Hong Kong Fact-File Part 7:
Business Owner Welfare and Lifestyle

7.7 Hong Kong Individual or Business Leaving Hong Kong

For employed individuals, the rules state the Inland Revenue Department must be informed at least one month prior to leaving Hong Kong. Any outstanding taxes due must be paid before leaving.

If moving away involves the closure of a business incorporated under the Business Registration Ordinance, the business can often just be de-registered, which is a relatively straightforward process, although professional advice is still advisable.

The director must inform the IRD that the business has ceased trading and provided that no tax is owed and filing is up to date, the Commissioner will issue a notice of no objection. This, coupled with a completed DR1 form, should be submitted to the Companies Registrar.

Upon receiving the application to de-register the company, the Registrar will publish notice of the proposed de-registration in the Gazette. If no objections are received within 3 months, a final notice will be published, and the company will be taken off the business register. Cost of de-registration is HKD2,000, and company records should generally be retained for seven years after the closure of the business.

Where simple de-registration is not an option, or the company owners would prefer the corporate structure to be completely dissolved, it can be wound-up instead, which involves appointing a liquidator to settle debts, distribute assets, and close the account books.

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