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A company can be a non-trading company or have few transcations, but it cannot be classified as a dormant company until the company declared itself has no accounting transaction during a financial year and filed the record to the Companies Registry according to the procedure under the Companies Ordinance.
A company is considered as a dormant company under Section 344A of the Companies Ordinance, providing that the company has had no "relevant accounting transactions" during the accounting period.
There are various reasons why some companies remain dormant and the most common reason is to protect a company name in readiness for a future project. There is no time limit for keeping the status of a company as dormant. However, the directors of dormant companies must perform some administrative duties each year.
If you need further advise on dormant company or company secretarial service, please call us at +852 2153 6500 or email us at [email protected].
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