  3. #3

    Join Date
    Apr 2022
    Posts
    4

    Thank you Ndt.
    This helps alot.