A company can apply for deregistration but needs to meet the following requirements:

• All the members of the company agree to the deregistration;
• The company has never commenced business or operation, or has ceased to carry on business or ceased operation for more than 3 months immediately before the application;
• The company has no outstanding liabilities;
• It has obtained a written notice of no objection from the Commissioner of Inland Revenue;
• The company is not a party to any legal proceedings;
• It has no immovable property situate in Hong Kong; and
• If the company is a holding company, none of its subsidiary’s assets consist of any immovable property situate in Hong Kong.

Deregistration is easier and less expensive alternative to liquidation. The whole process usually takes 6 to 9 months for completion.