According to PRC law, a Limited Cmpany must be dissolved if any of the following circumstances occur:

 

1. The term of operation expires and is not renewed

 

2. The Company experiences financial difficulties and the Board deems it necessary to dissolve the company.

 

3. Due to force majeure, the company is unable to continue its business

 

4 The company is bankrupt

 

5. The government has decided to close down the entity due to illegal acts damaging the public interest.

 

6. Other reasons for dissolution and/or termination clauses stipulated in the original Joint Venture Contract and/or the Articles of Association

 

Procedures of Closing a Guangzhou Joint Venture(JV)

 

Step1. Clear the tax and submit Tax Clearance Declaration Report (an audit report prepared by CPA firm)

 

Step2. A notice of cancellation of tax registration issued by tax bureau

 

Step3. Submit to Foreign Trade & Economic Cooperation Bureau

 

Step4. Cancellation of Letter of approval and Certificate of approval

 

Step5. Announcement on appointed local newspaper

 

Step6. Cancellation of Company Business Licenses

 

Step7. Cancellation of Organizational Code Certificate (original and copy)

 

Step8. Cancellation of Foreign Exchange Registration Card

 

Step9. Dissolution registration with customs (applicable to trading, manufacturing JV only)

 

Step10. Bank accounts closure and capital repatriation

 

Step11. Cancellation of Company stamps

 

Step12. A notice of the approval of cancellation for JV issued by Guangzhou Administration for Industry and Commerce

 

Note: Before we file the application for deregistration ,all the company's bank accounts shall be closed and  make sure that there is no outstanding accounts receivable. In addition, some companies in particular sectors may have other specialized registrations and those should be closed off as well.

 

Time Needed for Company Deregistration

 

Normally, the procedures for closing a Joint Venture Company in China – its dissolution and liquidation – takes approximately 6 months to complete.

 

For further information or assistance, please feel free to contact us

 

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